Faulkner Strategic Consulting
  • Home
  • About
  • Capabilities
  • Blog
  • Resources
  • Contact

​Market Research in a Digital World

4/30/2018

0 Comments

 
Key themes for data and insights from the MRMW (Market Research in a Mobile World) Conference...and beyond.
Picture
​This is the world we live in: ever-increasing complexity with an ever-increasing drive for speed. There has been an exponential increase in the types and sources of data, and decision-making is becoming more nuanced. 

Derek Franks, Global Director of Insights for EA, talked about Gregory Treverton's concept of puzzles versus mysteries, explaining that a puzzle has one clear right answer and is solved by collecting more data. Mysteries, on the other hand, can be hard to know if you've really solved, and they usually require making sense of the data you already have. We live in a world of mysteries!

Things are changing at CPG behemoth Procter & Gamble as well. Julie Setser, VP of Innovation Capability, talked about how they look at data and insights as a "body of evidence" now versus the historic approach of one magic number (e.g. a purchase intent score).

Consumer demand is driving faster innovation cycles, particularly in categories like technology, beauty, and fashion, and arguably across every consumer category to some extent. And in today's hyper-connected, social media savvy world, brands can't afford to miss an opportunity to react to customer feedback, both amplifying bright spots and fire-fighting when needed.

Potential Solutions

From a  data and insights perspective, AI (artificial intelligence) and machine learning can automate time-intensive tasks and processes. AI chatbots can conduct adaptive surveys and even qualitative probing. Machine learning tools, like text analytics and sentiment analysis, can help keep a pulse on consumer reviews, brand posts, and other customer (dis)satisfaction data.

For product development and innovation, many are embracing agile research approaches. Inspired by concepts like Lean Startup and Google's Design Sprints, this new breed of research is done in a compressed time period and is highly iterative. Instead of waiting for a near-final product and one big 'validation' test, agile research prioritizes the killer issues and tackles them in chunks, using an MVP (minimum viable product) approach or rough prototypes.
0 Comments

    Author

    Sarah Faulkner, Principal, Faulkner Strategic Consulting

    Archives

    April 2019
    July 2018
    April 2018
    January 2018
    October 2017
    July 2017
    May 2017
    March 2017
    January 2017
    November 2016
    September 2016
    July 2016
    May 2016
    March 2016
    February 2016
    January 2016
    November 2015
    October 2015
    September 2015
    July 2015
    June 2015
    May 2015
    April 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014

    Categories

    All
    Agile Research
    Business Tips
    Career
    Consumer Insights
    Consumer Research
    Design Thinking
    Digital
    Entrepreneurship
    Innovation
    Insight Audits
    Leadership
    Lean Startup
    Learning Plans
    Market Landscape
    Millennials
    Networking
    Qualitative Research
    Quantitative Research
    Storytelling

    RSS Feed

    Enter your email address:

    Delivered by FeedBurner

Picture
Faulkner Strategic Consulting, LLC
Copyright 2014-2019
All Rights Reserved

  • Home
  • About
  • Capabilities
  • Blog
  • Resources
  • Contact