Market research is undergoing an identity crisis as our traditional techniques are challenged but there is a need for greater data actionability all within increasing pressures on budgets and availability of new streams of data. This generally leaves MR without a seat at the table. However, each of the challenges presents a unique opportunity for market research to help drive RORI and to make sense of all data available and aid in understanding consumers. By employing various tactics that will be explored in the session, market research has opportunities to have an impact despite the current landscape and to get its mojo back.
Market research is feeling tension from a number of fronts as our traditional techniques present challenges, there is a need for greater actionability from data, other players with their new streams of data are in the our sandbox - all under the lens of increased budgetary pressures. In order to stem the rhetoric of the ‘death of research’, MR is uniquely positioned to drive return on research dollar investment. It can do this by making sense of all the data available and utilizing our skillset to employ various tactics that will have an impact even in the current landscape.
The consumer of yesterday has changed considerably as technology has been the key enabler to this evolution. If we ignore the context of this ever connected world, we will lose pace with consumers in ‘their’ environment and business will lose a connection with its customers. Companies need to understand and stay grounded in the multi-screen and cross-platform behaviours of consumers to optimize brand connections.
Breaking through the social barrier by incorporating consumer conversations with insight generation will allow for a curated set of consumer generated content analyzed through the lens of market research - qualitatively and quantitatively. This is where survey and social bring out the best in each other - social media enhances surveys while surveys enhance social media.
The path to purchase is becoming increasingly complex and companies need to understand which touchpoints are most influential. By modelling brand conversion and understanding the most impactful interactions, focus can be placed on those that ‘out-perform’ and work better for the brand.
Participants will understand the various opportunities and tactics to utilize data effectively but differently to better understand consumers in their ever connected and technologically focused world. This will include highlighting ‘other’ data that will help integrate deeper themes and stories into every engagement. And while research insights typically have been used to inform future business decisions, tactics that proactively use data through digital ad targeting and increase brand consideration/usage will be showcased.
Vice President - Client Service, TNS
Mark Wood, Vice President - Client Service, TNS. Mark has been on the supply-side of market research for 20+ years focusing on quantitative research techniques. He has worked for several agencies across a number of sectors including financial, automotive, beverages, and CPG. For almost 10 years, Mark has focused his attention to large, complex research studies and addressing the specific needs of these studies.