How have market research tools and technologies changed?

Market and industry research has been significantly improved by integrating big data analytics and advanced reporting tech. These powerful tools allow product teams to collect, analyze, and present actionable insights from large amounts of structured and unstructured data. This is a huge change.

In my experience, I have seen usage of both traditional and technology based methods give holistic insights. e.g. In a typical shopper purchase journey for a category we can apply 1. Barcode scanning of the products purchased in the basket to know the entire basket composition in a few minutes. Which can be followed by Exit interviews (traditional method) to understand why behind the buy. 2. Security Camera video recordings to be analyzed with AI to understand the route and traffic to each area of the store and their buying behavior at the category aisle and this can be very well understood by exit interviews 3. Digital Eye tracking to understand the hot or cold zones in an Ad or concept or any stimulus. All in all, both go hand in hand.

It is likely that "digital vs. traditional" is a false comparison, when it comes to tools. Throughout the history of marketing research, the field has adopted new technologies almost as quickly as the opportunities were presented. From door-to-door to telephone and mail surveys, and from these methods to online research methods were expected transitions in the field. The digital age presented new opportunities to source new types of data streams into marketing research and analysis. Probably the great shifts occurred when computing became widespread, and again when the internet became prevalent. New data purveyors (like Google, online sample, etc.) became common. New advances in "AI" will likely inspire more innovation.

The present scenario is a all time high data consumption and presence with a uphill usage of various platforms. Virtual methods are fast larger demographics coverage. However, the major issue still stays is the are we reaching to targeted customer because without the proper tools and keywords the effort goes vain. With the traditional method the timeline being longer to cover multiple targeted prospects which is making the collected slightly irrelevant in the present volatile market.

An example of the digital disruption of market research can be random control trials (RCT). Before digital era the marketer had to invest a lot of budget and effort to conduct a study like that, and still it can be biased due to different reasons (like randomness). Now not only RCTs are automated by big tech (Google, Meta, TikTok, Pinterest) providing such research methodologies a conversion lift and brand lift, which now requires minimum time for setting up. Moreover due to technologies RCTs can be less prone to human factor and mistakes in set up, sampling, etc. And even more - now marketers do not have to pay extra for this type of research, only spend a minimum budget threshold.

The increase in data sources has also marked an increase in the need for data quality techniques. Quantity in no way spells quality when it comes to information. Also with the increases in various information sources, the industry continually challenged with bots, bad actors, poorly aggregated information and poor data collection techniques. New advances in neural networks, MML, and machine learning create many opportunities in research, but machine hallucinations, poorly-constructed and overfitted graphs present even further challenges to data quality. It's likely that the solutions to these issues will -- ironically -- be solved by the same technologies creating the challenges. Watch for a new breed of data quality firms to come.

In the realm of market research, the proliferation of digital devices, platforms, and channels has significantly increased data availability and quality. However, this also raises issues around data reliability, validity, and ethics. Market researchers must navigate data privacy and security concerns while also ensuring data accuracy and completeness. Amid these challenges are opportunities. Leveraging data integration and visualization techniques can enhance data interpretation, leading to richer insights and more informed decisions. It's crucial to remember that the true value of data lies in its responsible and effective use.

Digital and technology brought an enormous amount of data. But now digital world is already facing severe challenges due to both: more strict legislation on data privacy (GDPR, CCPA) and to 3rd party cookies deprecation that should soon happen. The last is already bringing a lot of disruption to the whole industry which was over-reliant on 3rd party cookies for different types of measurement, analytics and sources.

With the increase in data sources, it is utmost important to have it from a reliable source. Primary researchers can control the quality of the data better as the source and ways are in their hands to control. e.g. rather than asking observe to see and fill what's there in a store, one can ask for shop pictures and the deduction of what's in the store (e.g. POSM, product placement, facings of the category of interest) will then be in the hands of researchers and can be done in a controlled environment.

Automation and AI: Artificial intelligence and machine learning have greatly improved the efficiency and accuracy of market research. AI-powered tools can process data, identify trends, and even predict future market developments. Chatbots and virtual assistants are used for customer feedback and survey data collection, making the process faster and more cost-effective.

Artificial intelligence and automation are influencing not only the quality of the market research, but also its accessibility. With AI algorithms and Automation research becomes more affordable for smaller companies. The last, potentially will provide more reliable insights and better decisions for a wider scope of business, which in return will increase competitiveness between different products and services on the markets worldwide.

Online Surveys and Data Collection: Traditional phone surveys and in-person interviews have been largely replaced by online surveys and data collection methods. Online surveys are not only more cost-effective but also provide quicker access to results. Mobile apps and online platforms have made it easier for researchers to gather data from a global audience.

The above paragraph contains a lot of errors. First, there is a huge difference between marketing research and marketing intervention. While these two functions can be combined by close alignment, the skillsets of marketing researchers, and the various types of marketers is stark. Buzzwords like "customer centricity" create a false idea that marketing research is not customer centric. Marketing research springs from social sciences like psychology, behavioral economics, and other social disciplines. As for being product focused, that is a NEW innovation in marketing research, where democratization and self-service products are introduced to replace steps and people in the marketing research process.

The evolution of market research has ushered in a shift from a product-centric to a customer-centric approach. The focus is no longer just on collecting customer data, but on understanding their needs, preferences, and actively involving them in the innovation process. This customer-centricity and co-creation philosophy underscores the importance of collaboration in creating value and solutions that meet customer expectations. Tools fostering this shift include online communities and user-generated content, which provide direct insights into customer perspectives. Moreover, design thinking and agile methods allow for a more responsive, iterative approach in delivering solutions that resonate with customers.

Social Media Listening: Social media platforms have become valuable sources of information for market researchers. Social media listening tools allow businesses to track and analyze conversations, mentions, and trends related to their brands and industries. This real-time feedback helps in understanding customer sentiment and preferences.

Future trends will likely focus on integrating multiple data sources, enhancing data privacy, and adopting virtual and augmented reality for immersive consumer research experiences. As market research evolves, the role of researchers will shift from data gatherers to strategic analysts, driving better business outcomes.

VR and AR technologies are used in market research to simulate real-world scenarios, product testing, and customer experiences. These immersive technologies offer a unique way to gather consumer feedback and understand their reactions to products and services.

The human factor is an irreplaceable moment. AI has an important role in every segment of the market from inventory to placement. But the world of the senses still belongs to people. After all, the market is a place of human needs, so decisions are made based on experiential knowledge and trust.

Market research tools increasingly allow for the personalization of surveys and data collection, ensuring that data is relevant and engaging for respondents. These advancements in market research tools and technologies have empowered businesses to be more agile and data-driven in their decision-making processes. The use of data is no longer limited to a few experts; it has become integral to the success of many organizations across various industries.

In my view the traditional MR methods have been supplemented and sometimes replaced by the digital tools to gain efficient data collection, real-time analysis, enabling marketers to make more informed decisions and tailor strategies effectively. 1. Tools like Receptiviti, OdinAnswers, and Zappi utilize artificial intelligence to analyze consumer data. 2. Platforms like Brandwatch, Talkwalker, and Sprout Social enable marketers to monitor social media conversations, track mentions, and analyze sentiments. 3. Tools like Mintel, Nielsen, and Statista use predictive modeling to forecast market trends, consumer behavior, and demand. 4. Tools like VisionsLive and Toluna Communities facilitate the creation of online panels and focus groups.

The market landscape is shifting at a faster pace and market research is critical for keeping a pulse on Market. Consumer mindsets are often dynamic. As people’s needs, perceptions, and priorities shift, there can be wide swings in behavior. I believe that with some new methods we can get feedback very quickly and at the point of contact with the product or service. These data are more real, more valuable and with the details of the feelings at the same moment.