Identifying Customer Profiles through new trends in Market Research
With the increasing penetration of the internet and smartphones in India the way a customer behaves is changing. This influences purchase and consumption patterns. TO be able to understand this changing pattern in customer behavior , market research as we have traditionally known is changing. To be able to accomplish this understanding , digital transformation has become an important focus area for market research. Companies are looking to understand the changing consumer behavior, preferences, and purchasing patterns in the digital space.
Market research is an important aspect of any business that wants to succeed in today’s competitive landscape. It helps companies identify market trends, understand customer needs and preferences, and make informed decisions that drive growth. In India, market research has become increasingly important as the country’s consumer market continues to evolve and expand. Here are some of the new trends in market research that are helping businesses identify customer profiles in India.
1. Use of advanced analytics
Advancements in analytics technology have made it easier for market researchers to collect, analyse, and interpret large amounts of data. This has led to the development of more sophisticated models and algorithms that can identify patterns and trends in customer behaviour. By using advanced analytics, businesses can gain a deeper understanding of their customers’ needs, preferences, and behaviours, and use this information to create targeted marketing campaigns and promotions that resonate with their audience. This is all possible by through large availability of granular data and is changing the way we think aboutvthe possibilities within Market Research.
2. Focus on mobile research
India is a mobile-first country, with more than 80% of internet users accessing the web through their mobile devices. This has led to an increase in mobile research, which involves using mobile devices to conduct surveys, collect feedback, and gather data on customer behaviour. Being a digital media , Mobile research allows businesses to reach a wider audience and gather real-time data on customer preferences and behaviour.
Also, take ideas from our previous blog on: What are the changing trends in Consumer Behaviour?
3. Integration of social media data
Social media has become an integral part of the lives of millions of Indians. Businesses are now integrating social media data into their market research efforts to gain insights into customer behaviour and preferences. Social media platforms like Facebook, Twitter, and Instagram provide a wealth of data on customer preferences, behaviour, and sentiment, which can be analysed to gain insights into customer profiles which also provide insights on customer affinity.
4. Focus on regional diversity
India is a diverse country with 29 states and 7 union territories, each with its own unique culture, language, and customs. Market researchers are now focusing on regional diversity to gain a deeper understanding of customer behaviour and preferences. By taking into account regional differences, businesses can create targeted marketing campaigns that resonate with their audience in specific regions. Over and above this is the Neo Indian who has multiple cultural identities woven in one . This becomes and interesting study for Market Research .
5. Use of artificial intelligence (AI)
Artificial intelligence (AI) has the potential to revolutionize market research by automating data collection, analysis, and interpretation. AI-powered tools can help businesses collect data from multiple sources, analyze it in real-time, and generate insights that can inform business decisions. AI-powered chatbots and virtual assistants can also be used to collect feedback from customers and provide personalized recommendations based on their preferences.
Also, take ideas from our previous blog on: Data Analytics with Individual residential building precision
6. Increased focus on customer experience
Customer experience has become a key differentiator for businesses in India. Market researchers are now focusing on understanding the customer journey and identifying pain points that can be addressed to improve the overall customer experience. By gathering data on customer preferences, behaviour, and sentiment, businesses can create personalized experiences that resonate with their audience.
6. Inclusion of sustainability in market research
Sustainability has become an important factor for many Indian consumers, with more and more people looking for environmentally friendly products and services. Market researchers are now including sustainability in their research efforts, gathering data on customer preferences for eco-friendly products and services. This information can help businesses create products and services that are more in line with customer values and preferences.
7. Collaboration with startups
India has a thriving startup ecosystem, with thousands of startups operating in various industries. Market researchers are now collaborating with startups to gain insights into customer behaviour and preferences. Startups can provide valuable data on emerging trends and customer preferences, which can help businesses stay ahead of the curve and create products and services that resonate with their audience.
In conclusion, market research is essential for businesses that want to succeed in today’s competitive landscape. New trends in market research are helping businesses identify customer profiles in India, by using advanced analytics, mobile research, social media data, regional diversity, AI, customer experience, sustainability, and collaboration with startups.
KENTRIX is a solution provider mapping more than 91.5 crores Indians to their average monthly household-level income, urban and rural differentiated classes, providing a deep identification of the consumer variety of the country. This is the future of Market research .