New Frontier of Consumer Research

TMRE 2015 Session
New Frontier of
Consumer Research
Olga Diamandis, Senior Manger, Open Innovation, Mattell
Three key things are happening that are changing research:
Crowdsourcing, big data, and artificial intelligence.  We will mine these dimensions, but first
let’s take a brief look at the history of marketing research.
The field was born in the 1930s with the Likert Scale. This scale becomes
the primary tool to measure consumer attitude. Then, the internet drastically
changed things in the 1990s. Once web sites became dynamic and data was easy to
handle crowdsourcing.
Crowdsourcing
enabled researchers to crowdsource around the globe. Everything from toys, car
design, to a country’s constitution have been crowdsourced.
For Mattell crowdsourcing became a tool for creating new
characters in their Little People line, reducing the time spent in Market
Research.
Big Data creates
new opportunities. From behavioral data to predictive analytics, Big Data
shortens the time to generate insights. Every human leaves a digital trail that
can be cross-analyzed. In the Connected Era the amount of data will spike even
higher.
What Big Data means for advertising is hyper targeting,
creating meaning and relevance for consumers.
Artificial
Intelligence
allows us to track everything without consumer reported data,
decreasing consumer biases. AI, in this realm, includes peer reviews (such as
reviews on Amazon.com) and consumer ratings.
AI also helps us understand ourselves better. What movies we
like. We words we use most often. In time, Siri will take a more proactive
role, recommending places to eat and things to do based on our user patterns.
I know I can go online and find an answer to a question
simply now. Then, I’m thinking that machines can handle the search and the
critical thinking. Revolutionary. I get excited and overwhelmed, but so
excited. The future is limitless, but we have to be adaptive to take advantage
of this emerging mode of the market.
Michael Graber is the
managing partner of the Southern Growth Studio, an innovation and strategic
growth firm based in Memphis, TN. Visit
www.southerngrowthstudio.com to learn more.