Which market research topics are capturing the minds of executives in the insights and analytics industry? As it turns out, a topic that was once buzzy in the marketing world is atop the list of areas that the insights industry is looking to further adopt, according to the latest edition of the GRIT Report [download page].
The report is based on a survey of more than 1,300 respondents, including more than 250 insights buyers and 1,000 insights suppliers. According to the results, storytelling and data visualization is the leader in topic “buzziness,” among buyers, with 85% either using this now or planning to do so. Indeed, implementation in this area is already high, with 63% of buyers already engaging in storytelling and data visualization. Virtually no insights buyers believe that this will not be significantly adopted in the industry.
It’s true that among “buzzy” topics storytelling isn’t all that new. In fact, it’s been the top vote-getter in terms of actual or planned adoption for years now – much as it has been a topic of interest in the marketing community for several years. However, its continued presence at the top indicates that it still has a significant role to play for the insights community, particularly as marketers look to tell better stories from their data.
Meanwhile, beyond storytelling and data visualization, other emerging insights areas that are capturing the fancy of market research buyers include agile research/methods/approaches, now in use or planning by 76% of buyers, up from 67% the previous year. Data integration has also seen an uptick in usage or planned usage (76%, up from 67%), while a slim majority (51%) now use or plan to use artificial intelligence (AI)/machine learning.
These trends are broadly reflected in the attitudes of insights suppliers also, for whom storytelling and data visualization (84%) is atop the list of “buzzy” topics, ahead of agile research/methods/approaches (78%) and data integration (70%). Insights suppliers are also focusing on automation/research automation (65%, up from 57%) and AI/machine learning (58%), as well as in new approaches to CX/UX design (55%).
Buyers and Suppliers Show Interest in Analytics
The report also examines new technologies, methods or approaches in consideration by both buyers and suppliers, finding in this case keen differences in attitudes between the two groups.
For insights buyers, text analytics is clearly on top, with three-quarters reporting consideration of these technologies. The next-highest vote-getter was social media analysis, as reported by half of respondents. For insights suppliers, however, new tracking methods (73%) lead the list of areas under consideration, followed by data analytics (70%), integrated platforms (65%) and video analytics (65%).
Looking at the overall pattern of responses, the report’s authors point out “a greater interest by buyers in technologies that are more aligned to unlocking or augmenting value creation in data-driven insights,” while “suppliers are more focused on solutions that seem to promise operational efficiencies and the collection and usage of data such as new approaches to tracking, various forms of analytics and platforms to enable them.”
For more details, download the report here.