In this article, Alison O’Connell, career advice specialist, Aptitude Recruitment, offers advice on staying ahead of the curve amid the evolving landscape of market research.
In today’s rapidly changing world, the market research industry is undergoing a significant transformation. The increasing use of data and evolving regulations around it are reshaping the roles of data analysts and data scientists, both in Australia and globally.
The market research industry has always relied on data to understand consumer behaviour, identify trends and make informed decisions. However, the advent of big data, advanced analytics and artificial intelligence has revolutionised the way data is collected, analysed, presented and used which has brought about new opportunities and challenges for market research professionals.
No discussion of the changes in the market research industry could fail to address how AI is revolutionizing the industry in profound ways through the entire project lifecycle.
Enhanced Data Collection
AI is streamlining the data collection process by automating surveys and leveraging chatbots. Tools like Qualtrics Walr and QuestionPro are integrating generative AI to create custom surveys quickly and efficiently. This not only speeds up the process but also allows for more personalised and relevant data collection. Dynamically tailored questions have the potential to significantly improve the quality of responses.
Improved Data Management
AI is enhancing data management by automating data cleaning and ensuring data quality. Generative AI can remove personally identifiable information from survey responses and monitor data quality in real-time. This is particularly important as the volume of data increases and the need for accurate, clean data becomes more critical.
Advanced Data Analysis
AI is transforming data analysis by enabling the processing of unstructured data, such as text, audio and video. Traditional methods required extensive training datasets, but AI can now analyse large volumes of unstructured data to generate insights and summaries. This is especially useful in qualitative research, where AI can scale and enhance the analysis of customer feedback and reviews.
Predictive Analytics
AI-powered predictive analytics are helping market researchers forecast trends and consumer behaviour more accurately. Machine learning algorithms analyse historical data to predict future outcomes, allowing businesses to make data-driven decisions and stay ahead of market trends.
Personalisation and Customer Insights
AI enables deeper personalisation by analysing customer data to understand individual preferences and behaviours. This allows businesses to tailor their marketing strategies and product offerings to meet the specific needs of their target audience. AI-driven insights help companies create more effective and personalized customer experiences.
Disruption in the Market Research and Insights Industry
These increased capabilities along with the other technological advances such as in Big Data, real-time data collection and integrations across multiple data sources has resulted in a significantly increased range of approaches researchers can bring to any particular business need.
It is incumbent on today’s researcher to be acquainted with wide array of tools that can be utilised to derive the insights which will address their clients’ business needs. As I speak to agency principals and industry professionals, I hear how clients are now more than ever asking about these new technologies and how they are being applied in their projects.
Those anxious clients wondering if the research they are commissioning is the best in market is driving a lot of the disruption that we are currently seeing in our industry. Agencies have seen some methodologies be perceived as conservative as newer technology driven methodologies have become more on-trend.
While existing research initiatives continue to provide significant benefits for clients, there is a strong appetite to have an expanded range of research options presented to clients at the proposal stage.
This is resulting in hiring managers at all levels and in all sectors looking to increase the capabilities within teams and across their business as a whole.
From a recruitment perspective, this search for new capabilities has driven the recent conversations with both clients and candidates. Aptitude Recruitment’s clients are pivoting their businesses and seeking guidance on the skills and experience in the market that can facilitate the movement in the new direction. Our input can help establish the role of a new hire in the organisation and create the position environment to attract the most suitable candidates.
We also talk to industry professionals who are concerned about their career and wondering what skills and experience will be marketable when they are seeking a new role. While that answer is different for every person depending on what they have accomplished to this point, there is one expertise which is looked on very positively by our clients. Candidates who have a strong history of training their juniors and the broader business, who have been mentors within and outside their organisation and who have generally been generous with sharing their experience and knowledge are getting the offers when there are otherwise similar candidates in the final mix.
It’s an exciting time to be a part of the market research and insights industry and we can see that there will be many success stories out of this period of disruption. We, at Aptitude Recruitment feel privileged to play our little part in it all.
