The Evolution of Marketing Research Marketing research has evolved In the decades since Arthur Nielsen established It as a viable industry, one that would grow hand-in-hand with the BIB and BBC economies. Markets naturally evolve, and since the birth of Canticles, when research was mainly conducted by in-person focus groups and pen-and-paper surveys, the rise of the Internet and the proliferation of corporate websites have changed the means by which research Is executed.
Web analytics were born out of the need to track the behavior of site visitors and, as he popularity of e-commerce and web advertising grew,businesses demanded details on the information created by new practices in web data collection, such as click-through and exit rates. As the Internet boomed,websites became larger and more complex and the possibility of two-way communication between businesses and their consumers became a reality. Provided with the capacity to Interact with online customers, Researchers were able to collect large amounts of data that were previously unavailable, further propelling the Marketing Research Industry.
In the new millennium, as the Internet continued to develop and websites became more interactive, data collection and analysis became more commonplace for those Marketing Research Firms whose clients had a web presence. With the explosive growth of the online marketplace came new competition for companies; no longer were businesses merely competing with the shop down the road -? competition was now represented by a global force. Retail outlets were appearing online and the previous need for bricks-and-mortar stores was diminishing at a greater pace than online competition was growing.
With so many online channels for consumers to make purchases, companies needed newer and more compelling methods, in combination with messages that resonated more effectively, to capture the attention of the average consumer. Having access to web data did not automatically provide companies with the rationale behind the behavior of users visiting their sites,which provoked the marketing research industry to develop new and better ways of tracking, collecting and interpreting information. This led to the development of various tools like online focus groups and pop-up or website intercept surveys.
These types of services allowed companies to dig deeper Into the motivations of consumers, augmenting their insights and utilizing this data to drive market share. As information around the world became more accessible, increased competition led companies to demand more of Market Researchers. It was no longer sufficient to follow trends In web behavior or track sales data; companies now needed access to consumer behavior throughout the inure purchase process. TLS meant the of the marketplace, and to the demands of companies looking for a competitive edge.
Today, Marketing Research has adapted to innovations in technology and the corresponding ease with which information is available. BIB and BBC companies are working hard to stay competitive and they now demand both quantitative (“What”) and qualitative (“Why? “) marketing research in order to better understand their target audience and the motivations behind customer behaviors. This demand is driving Marketing Researchers to develop new platforms for interactive, two-way communication between their firms and consumers.
Mobile devices such as Smartness are the best example of an emerging platform that enables businesses to connect with their customers throughout the entire buying process. Innovative research firms, such as Unrehearsed with their Immobile app, are now providing businesses with the means to reach consumers from the point of initial investigation through to the decision and, ultimately, the purchase. As personal mobile devices become more capable and widespread, the Marketing Research Industry will look to further capitalize on this trend.
Mobile devices present the perfect channel for Research Firms to retrieve immediate impressions from errs and to provide their clients with a holistic view of the consumers within their target markets, and beyond. Now, more than ever,innovation is the key to success for Marketing Researchers. Marketing Research Clients are beginning to demand highly personalized and specifically-focused products from the MR. firms; big data is great for identifying general market segments, but is less capable of identifying key factors of niche markets, which now defines the competitive edge companies are looking for in this mobile-digital age.