Return on Investment (ROI) has long since served as one of the primary metrics to calculate business success. Whilst there is no denying the value of the KPI, recent innovations from the neurosciences to social media have expanded the definition of profitability to encompass more than just sales figures or profit margins. It is in this context that firms looking to create sustainable customer relationships must increasingly consider developments in the field of psychology and focus on the emotional needs of consumers.
In recent years, market research has come to embrace new and innovative forms of data collection techniques, in particular via online or digital platforms. This is reflective of a global trend whereby consumers are spending more and more time online, voluntarily sharing large chunks of information across different social media platforms.
As the end of the year approaches, it is not uncommon for individuals to reflect on the previous year as well as make predictions for the next one. Part of our role as researchers lays in leveraging data to predict future trends. By taking a retrospective look at some of the developments in 2017, the following presents a speculative look at what 2018 has in store for qualitative research.
In an increasingly globalized and competitive business environment, time is of the essence. Companies across different industries are increasingly seeking to gain market and consumer insight within shorter periods of time. Whilst technological developments such as Big Data or Online Panels facilitate this, it is worth asking whether the drive for speedy research results has been at the cost of quality respondents.
According to industry reports, over half of market research respondents participate in studies with the aim of receiving rewards or prizes. Given that consumers are being rewarded across various aspects of their life from credit card purchases to travel, this comes as no surprise. Consumers are growing increasingly used to being in control and are becoming more demanding in their interactions, a point that strongly feeds into the mindset when assessing research incentives.
From small and uncertain beginnings, the UAE has not only transformed itself into a regional powerhouse but an international one too. Forty-six years after the unification of the seven emirates, it is worth taking a closer look at the country and how far it has come in such a short period of time.
When starting a business or considering a new venture, entrepreneurs are often recommended to undertake a feasibility study and create a business plan in order to mitigate risk and to make more informed decisions. Whilst both studies are typically conducted in the early stages of a potential business venture and have some overlap, it is important to understand the differences between both planning tools