Sea Change in Market Research

The art and skill of market research lies in asking the right questions and drawing the right conclusions from the answers. I know how to ask questions.

I know how to ask them online, on the phone, in person, in a fashion that makes responses quantifiable, in a fashion that allow us to publish the results, in a fashion that elicits emotions, in a fashion that minimizes bias, in a fashion that entertains my clients. I know how to ask questions to old people, to young people, to people with illnesses, to people with children, to CEOs, to large donors, to physicians, to nurses, etc. etc.

In a house, with a mouse, in a box, with a fox, here and there, I can ask questions anywhere…

What if market research is no longer about asking direct questions to real, live people? Why are we asking questions anyway? Our clients want to know what people think and feel, and what they will do, based on their thoughts and feelings. How they will vote, who they will support, what they will buy.

Much of this can be elicited from data that is produced without asking questions. I recently read an article on how you can predict someone’s age, gender, sexual orientation, level of education and the emotional state he or she is in relatively accurately from the pattern of likes they leave across the Internet. Predictive modelling is the name of the game. How can you link likes, content of posts, tweets and comments to action, online and offline? The best people who develop these algorithms sit no longer in traditional market research companies.

They sit in large IT companies. Or they sit in smaller digital shops, where they specialize in a particular thing. And probably in some large financial institutions. And government think tanks.

What do they understand about people? What do they not understand about people? What do my clients need me for? Sure, I know my clients business. I consult. I interpret. I put things in context. At the end of the day, it is still all about making the right connections. So you know what pattern of online behaviour precedes a purchase. Now what? What information do you really need, and how do you use this information to your advantage? That is where the consultant comes in.

To do the job right, however, the consultant needs to understand what kind of information is out there, what is technically possible, what is practical and what is economically feasible in terms of analysis. And to stay on top of that is becoming more and more time consuming with the data explosion in which we are currently caught up…

Advertisements