Six Marketing Research Trends to Watch in Second Half of 2013
Insights in Marketing predicts psychology, action, speed and more will alter the playing field in exploring consumer behavior for the rest of 2013
CHICAGO-- June 27, 2013 -- Insights in Marketing, LLC (IIM),a full-service marketing research consultancy based in the Chicago area, reveals six marketing research trends shaping the remainder of 2013.
"By observing-and conducting-countless hours of marketing research, the Senior Marketing Consultants at IIM uncovered critical research trends that will become increasingly important when diving deeper into consumer behavior and market effectively to consumers," said Brian Fletcher, Vice President of Consulting Services at IIM. Among the trends uncovered, Brian predicts that the market research role will evolve and researchers will increasingly need to evolve into "speedy psychologists who employ creative hybrid solutions and inspire action."
IIM's top predictions include:
1. Psychology 101
Understanding the psychology behind decisions will increase in importance.
Competition in the consumer marketplace, regardless of industry, is intensifying. With factors such as a stalling economy, mass discounting and the growth of private labels, brands are battling not just to add value, but to create a real relationship with consumers. Given this intensified environment, it is becoming increasingly important for brands to not just collect data about consumer thoughts, preferences and behavior, but to take this analysis one level deeper into the psychological realm of consumer behavior to truly influence, understand and shape motivation
2. The Need for Speed
The battle between doing it right versus doing it right now will intensify.
Short-term thinking is running rampant in companies across the globe as senior executives, managers and analysts, alike, are being asked to do things quicker and on a tighter budget. As a result, researchers are challenged to uncover game-changing insights without the time or budgets to support such efforts. The fear of being "left behind" and the need for quick decisions is trumping long-term business strategy and systematic approaches. Creativeresearch approaches that are speedy and cost-efficient, yet keep the bigger, long-term picture in mind (like online, mobile and hybrid approaches) will prevail.
3. More Versus Meaningful
Bigger isn't always better when it comes to focus group size.
While big data is becoming bigger, there is a tool commonly used in the industry that, while still prevalent, is actually shrinking in respondent size, and that is focus groups. Focus groups, themselves, will continue to remain critical in research design, due to their rich dialogue and in-depth exploration of "why" behind consumer behavior. However, at Insights in Marketing, we are seeing clients increasingly ask for groups smaller in size so that they can dig deeper, expand the conversation and really "look under the hood" to uncover key business-changing insights without trying to spread the focus group moderator too thin. While large group consensus is at times very necessary, in the second-half of 2013 there will be a growing recognition of the value of uncovering deep, meaningful insights from therightconsumers.
4. Retailer As King
Retail channel-specific research will gain momentum and influence.
As retail giants like Wal-Mart and Amazon continue to increase in size, retailers play an even larger role in a product's success. Companies increasingly need help breaking through competitive "noise" on-shelf in various retail environments (brick and mortar and online), which, by definition, means in-store or online shopper research. Retailer-specific branding and marketing strategies will become especially critical to maximize product and category sales, as well as establish a meaningful long-term product differentiator.
5. Having It All With Hybrid
Hybrid research will expand in both adoption and meaning.
Single methodology research plans will become less common as client-side researchers are realizing that a combination of research methodologies/tools often leads to the best depth of insights and actionable next steps. Hybrid research is taking on a variety of new forms (in addition to the traditional quant/qual format) and growing in popularity. Qualitative and quantitative research lines continue to be blurred as combining both provides the client with both hard data and the context of consumer voice-over. In addition, we have and will continue to see the acceleration of layered qualitative approaches to achieve more meaningful insights. Regardless of the research methods employed, hybrid research is here to stay and will continue to serve as both a creative and impactful research strategy.
6. Keeping It Simple & Actionable
The need to inspire action will result in the increased importance of research deliverables. We have all heard about the trend toward storytelling in marketing research deliverables. It's no longer sufficient to just provide consumer data, analyze and share insights. Instead, clients are increasingly strapped for time and are bombarded with information. They no longer have the time to re-write or edit reports and will expect their research partners to deliver information in a simple, easy-to-digest manner that can be easily shared throughout their organization. From infographics, to storybooks, to video deliverables and more, researchers will increasingly compete with one another to tell the best story, inspire action and win client business.
For more information on Insights in Marketing, LLC visit www.insightsinmarketing.com.
About Insights in Marketing, LLC:
Insights in Marketing, LLC (IIM) is a full-service marketing research consultancy dedicated to uncovering and translating consumer insights into clear, actionable direction. IIM's experienced, senior-level consultants leverage creative qualitative and quantitative research techniques to help clients better understand consumers and gain a competitive edge. For more information about IIM, visit the IIM website, blog, LinkedIn, Facebook page and Twitter feed.