In a year hell-bent on ripping the seams of the American tapestry, U.S. consumers have proven resilient and capable of weathering political storms, natural disasters, and racial unrest. Fraught with economic uncertainty, the ambiguity that clouded the country’s trajectory did little to stymie the optimism that defined consumer sentiment among key demographics going into 2017.
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We are excited to share that ThinkNow Research, the leading multicultural market research firm, has been named Executive Founding Sponsor of the Journal of Cultural Marketing Strategy, published by Henry Stewart Publications. The journal is committed to publishing a broad spectrum of practical, methodological, and empirical articles that make a substantive contribution to the field of cultural marketing.
I’ve enjoyed watching the impact of storytelling on the market research field over the last few years. As more and more practitioners have adopted the concept of “storytelling,” we’ve seen a greater focus on distilling the data researchers collect into more meaningful stories that unveil the people behind the numbers. This shift has given marketers more useful insights to build their campaigns.
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For the third year in a row, Google has opened the doors of its New York office for its annual Multicultural Marketing Forum. Since its inaugural year, Google has expanded the focus of the then-U.S. Hispanic Marketing Forum to include African-American, Asian, and LGBTQ audiences. While the forum now covers more verticals, this event is still a game changer for Hispanic market researchers.
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Multicultural marketing has created a marketing economy based on segmenting the population by ethnicity. While ethnicity segmentation has worked for the past several decades, as I pointed out in an earlier column, that foundation is starting to crack. Our industry is experiencing a paradigm shift. As we attempt to make sense of this existential crisis of marketing models, we should consider how we segment and why.
I just returned from my first SampleCon in New Orleans today. I was asked to join a panel of thought leaders discussing Innovations in Engagement of Hard to Reach Audiences. We didn’t solve the issue of how to reach those audiences from a sample perspective, but we did have productive conversations that yielded new insights on how to address this conundrum now and in the future. Dyna Boen, UB Mobile (left), Mario X. Carrasco (center), Jim Bernier, GfK (right)
2.5 quintillion Bytes of data is created every day which would fill 10 million Blu-ray discs. These discs when stacked on one another, would measure the height of 4 Eiffel Towers, per Ben Walker of Voucher Cloud. Companies are scrambling to store all this data and data scientists are now one of the most sought after careers as we try to make sense of all of this data. The potential for big data to solve company, country, and global problems seems infinite.
Utilize non-research community platforms to harness the power of market research online communities at a lower cost. Market research online communities provide market research companies with an efficient and convenient way to reach a specific target audience. So with all the advantages they provide, why aren’t all companies investing in them?
A behind the scenes look at the importance of social media to building effective online panel communities Mario X. Carrasco (Managing Partner at ThinkNow Research) gave an interview with Online MR Magazine (July 2016 Edition) on the current state of the online panel industry, the challenges it faces, and how social media and other innovations are shaking things up. Read the full interview here.
3 Reasons Why Market Research Is An Ideal Career For Recent College Grads What does the future hold for careers in the market research industry? The ambiguity leads some to conclude that we’re experiencing an existential crisis of sorts; that our industry is struggling to exist in its current state but is as equally uncertain about how to change in the future. It’s fair to say that the industry, as a whole, is doing a little soul searching. One of the revelations revealed thus far is its need to attract fresh, young talent. Support for this sentiment has been growing, sparking new pseudo-market research positions such as data scientists, strategic planners, and the like.