Mediaboss Marketing

What does 2021 look like for the market research industry? For over 20 years, market researchers have been under constant pressure to prove the value of our services, and nothing has changed in that regard. As we face a pandemic that has cut into corporate and client profits, market researchers are once again called upon to innovate and show our value.

Budgets for 2021 are almost certain to be lower than 2020. In the U.S., Gartners research presents a sad but realistic picture with almost half of CMOs experiencing mid-year budget cuts as a result of the pandemic. According to a survey by Dun & Bradstreet, 70 percent of senior marketers in the U.K. say their budgets have been cut as a result of COVID-19. Yet, 76 percent are facing increased pressure to deliver leads even during the pandemic. These cuts obviously affect funds that could be used for market research.

However, there are ways to adapt during this prolonged period of turmoil. Here are a Bastion db5s top five trends and predictions for market research in 2021:

Looking to 2021As we look ahead to next years trends and predictions, one thing is certain, the pandemic has had a significant impact on all businesses, including market research. Market researchers need to expect budget cuts and must adapt to continue to prove our value. Digital and virtual offerings, automation and AI adoption, specialization and agility will all play a huge role in the year to come. The most important thing a market researcher can do now is to accept the change and look for ways to meet the moment.

Written by Chris Hubble.

Read more here:
Top Five Trends and Predictions for Market Research in 2021 - CEOWORLD magazine