Market Research in the Post-pandemic World!

Don’t you think, we’ve not fixated enough on the fact that this world will change drastically when we are out of the pandemic and nothing will ever be the same! Also, one more ambiguous thought running in and out of our minds is – is the pandemic over? Are we out of it? Or is there anything more still coming our way?

Well, whatever this transition phase is, we think we should all be prepared for what’s coming next! Our globe is gradually entering a post-pandemic reality that presents many hurdles for market researchers and businesses alike.

Customers’ changing behavior in connection to market research initiatives is a common theme in many of these studies. Technology, techniques, and procedures that were used during the epidemic have continued to be used in the post-COVID environment, as well.

The market research business was not exempt from the adjustments that will need to be accommodated as the epidemic eases down, as may be seen in this fashion. In the wake of the pandemic, there have been numerous observable and quantitative changes in the market research field. Market research is shifting to mobile devices as a result of changes in consumer behavior and obstacles in data collection.

Let’s dwell on them in a little more detail:

1- Consumer Behaviour

1. Customers are shifting brands faster than ever. 45 percent of customers think COVID-19 has shifted their brand preferences, and 62 percent expect these changes to be long-term.
2. Whether through digital services or contactless delivery, consumers have discovered the convenience of having all of their needs addressed at home.
3. As more and more people shop online, they have a higher desire for ease.
4. Even though just 16 percent of US internet adults say they will return to their pre-virus state of normalcy after the pandemic is over, 75 percent believe that the pandemic will cause long-term changes in their habits and preferences.

2- Collecting Data

1. Many innovations have been taking place since 2020 that will require a rethinking of the digital ecosystem’s privacy policies.
2. An unprecedented digital revolution is about to hit many different businesses, but online market research will be particularly hard hit by these developments.
3. Market researchers will have to come up with new ways to collect first-party data in the wake of these changes, as they will no longer be able to use tracking cookies.
4. This is done through establishing personal and direct relationships with customers over the internet.
5. As the changing digital ecosystem shifts, market researchers must be more attentive in their selection of appropriate digital tools and services.

3- Higher acceptance to mobile research

1. Market researchers need to take advantage of the surge in mobile traffic around the world since it gives an additional medium for obtaining consumer data.
2. This entails the creation and distribution of surveys online as well as the only use of mobile devices to conduct research.
3. The cost of conducting mobile market research is lower than that of conducting research via a panel of experts.
4. It is possible for researchers to observe their subjects in their natural context while they use their mobile devices voluntarily, thanks to the shift toward ethnographic research.
5. Observational study apps for mobile devices have made it possible for scientists to examine human behavior in the wild.

4- Massive Digitization

1. Since the outbreak of the COVID epidemic, the digital economy has grown significantly.
2. It is expected that digitalization would continue to rise during COVID-19’s recovery phase.
3. All industries are undergoing a digital transition, with many developing new methods to serve customers online.
4. Some countries saw an increase in internet traffic of up to 60%, as customers instead of shopping in stores and using in-person services turned to the internet instead.
5. Companies must adapt, reorganize, and incorporate new digital technologies in order to thrive in the digital age.

A market research effort may appear unclear if not impossible in light of all the ongoing changes the pandemic and the post-pandemic era have brought about.

In the post-pandemic era of market research, however, market researchers who pay attention to developments, build a sound agile research plan and use the market research correct instruments will be able to succeed.

Customers’ shifting preferences and behavior have led to corresponding shifts and breakthroughs in technology, strategy, and methodology. For this reason, market researchers must always be on the lookout for the latest trends and market research techniques, as well as their intended audience in order to plan their next big move effectively. The post-pandemic adjustments necessitate a powerful market research tool for enterprises and researchers.

Market Research’s role in lowering business risks- An in-depth guide

For companies, large or small, managing risk is of key importance. Even if risk can’t be eliminated, it can be significantly reduced or avoided. One such tool to keep risks in check is market research.

Market research helps in understanding the market in a way that helps businesses avoid taking unnecessary risks when the time isn’t right. As a result, it saves time and avoids additional expenditure.

What’s most important in market research to avoid the risk potential?

The Right Approach
While market research does significantly reduce risk, how it is conducted determines its accuracy and its effectiveness. If data isn’t sourced from trusted sources, then it runs the risk of inaccuracy and an eventual failure in decision making. Thus, data must be gathered from reliable sources and only research firms that have expertise in this area should be engaged.

Take data from multiple sources
Using data from multiple sources will give you a 360-degree view of the situation rather than a myopic one. When data is viewed from various angles, then comes a greater understanding of the subject matter which helps fill gaps and avoid misinterpretations.

Needs and wants of the target market
Market research plays a pivotal role in marketing. It assesses the needs and wants of the target group. Organizations obtain information about their consumers that allow them to target better and more effectively. Learning about the market before making a move helps prevent future obstacles.

Counter unpredictability
With in-depth knowledge of the market scenario, market research helps counter unpredictability by bringing a certain degree of certainty to the plate. It may not be a hundred percent accurate all the time, but it can come quite close.

Be prepared
Like certainty, market research also helps companies stay prepared for what’s to come next. By keeping track of changing market moods and trends, market research knows when the iron is hot to strike and when it is time to sit and watch.

Market research assists companies in making better marketing decisions.
Risks are significantly less when market research is involved. Market research is worth the money invested since it helps reduce losses

The top 10 Anticipations for Climate and Carbon Markets in 2024

 The closer 2024 gets, the more obvious it is that we need to act to combat climate change. Here are the top 10 predictions influencing the climate and carbon markets this year, with extreme weather events becoming more frequent and nature based solutions gaining prominence:

1. Growth in Market Volume:

• An increase in market volume The market for voluntary carbon is predicted to grow significantly by 2024, with a doubling of trading volume as a result of increased corporate sustainability initiatives and climate awareness. Diverse industry participation such as that seen in the healthcare and technology sectors, is indicative of changing standards for corporate responsibility. Analysts forecast modest price increases that will support further market expansion due to rising demand and better quality offset projects. These patterns show that the voluntary carbon market is evolving dynamically, influencing its future course through 2024.

2. Renewable Energy Dominance:

• As nations work to lessen their dependency on fossil fuels, discussions will continue to center on the switch to renewable energy sources. With the use of generative AI tools, renewable energy projects can be expedited and obstacles related to supply chain costs & project timelines can be overcome.

3. Consumer Behavior Shift:

• As consumers become more conscious of the environment, their decisions about what to buy will be influenced by sustainability concerns that may lead them to be willing to pay more for products that are better for the environment.

4.  Supply Chain Decarbonization:

• Due to the necessity of successfully integrating sustainability, businesses will place a high priority on decarbonizing their supply chains. Early adopters will benefit from a competitive advantage in terms of investor valuation and market share.

5. Improved Net Zero Strategies:

• In response to external demand, industry leadership & future proofing tactics, private sector companies will step up their efforts to achieve net zero emissions by 2050.

6. Universal Standards in Carbon Markets:

• Key participants in voluntary carbon markets working together will result in the creation of common standards, which will boost market confidence.

7. Demand for Premium Credits:

• Buyers in the carbon market are looking for credits of the highest caliber and are prepared to pay more for genuine and significant environmental results.

8. Priority on Nature-Based Credits:

• Over 50% of the financial services industry will be pursuing nature-based carbon credits to support initiatives aimed at reducing and eliminating emissions. As a result, there will be a significant increase in demand for these credits.

9. Increased Access to Climate Science:

• The accessibility of climate science will expand, with major publishers and institutions opening up research and data to the public, promoting transparency and knowledge sharing.

10. Continued Growth of the Climate Economy:

• Investments in sustainable practices, renewable energy, and green technologies will propel the climate economy’s steady expansion. The market for carbon credits will see a growth in tokenization which will improve accessibility & transparency.

In summary, 2024 will be a critical year in the battle against climate change. Although there are many obstacles to overcome, there are also many chances for creativity and cooperation. Through prioritizing climate action and adopting sustainable solutions, we can create a future that is both environmentally conscious and more resilient. Let’s take advantage of this opportunity and collaborate to create a future in which carbon markets are essential for reducing global warming and promoting sustainability.

Driving Success in Your ESG Practice

 Globally, businesses are realizing how crucial it is to incorporate ESG into their operations in order to meet stakeholder expectations and promote sustainable growth. But putting good intentions aside, effective ESG implementation needs strategic planning and execution across three main pillars: communication, training and sustainability.

The Challenge of ESG Implementation

 

A lot of organizations find it difficult to execute ESG initiatives because of the complexity of sustainability, the requirement for thorough training and the significance of open communication. Taking a comprehensive approach can change the perception that sustainability is expensive and difficult to implement. ESG integration is made easier by department specific training modules and stakeholder trust & engagement are promoted by open communication via a variety of platforms.

Strategies for Success in Your ESG Practice

To drive success in your ESG practice, consider the following strategies:

Consider Sustainability as an Investment:

• Convert the viewpoint from one of sustainability as a cost to one of future growth & resilience.
• Seek collaborations with industry associations and sustainability specialists to acquire knowledge and assistance for true implementation.

Prioritize Comprehensive Training:

• Create specialized training curricula that address the unique requirements and difficulties faced by various departments.
• Make use of dynamic and captivating training techniques to guarantee staff acceptance and comprehension of ESG concepts.

Promote Transparent Communication:

• Talk openly with stakeholders about the objectives, successes and difficulties related to ESG.
• Employ a range of communication platforms like blogs, social media and press releases, to connect with a varied audience and get their input.

Organizations can achieve success in their ESG practices and have a noticeable effect on the environment, people and their financial line by emphasizing sustainability, training & communication. ESG initiatives have the potential to transcend from a mere checkbox to a vital component of corporate responsibility and business strategy through strategic planning & implementation.

Revolutionising Agriculture: How AI is Transforming Farming Practices

With the emergence and rapid enhancement of AI, the concept of precision agriculture is on the rise. Precision agriculture, also called “smart farming,” is a farming practice that uses data-driven strategies to customise agricultural operations to the unique requirements of individual plants or fields.

Role of Machine Learning and Data Analytics:

Modern agriculture relies heavily on machine learning and data analytics, two fundamental components of AI. Machine learning algorithms find patterns and correlations critical to enhancing farming methods by processing massive amounts of data from sensors, satellites, and drones.

Benefits of Precision Agriculture:

Precision agriculture has numerous benefits, including improved yield estimation accuracy. AI systems use data from a variety of sources, including satellite photography and weather forecasts, to produce accurate agricultural output projections. Furthermore, variable rate technologies allow farmers to modify irrigation rates, planting densities, and fertilizer inputs based on environmental circumstances and soil type.

In summary, the application of AI to precision agriculture signals the beginning of a new era in agricultural practices, one in which cutting-edge technologies and data-driven decision-making combine to maximise output, reduce environmental impact, and completely transform the way food is produced.

Why Marketing Research is Important for New Product Development?

 Why Marketing Research is Important for New Product Development? What new product will the business provide to satisfy its customers? For many companies, product development is a massive undertaking that occurs periodically. It’s the goal of every business to have its newest product be a game-changer. 

Customers are more likely to purchase your products and services if you use the word “new.” The introduction of new items increases the company’s visibility and market worth. It’s difficult to innovate without comprehensive market research. In order to meet the needs of your clients, you must have a grasp of their mindset. 

What are your customers looking for?

When conducting market research to determine who your product’s target market is, this is the question we ask.

The Importance of Market Research in Product Development

When conducting rigorous and comprehensive market research, there are numerous advantages. 

• There is a great deal more to it than that at first glance; it may assist you in better understanding your audience. 
• In addition, it can assist in establishing how you engage with potential customers, identifying new market prospects, and minimizing the risk of any future product launch. 
• With the help of market research, companies may assess their brand’s reputation and discover any issues with their product features such as service or branding. 
• In today’s volatile markets, planning ahead is essential, and market research may help with that as well as provide important insight into future trends and the direction a market might be moving in. 
• You may also stay ahead of the pack in today’s competitive markets by conducting thorough market research.

The role of market research in new product development –

Beta Testing Phase

After the product has been introduced, it’s time to put it through its paces with a beta test. You’ll let a select group of people from your intended market try out your goods. Before introducing the product into the general market, you should do a beta test to see what changes and improvements need to be made. 

Understanding the product’s likes and dislikes, as well as its intended or perceived use, will help you make an informed decision. Then you can determine whether or not the product is meeting the needs of consumers. In order to obtain a better understanding of your intended audience, you can also conduct interviews with actual customers. You can do market research to figure out how to persuade them to buy from you.

Key Takeaways 

In the world of product development, it’s fairly uncommon to feel that the general public simply doesn’t get what’s going on. It can be difficult for some people to accept co-creation because of this stigma. 

End-user customers have no way of knowing what to build. The precise reverse, on the other hand, is true. The inclination to hold on to jargon or gravitate toward “cool technology” is checked when customers are involved in all stages of the product development process.

To succeed in today’s market, companies must prioritize hiring a research partner who can collect valuable customer data. We, at IBI, are always here to guide you through this process and carry out your market research functions with utmost efficiency. 

Online Panel Services

 Listening to your customers and target audience is no more an option but a make or break situation. The need to place customers at the center of all efforts and strategy, has risen over the years as the customer has become the king and their opinion matters.

Through online panels services you can identify suitable audiences and collect responses to your questions in a constructive way by providing the raw data to create insights. The insights can be further used to create reports and graphs that can help the brands to build their future strategies.

 

Online panels in marketing research

Doing Market research through multiple different channels has become an important aspect for companies. With new technology, cheap internet and innovation it is very easy to find and research about what the audience want and despise.

An online panel consists of panelists who are extensively profiled according to the target audience of the brand  which allows you to understand the right audience quickly. These selected participants share similar characteristics and are chosen on the bases of predetermined marketing objectives.

Members of online market research panels usually receive incentives for inclusion in the group so that they answer the question practically and not just for the sake of it.

 

Online survey panels for marketing research?

The right audience can make the difference between impactful insights and answers that lead you nowhere.

That’s why choosing the right people for an online survey panel is very important for market research.

Online survey panels for market research questions are also very important as with the help of a right panel and people that are selected on the bases of what the companies want makes the entire market research very convenient and help a brand to grow.

 

Online market research panels.

An online research panel consists of panelists who are very profiled which allows you to reach the right audience quickly and make sure that you get correct data.

So, how could you flawlessly conduct an online market research panel?

• First you would understand and research the objective and nature of the survey.
• Second you would choose the right target audience for the given survey.
• Third, you would create a survey that would ensure that you have added all the data points.
• Fourth, you would analyze and report the collected data.

 

What are online panel providers?

As a company if you do not have time and resources to find people for your online panels then you can always go out and ask for help from the online panel provider.

Online panel providers connect you with your target audience and help you with conducting surveys and data.

Gain access to the right audience with IBI where we make sure that you get the right insights with our expert market researcher and grow as a brand.