From quite some years international market research has been increasing in volume and has become important to business than ever before. This growth has been possible due to the development in the later part of the 20th century and in the beginning of the 21st century. Thanks to greater freedom, international trade opportunities, global investments and associated technology that everything is now international.
Today global is new local and therefore the demand for the services of the market researchers is more than ever and is high as well. While, all this new globalization opens up the new gates to the opportunities, it certainly is not without its own challenges. Today, we will look at some these challenges arising out from all this exciting upheaval.
• Delivering insights faster
Today demands like swift, highly relevant and insightful results are some the demands which being placed on the market researcher’s by the brands which are looking for the real-time responses that allow them to anticipate the what there customers are looking for even before they themselves know.
This all has to do with the super-connected world that we live in today not to mention super-fast as well. Form ordering a pizza online to movies we opt to watch online, everything is instant. From updating the status online to making contactless payments for the shopping everything is instant.
The other factor influencing speed is due to changing customer/service user expectations. Today, not only the audience is a smart buyer/user but they are more switched on when it comes to personalization.
• New Approach New Market
There are lots of similarities when it comes to researching the domestic or international market. Certain processes are common in both approaches like identifying the problem, designing the methodology to solve the problem, researching the problem and producing the report.
Deviation from norm comes only when one switches from singular to plural. In simple words it is new market new approach and one that which is tailored to each segment.
• Engaging with multiple data sources
In today’s world access to information is not the problem but rather what to do with the information is actually the challenging part. Gaining the insights from the multiple sources of data in a pressurized environment needs confidence and skills and it’s like finding the needle in the haystack. Market researches today are required to adapt to this new data-rich environment and equip themselves with the abilities required to utilize the traditional methodologies, while learning how to deploy the new ones. This is the huge step for many and many may be reluctant in evolving their approach but they must understand that the environment they work in is going to evolve and they have either the choice to go with the flow or lose to those who embrace the future which is more tech-focused.
• Keeping the costs low
For every stake holder cost is the pressing issue as they want to maximize every dime of their investment. In the past when the value for money had negative implications-quality had to be compromised which is not acceptable in today’s environment. Results needed to be delivered swiftly without spending the extra dime and sacrificing the integrity of the project.
Streamline process, embracing new technology and long term partnerships are few new solutions in offers to market researchers, their clients and collaborators which requires a lot of strategic planning again and again.