Market Research: How Have Things Changed? | CFR

Researching a customer’s wants and needs is an imperative component of market research. If you want to sell a product or service to the largest audience possible, you should research the needs of that audience. It’s surprising to learn that this wasn’t always the case. To gather crucial insights, companies have changed how market research is used over the past 100 years. Technology has changed dramatically over the past few decades. This has forced common forms of market research to change as well. The market research company at your disposal will take you back in time. They will explain how market research strategies evolved from the beginning of the 1900s to the present day. 


Market Research In the 1900s

From the moment humans invented trade and commerce, advertisement has existed in some very basic capacity. In the United States, advertising has only really blossomed over the past hundred years. It was common for copywriters and advertisers to write or illustrate information about products they wanted to advertise until the 1920s. They wrote in a way they thought was appealing, published it for the public to see, and hoped that their idea grabbed the attention of paying customers. It was in the 1920s, though, that radio entered the Golden Age in the US and drastically changed the way information was distributed and shared. In an instant, thousands of people throughout the country could hear nearly anything on the radio. It is not surprising, then, that this increased exposure has led to much greater competition among businesses hoping to catch the attention of potential customers. To create data-driven marketing campaigns, it became necessary to rely on consumer feedback.

Advertising and marketing were influenced by the development of new media and mass communication as time progressed. It was done the same way before the public radio was invented. Due to TV’s increasing popularity in the 50s, a new wave of ads began appearing on TV, and more market research took place as a result. Any new TV show or movie must undergo a test screening before release. In most cases, research has proven that each advertisement was effective for every product in every market over time.

Media and advertising have been completely transformed by the Internet’s mass adoption.

In subsequent years, the media became much more interactive. It suddenly became incredibly easy to reach and understand your target audience if market research was aimed specifically at them. During the internet boom in the 1990s, innovative and creative ways of communication began to emerge even before social media exploded.


Market Research In the 2000s

During the first decade of the 2010s, companies trying to recover from the Great Recession began investing more in market research. This was to generate sales and the development of new products. Smartphones and social media, as well as on-demand consumer insights, have become more accessible than ever before as a result of the 2010s. Online surveys are becoming more popular than mail-in surveys due to smartphones, which make them easier and more accessible for respondents. 

How Social Media Advertising Impacts A Company

As LinkedIn, Twitter, Instagram, and Facebook all launched advertising campaigns during this time, social media advertising also became popular. Using social media platforms allowed businesses to interact with potential customers, revolutionizing the business world. The use of social media advertising has enabled companies to collect more detailed information and analytics (for example, users who are visiting their websites and clicking on advertisements) than ever before.

What Is The Impact Of Facebook Live

A live-streaming service called Facebook Live was launched by Facebook in mid-2015, allowing users to stream in real-time to their friends and followers. In addition, businesses were able to reach a wider audience and consumers by using this method. As a result, market researchers were able to access more customers and users and leverage their insights and opinions all the time to better serve clients across the world. In the digital age, big data collected by social media and smartphones continue to be valuable to businesses and market researchers.


Market Research Soon And In The Distant Future

Opportunities and challenges await market researchers in the future. In the last few decades, technology has transformed the way market research is conducted forever. The process of using this software is now simplified for everyone, and it previously took a lot of time, effort, and money. 

In 2023, Market Research Will Be More Important Than Ever.

Increasingly, businesses and brands depend on the court of public opinion because of social media. The reputation of a brand can tank overnight if its advertising or product is poorly thought out. This issue can be prevented and valuable data can be collected through tools like campaign evaluation surveys. It is also possible to quite literally make or break a company’s reputation and future with a survey or qualitative focus group before launching a major product or campaign.

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