MR Expert Key Predictions in 2024

As we are closing off the first month of the year, I took the opportunity to catch up with a few industry experts and picked their brains on what we can expect to see in 2024 in the global and regional insights industry. 

There is no doubt that in the last two years our industry was very much focused on research technology and in 2023 the generative AI took over to become the King of the topic. We can safely assume this year will continue to see the further rise of AI regardless of the impact of global economy.

I am particularly interested in how AI is going to drive further changes in Qual research. So, here is my two cents: 

I believe this year we will see how AI would drive at scale the automated text and image analysis along with conversational AI. I see especially the part where it would be able to interpret directly from text and images. With conversational AI probing and responding the right questions with the respondents will see it more engaging than the traditional standard questions. As we focus more on human insights and interactions, qual research plays an important role especially in faster and more accurate and reliability of data processing therefore saving time. It can’t and will never replace humans in traditional research as empathy, intuition, and intelligence in research is a human element that AI cannot replicate.

Now that I have voiced my humble two cents, let me share with you the predictions of our experts in order from L’Oreal, Pureprofile, Telkom Indonesia, Advantage Group and Spotify below.

Hemali Pandya, Head of Evaluation Intelligence, South APAC, Middle East & North Africa at L’Oreal

Imagine that you have to do absolutely NOTHING and yet companies will have all the information needed about their product experiences. Yes, you heard it right!

Welcome to this new age tech powered world of research…

Imagine this - like any other day, consumer users their usual product, let’s say he/she is trying a new smoothie drink; all the consumer needs to do in record the entire product experience via phone / rayban glasses / smart mirror which company will share with consumers along with a fitness band or ring for them to wear. Consumer don’t need to speak, no filling surveys and no need to track anything on dairy. 

So how does this work???

These experience videos that the company receives, are run through a well trained AI algorithm on facial de-coding + sentiment analysis which tells them what all the consumers liked and what were the dislikes. Eye Tracking data from these videos shows exact Moment Of Truth that was important as their attention lingered most on that part. Lastly the biomarkers data from fitness band/ring shows what aspects peaked their interest, got them excited and vice versa.

And VOILA!!! No boring surveys, not even a single spoken word AND yet companies derive all the answers they need to make an informed decision on whether they can move ahead with their product OR go back to drawing board! 

Fascinating, isn’t it!!!

Martin Filz, CEO at Pureprofile

In 2024, the data and insights space is poised for exciting developments.

We’ll continue to see feverish M&A activity as companies are looking to gain an advantage in the technology race. AI and machine learning will play pivotal roles, refining data analytics and decision-making processes. Privacy and sample quality will lead to more robust frameworks. Additionally, the integration of emerging technologies, such as edge computing, promises to enhance real-time data processing capabilities.

The industry’s focus on extracting meaningful insights from large datasets is expected to fuel innovation. Many manual tasks will begin to be undertaken by Gen AI tools, allowing people to focus on being consultative and more client facing. Without a doubt the merging of quant and qual systems and companies will result in new solutions. We will see more entrants into the traditional research world. These will be technology companies offering to deliver faster, more automated and insightful tools as well as consulting and professional service companies using technology to deliver insights.

At the end of the day clients will be the winners, why? Because they will have greater choice of insights providers and platforms and faster delivery of insights.

It’s never been as exciting to be involved in Data and Insights!

Rajiv Ibrahim, Head of UX Research at Telkom Indonesia

Role of Research team - moving towards centralized insights team, where product research, UX research, Market Research, and every insights generator are merged. There will be less research project done (especially middle range research) by research team, and more internal collaboration to work closely with business and marketing team (not just product, design, and engineering team). This is because company are moving towards profitability and less about growth/innovation

Use of AI - definitely will be a big hit, especially AI-based tools that are focusing on specific function of research phase (for example: note-taking function, capturing the patterns from specific datapoints, generating DG / research plan templates, etc). Anything that help researcher minimizing the basic groundwork, without losing the core thinking process from the researcher.

Methods - I think we are moving towards master insights kind of approach where we collect and gradually add our user understanding regularly using a lot of data triangulation and previous understanding, rather than project-based learning where we do research project for every questions that comes up during product development process. We will still do research project, especially for long range / strategic research and short range / tactical research, but for middle range research, it will be replaced by our understanding from master insights.

Peter Harris, Chief Research Officer at Advantage Group 

In the dynamic landscape of 2024, the pulse of market research beats to the rhythm of precision and privacy. A seismic shift is underway, fueled by an insatiable hunger for real-time, spot-on data. The traditional concerns over the sanctity of data integrity and the quality of samples have given birth to a revolutionary trend – the ascendancy of client-owned sample databases and vibrant communities.

Picture a realm where clients wield the power of their own data destinies, curating bespoke databases that transcend the ordinary. This isn't just a trend; it's a paradigm shift. The era of relying on external sources for critical market insights is making way for a bold and decisive move towards personalized, in-house sample repositories.

Privacy isn't just a buzzword; it's the cornerstone of this transformation. As the demand for accurate data collides with heightened privacy concerns, businesses are embracing the concept of proprietary communities. These are not just data reservoirs; they are living ecosystems where clients foster engagement, loyalty, and a shared sense of purpose.

Imagine the thrill of navigating uncharted waters, armed with a community-driven compass. In 2024, the value of these bespoke communities is not just in their data, but in the narratives they tell, the insights they uncover, and the trends they birth. It's no longer about collecting samples; it's about cultivating a dynamic, responsive community that breathes life into market research.

So, buckle up as we venture into a realm where the mundane is replaced by the extraordinary, where client-owned sample databases aren't just a trend – they're a testament to a new era in market research, where accuracy, privacy, and engagement converge to redefine the very fabric of business intelligence. Welcome to the future, where the power lies not just in the data, but in the communities that curate it.

Martyn U’ren, Head of Marketing Research & Intelligence, JAPAC at Spotify

The need to assess new measurement frameworks and metrics to answer the demand for clients questioning the value of their media investments. 2023 was the year the attention economy came to the foreground, although a concept that has been in development for a while, this year Cannes and subsequent media podcasts featured a wide range of excitement over forming a new metric based on attention. As we move into 2024 I think we will see greater client adoption of the concept and the transference from proof of concept to tradable metric as they look towards high attention platforms that can captivate with a brand story. 

Greater need for a qualitative understanding of the digital ecosystem, with many consumers expressing that all apps have started to look the same and a proliferation of differing platforms vying for time competitive advantage is going to be harder to come by in the future. Understanding how your audience explores the world is the basis of all creative thinking and when activated will lead to digital platforms that have a greater chance of adoption from the start as opposed to being versus iterations and adaptations of rivals.