Marketing Research Analytics: AI and Guide for 2024
The consumer environment is dynamic and businesses need to keep up with new trends, mannerisms, and inclinations to stay relevant. That’s why market research is so important for businesses, as it allows them to understand how their customers think and act in a way that is in line with their expectations. However, market research in itself tells half the story. The data sourced from market research must be sorted and analysed to draw actionable insights. This is what we call market research analytics.
It helps businesses uncover new opportunities, develop new products, and understand consumer behaviour. Our objective today is to understand how marketing research analytics works and look at some of the biggest market research analytics firms to understand their underlying value. We will also explore new and emerging trends and discuss the prospect of using AI for market research analytics.
So, without beating around the bush, let’s get started!
What is Market Research Analytics?
Market research analytics is a crucial process in the realm of marketing and business that involves collecting, analysing, and interpreting data to gain profound insights into target markets, customer behaviours, and the efficacy of marketing strategies. The objective is to extract valuable information and generate business insights that help companies make well-informed, data-driven decisions. This process has evolved significantly, transitioning from traditional offline data collection methods to active online tracking of consumer habits, opinions, and trends. In today’s digital age, the ability to gauge customer feedback and responses in real-time has made market research analytics more crucial than ever before.
It allows businesses to measure the impact of their marketing campaigns, helping them refine and optimise their strategies. It plays a pivotal role in understanding the evolving needs and preferences of consumers, ultimately aiding companies in offering more relevant products and services. Through data visualisation, market research analytics helps businesses to effectively report their findings and translate complex data into actionable insights. Centralising data from various channels streamlines the decision-making process and facilitates a more proactive and agile approach to marketing.
The primary purpose of market research is twofold: first, to identify and address marketing issues by understanding and approaching customers more effectively, and second, to provide data-driven guidance for decision-making. By harnessing the power of market research analytics, companies can gauge the evolution of their marketing efforts and make more informed decisions about future strategies.
An effective market research analytics process usually begins with defining the objectives of the study and selecting the most relevant key performance indicators (KPIs). Identifying the target customers is crucial, as it allows companies to collect data that accurately reflects their audience’s demographics, behaviours, and preferences.
Market research analytics tools play a vital role in centralising and organising data, making it easier to analyse and generate actionable insights. Reporting and analysis are crucial steps, as they help companies translate data into meaningful information that can drive better decision-making.
Let us look at some of the most popular market research analytics businesses and tools used by market research analysts globally.
Top Companies Offering Market Research Analytics Tools
Although the market is full of companies offering market research analytics tools and resources, we have picked the most popular ones in the market right now.
IOSOS is one of the biggest market research firms in the world and plays a key role in assisting businesses, organisations, and individuals in conducting effective market research analytics. The company offers a comprehensive suite of tools and services tailored to provide valuable insights into multiple aspects of brands, markets, consumer behaviour, and societal trends.
They offer services that cover innovation research, market strategy development, understanding market dynamics, consumer intelligence, public opinion analysis, mystery shopping, quality measurement, social intelligence analytics, media development, retail performance evaluation, and employee relationship management (ERM).
For market researchers and analysts, IPSOS serves as a reliable partner to gather, process, and interpret quantitative survey data. They operate across both offline and online channels, ensuring that the data collected is in line with the most up-to-date methods and technology.
Kantar is a globally recognized market research and analytics company that offers marketing and research solutions for businesses looking to understand consumer behaviour, optimise marketing strategies, and make data-driven decisions. With a strong reputation in the field, Kantar offers a wide range of services.
One of Kantar’s core strengths is its ability to collect, process, and deliver high-quality data in both offline and online channels. This includes real-time insights provided at scale and speed. Kantar has a diverse set of solutions, including self-service options day results, as well as more in-depth diagnostic services. The company leverages artificial intelligence (AI) and machine learning, to not only accelerate existing processes but also introduce innovative services that were previously unimaginable.
Kantar recognizes a common challenge faced by companies: they often have access to a wealth of data but struggle to extract actionable insights from it. Kantar excels in bridging data silos to construct a single, unified understanding of consumers.
NielsenIQ is a market research and data analytics platform that specialises in delivering essential insights and data-driven solutions for businesses. It offers a wide range of services and solutions, allowing businesses to thrive in the competitive marketplace.
The platform offers comprehensive, data-backed insights that cover a wide spectrum of areas, from consumer preferences to market trends. These insights are invaluable for organisations aiming to improve their brand strategies, attract more customers, increase market penetration, enhance financial performance, or boost consumer confidence in public services.
It excels in conducting both quantitative and qualitative research, collecting data from a variety of sources, including surveys, observational studies, and social media analysis. One of the key advantages of NielsenIQ is its focus on providing real-time data and analytics, allowing businesses to stay agile and make timely adjustments to their strategies.
IQVIA is a leading global provider of advanced analytics, technology solutions, and clinical research services, primarily catering to the life sciences industry. The innovative solutions offered by the platform play a crucial role in the realm of market research analytics by offering comprehensive services and solutions that empower businesses to make data-driven decisions.
IQVIA’s offerings are rooted in the concept of “Connected Intelligence.” This approach is designed to facilitate intelligent connections across all aspects of healthcare through a combination of advanced analytics, transformative technology, and extensive domain expertise.
In the fast-paced world of market research analytics, the speed at which insights are generated can be game-changing. IQVIA’s Connected Intelligence platform is designed to deliver powerful insights with remarkable speed and agility. This means clients can accelerate their market research initiatives, allowing them to stay ahead of the competition.
DYNATA is the world’s largest first-party data company and serves as a crucial partner in the realm of market research analytics. In an era where data privacy and accuracy are paramount, DYNATA’s extensive reach of nearly 70 million fully permissioned consumers and business professionals, armed with billions of verified data points, is a testament to its data prowess. This vast repository of first-party data is indispensable for organisations seeking a deep and holistic understanding of their customers, including their preferences, desires, and requirements.
The platform doesn’t stop at data provision; it offers a full suite of services covering all stages of market research, including the ability to author surveys on the Dynata Insights Platform, along with survey programming and hosting on industry-standard platforms. Whether your research demands a swift, agile survey or a complex, data-rich analysis, the platform caters to diverse use cases.
Moreover, Dynata empowers users with data analysis, charting, and visualisation tools, making the insights derived from their data more accessible and actionable. This suite of analytical tools helps organisations unlock the full potential of their data, transforming raw information into valuable insights.
New and Emerging Trends in Market Research Analytics
The market research landscape has evolved rapidly in recent years. Online and mobile surveys have become the backbone of data collection, allowing researchers to reach a broader audience. The widespread availability of the internet and the rapid growth of online users make this trend highly effective and cost-efficient. As the online population continues to expand, it’s expected that the popularity of online surveys will remain high, even in a post-cookie world.
A notable shift in market research is the drive towards more inclusive and diverse insights. The concept of a “representative sample” has expanded to encompass not only different ethnicities but also individuals with disabilities and those in LGBTQ+ communities.
Another transformative trend is the growing reliance on video-based research methods. Consumer comfort with video conferencing platforms, driven in part by the pandemic, has made video interviews and focus groups more popular. That is why new-age market research analytics tools like Insights Pro specialise in video analytics and focus on extracting actionable insights from video inputs.
Moreover, Social media insights are becoming increasingly valuable, considering that a significant portion of the world’s population is active on social media platforms. Businesses can leverage social media listening to access real-time consumer sentiment and preferences, facilitating quicker and more effective decisions via data.
The Role of AI in Market Research Analytics
AI plays a significant role in modern market research analytics by upgrading traditional research methods to integrate superior data analytics capabilities. It ensures that the insights drawn from these sources are accurate and actionable. Prominent players, like Kantar and NielsenIQ, use AI and machine learning to make their analytics solutions quicker and more potent. Kantar uses AI to deliver insights that drive brand strategies and innovate the entire product lifecycle.
While NielsenIQ leverages AI for a deeper understanding of consumer behaviour and preferences. AI’s predictive capabilities allow organisations to anticipate market trends and respond swiftly to changing conditions, ultimately improving the quality and depth of market research insights.Moreover, there are market research analytics tools that stand out because of their inherent AI capabilities like Insights Pro, an emotionally transient tool that can convert video inputs into emotional insights using advanced AI tools. These insights offer a window into the emotional profile of a market research participant allowing companies to identify areas that elicit a positive response and then double down on them to drive more conversions. We have a detailed article on how AI can revolutionise market research for businesses that you can read here.
Market research analytics is indispensable for businesses across the globe as it allows them to have a preemptive view of the market and anticipate the performance of soon-to-be-launched products and marketing campaigns. There are numerous market research analytics tools in the market today like IPSOS, Kantar, NielsenIQ, IQVIA, Insights Pro, and DYNATA that businesses can rely on for quality insights.
However, the market research landscape is evolving with new technological shifts like mass smartphone adoption and integration of AI in market research processes. This has led to more actionable insights and a deeper understanding of consumer behaviour, facilitating a more consumer-centric approach by businesses.