What Top Market Research Companies are Predicting for 2016

As 2015 comes to a close, we focus on what comes next. Top market research companies tell us about the big ideas that will shape 2016.

In market research it pays to stay ahead of the curve. A good researcher stays in tune with the latest trends and technological advances. It is imperative that one knows what to expect, the upcoming trends and technologies. Ignorance

can turn out to be very expensive, creating major lacunae in your strategy.

As 2015 comes to an end, we ask top market research companies on their predictions for 2016. These are the trends that are most likely to peak in the coming year. Take a lead on these tips to master the domain in the coming year.

Big data: One of the most frequently aired prediction is the coming of big data. We will soon be inundated with massive loads of information. This will go beyond active sources, like interviews. We will now have unparalleled access to passive data that comes from innumerable sources.

The truth is that market researchers will not be the only data collectors. Neither will research come just from traditional survey methods. As more and more industries use technology in their products and services, data collection sources have become incredibly wider. The onset of Internet of Everything means that data inflow will be massive and more comprehensive than ever before.

The best part of this passive data collection is that it is far less likely to be manipulated or tampered with. So, now the challenge before us lies in working with the data. How do we streamline our sources? How do we channelise and analyse it?

Integration: Many top market research companies predict a much more comprehensive integration of market research in different administrative functions. In other words, market research will stop being confined to the marketing arm. As the effectiveness of research proves invaluable, it will become indispensable to other functions, such as finance and planning.

Over time, some experts predict that it will be absorbed within these departments. Some top agencies predict that this will bring in more intense specialisation with many firms focusing on one field. So, one predicts market research to becoming integral to a firm’s operation.

Brace for the next tech edge: Those who hesitated in getting onto the mobile bandwagon have already missed the bus. Many predict an even deeper penetration of the mobile phone market. 2015 has already been a breakthrough year in mobile research with mobile users have far exceeding desktop users. Now experts are looking for the next thing to hit the market, be it the watch, the glass or some other cutting-edge communication device. 

Getting fringe social media: Like the mobile phones, social media has already proved its worth in research. However, top market research companies have now shifted the focus to so-called fringe social media like Instagram or Reddit. While the big names, like Facebook or Twitter may still outnumber them in terms of sheer number, the ‘fringe’ still boasts some impressive numbers. Focusing on these areas gives one a chance to connect to a more niche audience.