We live in an age where the only constant in life is change. In this fast changing environment, the quick implementation of actionable insight can help companies succeed in a world marked by considerable uncertainty and volatility. This has led to the growth of so-called “agile market research”, which typically entails conducting research frequently and quickly. This process is interactive, allowing for short studies and experiments, frequent feedback, and the ability to react to changing conditions. Whilst some skeptics question the compatibility of agility with traditional market research tools, this article will look at some of the (easily overcome) obstacles that potentially hinder this.
In recent years, advancements in technology have provided market researchers (much like any other industry) with a plethora of new or modified tools that can be utilized to improve the efficiency of information gathering. One such tool that has become available to researchers is the concept of an Online Bulletin Board.
An article in The Wall Street journal exploring various innovations in technology, big data and social media monitoring argued that the focus group was no longer relevant as a market research tool. It posited that given the various available tools for consumer listening, focus groups were no longer needed. In contrast to the article, Panaly would argue that focus groups are not dead and if anything, recent technological developments have amplified their importance and role within market research.
Artificial Intelligence (A.I.) is becoming a significant aspect of our everyday life visible in aspects such as Netflix movies and Amazon products recommendations, hobbies related advertising, Uber prices establishing, email spam filters, smart personal assistant (Alexa, Siri, Google Assistant), text words prediction and correction, Facebook friends suggestion and so on.
Theses AI-powered tools widely ease our day-to-day existence, which makes one wonder how relevant are they from a work perspective? Interestingly, according to a Narrative Science recent study, 80% of executives believed that A.I. could improve work productivity and performance. Within the market research framework too, AI-powered tools can potentially assist marketers and researchers in a variety of ways as explored below.
The last decade has been characterized by extraordinary developments in technology. As computer power has increased exponentially, so too has the volume of data. This has resulted in countless opportunities in industries as varied as market research, healthcare and retail. One particular manifestation of this has been in the form of Big Data.
While market research is often mentioned as a way to assist a business in its growth, the various ways it can be used to attain this goal are not always understood or even known.
As data collection techniques embrace a more digital approach, researchers and marketers alike find themselves increasingly inundated with data from different sources- whether first party, second party or third party data. Whilst there is inherently value in all data sources, it would be naïve to assume that all three hold equal value across different contexts.