Tag Archives: #newMR

A Market Researcher’s Wish List: 5 Experts Weigh In

Market research companies employ over 35,000 people in the United States and the industry is doing well, with year-on-year revenue growing. The market research industry is even bigger in Europe – which accounts for the largest share of Global market research revenue. Positive numbers aside, market researchers face a great deal of pressure in a rapidly changing marketplace. In some cases the tools simply don’t exist to monitor completely new consumer behaviors and habits, in other cases there are tools available, but choosing which data is important becomes a whole new challenge. When The Market Research Event asked several market researchers what was on their wish-list, the answers ranged widely – from technology to time to more stringent standards for market research agencies. Here’s the rundown of the top market researchers’ wish lists.

Juliann Ng, Vice President, GfK Canada

“Everyone is looking for faster and cheaper and good enough. So it’s less about a specific technology and more about new approaches and processes that enable near-instant insights, accessible at their fingertips at any time. With the tremendous amounts of primary, secondary, and transactional data now available, being able to fully leverage and integrate these data sources into a coherent and digestible format is another common wish!”

Juliann Ng will speak at The Market Research Event. Her session is called: Four Client/Agency Relationship Types and Optimizing Connections for Growth.

Tom De Ruyck, Partner, InSites Consulting

De Ruyck is very desirous of the newest and most advanced technology options for market research. He wants: “Artifical Intelligence moderation of online qual; AI analysis of online qual; Virtual Reality stimuli for research and VR solutions for reporting of insights”.

Kristin Luck, Founder Luck Collective & Women in Research

“My wish is that, as an industry, we continue to look for innovation in unlikely places. Innovation doesn’t ‘belong’ to small companies, or tech companies or firms just breaking into the research space. #MRX pros are data scientists by trade, living in a time (unlike any time we’ve experienced before) of unparalleled access to data. With a little creativity and critical thinking, each of us, regardless of the research role we play, is capable of creating breakthrough methods.”

Ray Poynter, Managing Director of The Future Place, Founder and Chair of NewMR, Director, Vision Critical University

“I’d like to see a standardised professional qualification in MR, with specific options for Qual and Advanced Quant. I would like the trade bodies to help clients separate the game changers from the snake oil salesmen. Lastly, I am looking forward to using more and more AI.”

Jeffrey Henning, President, ResearchScape International

“The biggest thing I need from a marketing point of view is more time, more time to experiment, more time to investigate new marketing methods.”

Kristof De Wulf, Co Founder & CEO, InSites Consulting

“Getting people positively addicted to consumer insights. Despite the fact that the market research industry has embraced novel and relevant ways to generate new consumer insights, insight activation is unfortunately poorly developed in most organizations. As insights are useless unless used, let’s start turning consumer insights into company-wide memes!”

Don’t miss The Market Research Event this October 17-20 where some of the most influential market researchers in the world will share their insights on everything from apps to big data as they apply to market research.

5 Reasons Wearable Tech Has Become A Crucial Tool for Market Researchers

This month Jason Davies wrote for Huffington Post Canada: ‘Not so many years ago the idea of monitoring blood sugar levels on your watch, checking your email via glasses, or using a winter glove to pay for a cup of coffee seemed like the impossible. But rapid growth in the Internet of Things and innovations in wearable technology have made all those things a reality.’

It looks like wearable tech has finally hit the mainstream. What does it now mean for market researchers? Here are the top five ways market researchers can use wearables to solve key problems, compiled from market research bloggers and other experts in the industry.

  • Integration of data to see the complete picture. One of the major challenges in market research right now is figuring out which data sets are important, and stringing multiple sets together to tell a story. Even with all the software available, market researchers still find gaps in the data and difficulty telling the whole story. Cathy Harrison, Project Director for Forbes Consulting had this to say about wearables and new technologies to MarketResearch.com: ‘Some of the most exciting technological advances in marketing research involve the integration of multiple data sources, permitting a holistic view of the person or situation. Unconscious motivational-emotional data can now be integrated with passively collected data, such as biometric measurements via wearable devices or smartphones, and social media or other digital data. Market research will continue to evolve as we shift toward creatively combining new data inputs and developing models that lead to more meaningful insights and practical applications.’  

  • Real world data is more authentic. Medical market research agency GKA explains in their blog: ‘Wearables remove the need for a researcher to be physically present; for example, ‘always on’ head-mounted displays that send a live stream of video and audio could transform the way we understand both the behaviour of patients and healthcare practitioners. In healthcare market research, smart wearables have the potential to give companies far greater insight into how a patient uses a device or their attitude to their medication or how a doctor reaches a diagnosis, for example.’ In fact Bob Relihan, Senior Vice President of C+R Research sees wearables changing not only the way we track consumers, but the methodology of how we track them: ‘If consumers want to track and monitor themselves and they have the technology in the near future to do that seamlessly, insight professionals should be able to tap into that stream of self-reflection. But in this world, the consumer and the response are one; we will be less able to ask direct questions. Rather, we will need to align what consumers are “tracking” about themselves with the questions we might want to ask.’

  • Wearables can allow you to get to the ‘whys’ not just the ‘whats’. Adam Rossow, CMO of iModerate had this to say at the MarketingProfs blog last year: ‘For the marketer, wearables provide research without “doing” research, which allows you to layer on other enlightening methodologies, including qualitative questions, without it being too much. Beyond that, you can get a total picture of the customer journey that’s clear and concise. You can discover where someone was before and after he or she visited your store or restaurant, as well as how much time was spent in each place. Perhaps even how his or her heart rate changed as the person moved from location to location.’ .

  • Get closer to real-time brick and mortar data. 92% of retail purchases still happen in retail stores. Market research helps brands to know what’s going on with that brick and mortar data. Wearable tech, such as the way consumers are paying or otherwise interacting with products in the store can allow researchers to collect data in real-time and at a deeper level, providing brands and retailers much more thorough insight.

  • It will bring advanced neuromarketing research out of the lab and into the real world. Readwrite wrote in their Neuromarketing Primer late last year: ‘As more companies seek to study the phenomenon (neuromarketing), wearables will become an important tool in gathering the necessary data to inspire the desired reaction from a target audience.’ Neuromarketing expert Darren Bridger had this to say to readwrite about wearables increasing in use for market researchers: ‘I see neuroresearch tech at a point analogous to computing in the late 1970s: poised to move from being a big/expensive lab application to something more accessible to a far wider range of organizations.’

By 2020, the typical U.S. consumer will have eight wearables - that’s less than 4 years away! Are you incorporating wearable tech into your market research strategies?

Don’t miss The Market Research Event this October 17-20 where some of the largest companies in the world will share their insights on everything from apps to big data as they apply to market research.