The GreenBook Research Industry Trends (GRIT) Report is one of the leading publications in market research thanks to its renowned survey of the industry, for the industry. It’s an incredibly useful resource that allows researchers to understand where the industry is now, where it’s going in the future and what businesses need to do to adapt, evolve and stay ahead of the competition.
So what’s the lowdown? Well, for starters, the market research industry remains under great transformative pressure - and this GRIT Report aims to get to the bottom of what’s happening, why it’s happening, and what it means for the market research industry tomorrow. So what’s new in the world of market research? And what does that mean for video market research? Read on to find out…
The ongoing advance of automation
One of the biggest focuses of the report was how forward-thinking brands and agencies are harnessing technology to get closer to what customers really think. Automation continues to be one of the hottest conversations in the market research world, and in recent years many organisations have adopted automation platforms in quantitative and qualitative research. Why? Well, the main reason reflects the one sweeping goal all of the companies involved in the report have in common: the need to better understand the customer and discover rich, impactful insight at speed.
And in modern business, where markets change in the blink of an eye, automation delivers on those needs. Technology has been used to automate charting, analysis of survey data, delivery of sample, analysis of text data, analysis of social media and analysis of video - and those are just the tools that are achieving significant adoption. As a result, expectations for automation in the industry are very high, with almost 80% of researchers agreeing that automation will continue to grow in adoption in market research in the coming years, while 70% think it will grow within their own organisation.
Over time, many traditional research methods have become either too expensive or too time-consuming, and that’s often been the driving force behind automation and innovation. This forced evolution happened to quantitative research first but has heavily influenced qualitative approaches more recently. In a fast-paced world, the resources required for qualitative research have become increasingly hard to justify. Yet the need for qualitative market research has never been greater. It’s all about breaking down the barriers and making the consumer accessible again in a world that’s awash with data. So what has automation done for qualitative research and more specifically, video insight?
Video market research in an automated world
The previous issue with automation was that it had a value problem. Yes, it’s always been faster and cheaper, but too often this speed often requires us to sacrifice the emotion and authenticity we need in our feedback if we want to make it memorable. Enter agile video…
Video market research has always had the ability to help companies humanise their research and get to the bottom of what really drives customer decisions. And the perfect blend of sociological and technological evolution has made video a scalable, quick-turn, qualitative research method. Thanks to the increasing popularity of video in consumers’ own lives, they are entirely comfortable with self-recording videos and sharing them with the world on social media. This comfort with storytelling has created a global community of respondents that are ready and willing to share video feedback, in an instant, in response to video surveys. The accompanying rise of video insight platforms facilitates the capture, analysis and sharing of self-recorded videos in end-to-end solutions that overcome all of the hassle factors associated with video.
As a result, brands like Microsoft, Clorox and Verizon readily acknowledge that video is actually the single most powerful way to deliver real human feedback and access to how customers really feel about their brands, products and services at scale.
Using video to uncover real human stories can give context to data, get closer to what people think and help companies make informed, customer-centric decisions. It goes beyond the information and data provided by scores and scales by unlocking real insight and revealing the people behind the data. Ultimately, video gives automation the value and the staying power it needs and, in return, automation gives video the agility, scalability and flexibility it needs to deliver robust, in-depth insights at speed.
The future of sampling & surveys
So apart from automation, what else is new in the report? Well, pessimism about the future of sampling is a big concern as survey fatigue continues to cause problems in the industry. In fact, 39% of researchers expect sample quality to worsen over the next three years, with reasons behind this including the continued prevalence of lengthy surveys and questionnaires that fail to capture respondents’ interest.
Add that to changing behaviours, a shift in device usage and overburdened people receiving too many survey requests makes it clear that survey fatigue is understandably going to keep getting worse. People rarely sit at their desktops outside of work these days and they certainly don’t want to stare at a screen and complete a 30-minute survey anymore either. Until researchers make grander steps to address these issues, the same old data sample sets will continue to decrease in quality.
Perhaps we’re suffocating sample with a survey overload. There’s no real interest in the actual respondent experience, sample sizes are dwindling, and instead, it feels like a race to the bottom. And as consumer attention spans continue to get shorter, so too will the quality of their answers to traditional surveys. In summary, the traditional survey model becoming less effective - which means that researchers have to come up with new survey methods if they want to tackle the problem head-on and reduce survey fatigue and, in turn, improve sample quality.
What does survey fatigue mean for video?
As identified earlier, video is fast becoming a go-to tool for communicating socially and more importantly, when engaging with companies. It’s pretty easy to see why video market research is so popular: it’s fun, quick and easy to use and offers an engaging way for customers to share their experiences, helping them feel better connected to brands while fighting the ongoing battle of survey fatigue. Not only that, but it also empowers customers to show emotion and express themselves both visually and verbally.
Because there is such a broad range of video responses available, there are tons of ways for people to get involved and share their thoughts, from in-store shop-along videos, experience-based feedback videos, product testing videos, customer review videos and more. A typical, minute-long video response is six to eight times longer than a text-based response, which means that in just a matter of clicks companies can use video to see what their customers truly think, feel and do. And for the respondent, they can share more information in less time - reducing dropouts and fatigue. Finally, video puts a face to the feedback, overcoming the distrust many researchers have in the sample quality by ensuring respondents fit the profile they’re targeting.
In conclusion, if the GRIT report has accurately predicted that the market research industry wants to tackle survey fatigue and embrace automation to get to know what drives customer decisions, then video market research certainly ticks all the boxes. The secret to success lies in more profound insights and more advanced analysis - and that’s what video insight technology achieves.
Video market research engages and excites customers by encouraging them to share their thoughts and opinions in a fun and engaging way - and because they feel as if they are being listened to, it’s a great way to tackle survey fatigue. But that’s not all: because end-to-end video solutions such as Voxpopme are so efficient, video market research can also help businesses access deep insights at speed, helping them get to the bottom of what their customers are really thinking and making it easier to uncover more compelling stories than ever before.
Sound good? If you’d like to find out more about how video can transform your market research, contact Voxpopme today for your free demo.