It was an opportune time to speak in front of marketing researchers at a meeting of the Marketing and Opinion Research Society of the Philippines Inc., as the profession faces changes in consumer behavior, technology, data and how companies and brands are responding.
What will marketing research look like in 2030? The field involves the systematic collection, recording and analysis of qualitative and quantitative data on issues related to the marketing of products and services.
It is important to plan for the future, as it will affect how products and services will evolve to meet customer needs.
To determine the possible future worlds of marketing research, we need to assess trends, signals, drivers, predictions, and artifacts. We look at consumer trends, technological changes, evolving data, and the reaction of brands and businesses.
One obvious change is that by 2030, Millennials (those born between the early 80s and mid-90s) and Generation Z (Generation Z) (born between the mid-to-late 90s through in 2010) will dominate purchasing demographics. They are not only known for their need for personalized digital experiences, but also for their environmental activism.
Based on Fujitsu’s research, there will be a sea change in the conventional values of buying and owning products. Instead, intangibles such as environmental protection, health and well-being will make up the majority of consumption. As a result, there will be less demand for today’s premium brands.
Because Millennials and Generation Z are tuned into environmental protection, there will be a growing concern for social issues and a growing awareness of social contribution, which will result in a more great desire for ethical products.
At the same time, technological progress will usher in the rise of the Internet of the Senses. According to Ericsson Research, urban early adopters expect us to use all of our senses online by 2030. The widespread use of wearable devices and the Internet of Things, coupled with high-speed wireless Internet throughput, will allow consumers to use their minds, senses of smell, sight, taste, touch and hearing for realistic experiences. Elon Musk’s Neuralink is already driving the implantation of tiny computer chips into the human brain.
With the expected maturation of the metaverse, consumers will have individual avatars that transact and engage in a virtual world. And with large amounts of data generated, we could have about 600 zettabytes, about 10 times more than today.
Businesses and brands will respond by becoming more data-driven. They will create social networking services and analyze big data and other data-driven platforms to ensure accountability across the enterprise and support decision-making. Retailers will create digital twins that will provide services to consumers without distinction between real and cyber. Retailers will focus on the consumer or personal customer, rather than the mass, providing accurate personal recommendations. Brands will enable their supply chains to be carbon neutral to demonstrate legitimate sourcing, production and delivery that protects the environment.
With the confluence of these trends, forecasts and artifacts, what effects will they have on the future of marketing research? Businesses and marketing research professionals will rely heavily on augmented reality and virtual reality tools to test product concepts, analyze product feasibility at an early stage, and understand consumer behavior.
Artificial intelligence will be commonplace to automate tasks, learn from large amounts of data, and provide interactions using natural language discussions using technology. They will be able to handle not only big data, but micro data as well, as the insights will be gleaned from minute consumer behaviors.
Due to the highly emotive nature of social media, businesses and marketing research professionals will rely on social listening platforms and qualitative research methodologies to better understand complaints, insights and buying behaviors. client.
They will combine real-time research and agile market research capabilities, for example, real-time data indicating when a customer is looking for a product and survey data to help prioritize marketing efforts. This will be enabled by technology to provide a comprehensive perspective of a consumer’s past, present and future habits at the rate at which they are changing.
Finally, sustainability will be the unique selling position of marketing research companies. Sustainable practices aligned with brands and consumers will also have business and brand benefits.
The author is the founder and CEO of Hungry Workhorse, a digital and cultural transformation consultancy. He is a member of the US-based Institute for Digital Transformation and teaches strategic management in De La Salle University’s MBA program. The author can be emailed to [email protected]