The 8 new rules of market research

Marketing evolves at the pace of innovation. COVID-19 has accelerated internet use. People now spend an average of 142 minutes a day on social networks (global average 2021). Yet companies are still using outdated market research techniques: questionnaires, focus groups, random panel questions and so on.

In this report, we highlight the 8 rules for updating your market research strategy and embracing the endless possibilities of new methods:

1. Purchase intent research: Position your research within the consumer's buying process.
2. Psychographic profiles: Forget demographic profiles, psychographic profiles are more precise.
3. Online user behavior: Analyze your users' behavior with advanced tools.
4. Web exploration: collect online data and information with automated reports.
5. Agility with iterations: constantly update your research to keep up with the digital pace.
6. Precise targeting: Forget random panels, use the power of targeting.
7. Instant feedback: People's points of view are constantly changing, so you need to adapt.
8. Predictive analysis: Use the data you collect to predict your marketing results.

Research based on purchase intent

Purchase intention is the probability that a consumer will buy a product or service.

This is the first pillar of the market exploration approach. There's a difference between a customer who's ready to buy and someone who's just gathering information. With traditional market research methods, you might not even be able to target people who are in the buying process versus those who are still in the information-gathering phase.With new research methods, you actually target consumers in their buying environment (social networks, blogs, search engines). In this way, you can reach people who are ready to buy. The funnel will filter out the rest.

Psychographic profiles

A psychographic profile is a unique description of the attitudes, habits and interests of an individual or group - a collection of consumer values and behaviors that tell you who would be most receptive to your organization's offer.

Demographic profiles are not representative of your buyers. People's behavior is much more complex than simple information on age, gender and location, which is why new research methods focus on psychographic profiles. Data is collected across various channels (Facebook, Instagram, LinkedIn) to form interest-based profiles.

Online user behavior

Everything happens online now. It's crucial to be able to track, visualize and analyze your users' behavior. With behavioral analysis, you can understand what people are doing in your industry and why they're doing it. With this technique, you'll know what your target audience is doing online; where they're clicking, what they're clicking on, and why they're doing it.Metrics used for this are percentage of scroll stopping, click-through rate (CTR), average session duration, and other metrics. It's possible to measure this with RGPD-compliant tools such as Hotjar.

Exploring the web

Web mining, data extraction, data mining, screen scraping, is the process of collecting large quantities of data from the web, then saving them in a file, database, etc.

With web crawling tools, you can get real-time reports on mentions of your company. You can also monitor trends, keywords and topics in your industry, so you're aware of market developments and don't miss any opportunities.

Agility with iterations

The problem with traditional market research methods is that, once published, you can't modify them.Modifying a landing page or online form takes around 30 minutes. As a result, it's easier to update your market research materials and iterate with a better version.This allows you to conduct market research on a constant basis with continuous updates on your products or concept features. Our advice is to organize your research into 2-week "sprints".

Precise targeting

Targeting is the process by which an advertiser identifies its target audience, then advertises to them through various channels.You can target with :

• Interests
• Behaviors
• Traffic history
• Demographics
• Psychography

Digital marketing has increased the precision of targeting. Companies need to take advantage of targeting opportunities to segment their audience and gather information on each segment.Another technique is to present a product to a wide audience and analyze which segment responds best.

Instant feedback

Messaging and direct conversations with consumers are the way forward. Consumers are used to getting information instantly when they're looking for it. Google and YouTube have been major contributors to this phenomenon. On the one hand, it can be difficult to manage this expectation; on the other, it's an opportunity to gather instant feedback from your users and customers. By giving them the opportunity to share their opinions, you open up a fully-fledged market research method. The feedback is then compiled and analyzed to create a visualization of what your customers want.

Predictive analysis

Predictive analytics is a branch of advanced analytics that makes predictions about future outcomes using historical data combined with statistical modeling, data mining techniques and machine learning.

With predictive analysis, you can find :

• Potential audience size
• Long-term cost analysis
• Potential number of customers
• Estimated ROI
• Estimated revenues

Market research is designed to predict marketing results and revenues. But if you use inaccurate data for your predictions, you'll get an incorrect forecast.With data collected throughout the buying process (CTR, CPC, ATC), you'll be able to identify the costs of your online funnel.

Depending on the costs identified, you can use linear regression, moving averages and exponential trends to define precise predictions.

In conclusion:

Rapid innovation and changing consumer behavior require companies to adopt new market research methods to stay competitive. Traditional techniques, while still useful in certain contexts, are no longer sufficient to capture the complexity and dynamics of today's marketplace. By integrating strategies based on purchase intent, psychographic profiles, online behavior analysis, web crawling, agility with iterations, precise targeting, instant feedback and predictive analysis, companies can obtain more precise and relevant insights.

These new rules not only enable us to better understand consumers, but also to predict future trends, optimize marketing strategies and improve overall business performance. By embracing these modern methods, companies can not only meet consumers' current expectations but also anticipate their future needs, ensuring their success in an ever-changing marketplace.

It's time to take action and reinvent your market research strategies to take advantage of the opportunities offered by digital and advanced analytics. By adopting these new rules, you'll be better prepared to navigate today's complex and competitive environment, while paving the way for long-term, sustainable growth.