5 Market Research Trends That Rule Over All Industries in 2016
Marketing-specific spending is going huge. The biggies and newbies of the corporate world want leads. Winning them amid cutthroat competition is a challenge for all. But market research has potential to introduce sharp edge. It creates innovative ideas after studying business insight. And wise execution of its recommendations lets an entrepreneur harvest millions eventually.
Let’s catch some market research trends that will rule in 2016.
Expenditure on mobile marketing will be focused: The ad campaigning budget will enhance. Most of the leads flow through ads. So, they treat them as their cash cow. The projection of great ROI encourages them to invest in it.
The business stalwarts will be preoccupied with ideas of plugging in mobile and video adverts. But just plugging will be useless until trending models are introduced. Frequent testing will also be necessary. Employment of new technologies will be a plus when they will be integrated with the trending models and testing. This effective way will keep an eye on the customers’ response.
As Google’s update is rolled on, it has started prioritizing local business searches. It’s obvious that targeting locals will be profitable this year. Today’s smarter customers, especially youngsters, ignore commercials that are not meant for them. So, the brands are all set to tie-up with the retailers and other brands that have direct access to the customers. And ethnography will prove an excellent aid for the direct sellers to endorse coupons, discounts, flash sale and free gifts offered by latent brands.
Virtual reality will tell customers’ behaviour: Virtual reality (VR) stands for the simulated 3-D image or environment. It is generated by the computer and experienced by a helmet, headset and gloves. This technology will introduce a revolution in testing a product or service. Marketing will be dirt cheap. And shortcomings in the launching product/service will be removed before its debut. It will campaign as pre-launch marketing. Hence, curious customers will wait for its real-time launch. This way, consumers’ size will be bigger than ever this year.
HTC, Sony, Samsung, Xiaomi, Oculus and many other brands are already banking on VR. Now, Google’s Daydream is a newbie in the VR world. This platform is more advanced than its earlier VR product ‘Cardboard’. On the top, Daydream is an android-based tool. Thus, brands as well as consumers will experience pre-launch bonanza.
Shopping landscape will be anywhere: Smartphones and internet are integrated with our lifestyle. It happens due to their unbeatable and unparalleled utility.
For example, a person drives to his office. His car breaks down. He immediately browses the contact number of a local mechanic. Simultaneously, he calls Uber cab for commutation. Isn’t it amazing?
The forgone example clarified that one can access internet anytime from anywhere. This is why retail industry through shopping trend finds sky is its limit. Anyone can swipe his/her smartphone and explore internet. The launch of 4G data has escalated browsing speed. So, the customers will insanely shop from eShop while being in the bed, car, school, university, office, mountain and even, the washroom.
Big-data will expand: Big-data will be larger this year. As per internetlivestats, Google processes 40,000 online queries per second on an average. It exceeds 3.5 billion searches per day while its yearly statistics cross 1.2 trillion approximately.
From pen drives or data card to cloud system, data storage will be cheaper than ever. Data storage devices are exploding in number. Thus, data processing will not break the bank.
It’s true that data size does matter for processing. As per Quora, data size is categorized into three categories- small, medium and big. Less than 10 GB data is tractable in an Excel spreadsheet. For the data of 10 GB to 1 TB data, indexed files and monolithic DB are capable in handling it. More than 1 TB data is considered as big one. Therefore, Hadoop and NoSQL databases are devised to stockpile it. All these data storage devices not only store but also allow data processing.
For example, market research for a banking & finance industry was conducted. But its analysis required browsing big data. So, it moved to Hadoop for storing data of all competitive organization to compare. Thereby, it formulated future plans for the client to run ahead of the pack.
Video marketing will surge up: According to YouTube, it houses 10,000 videos in 2015. It recorded more than 1 billion views and 70+ million hours watchtime during the same period. This is Youtube’s story of popularity alone. Vimeo, Hulu, Netflix and Amazon Prime are some more examples of video channel that have outreached.
Videos are easy to watch and understand. An ad’s echo is heard by millions. For example, a pharmaceutical company’s ad on Youtube was watched by millions. Its impact was overwhelming. The company’s profit doubled afterwards. As per online publishers’ association, 4 out of 5 viewers call against the advertisement.