Uncovering the Top 5 Insights from the Insights 75 Survey
As businesses navigate through a rapidly changing market landscape, it’s critical to stay informed and understand key trends that may impact their bottom line. Recently, the Insights Association conducted their annual Insights 75 survey, collecting data from market research and analytics companies in North America. Here are the top 5 insights from the survey that businesses should consider:
1. Demand for market research is increasing
According to the survey, 58% of companies reported an increase in revenue in the past year, signaling an increasing demand for market research. Furthermore, 67% of companies anticipate an increase in revenue over the next year, indicating that market research is still a valuable investment for businesses.
2. Remote work is here to stay
The COVID-19 pandemic has forced businesses to adapt to remote work quickly. The survey found that 91% of respondents worked from home during the pandemic, and 92% plan to continue remote work in some capacity post-pandemic. Businesses should consider how this will impact their market research and make necessary adjustments.
3. Shift towards automation
The survey found that 28% of companies plan to significantly increase their use of automation in the next two years. Automation has the potential to increase efficiency, reduce costs, and enhance accuracy in market research, making it a trend worth exploring for businesses.
4. Social media analytics on the rise
As social media becomes a dominant force in our daily lives, it’s no surprise that social media analytics are on the rise. The survey found that 58% of companies offer social media analytics services, and 80% of those companies expect to see an increase in demand for those services. Businesses can gain valuable insights by incorporating social media analytics into their market research.
5. Data privacy concerns remain prevalent
The survey found that 84% of companies have updated their data privacy policies in response to global regulations such as GDPR and CCPA. However, data privacy concerns continue to be prevalent in the industry, with 52% of companies expecting an increase in focus on data privacy compliance in the next year. Businesses should ensure they are adhering to regulations and addressing their customers’ privacy concerns.
Conclusion
The Insights 75 survey provides valuable insights into the market research industry and key trends that businesses should consider. The increasing demand for market research, remote work, automation, social media analytics, and data privacy concerns are all factors that will impact businesses in the coming years. By staying informed and adapting to these trends, businesses can position themselves for success in an ever-changing market landscape.
