In a perfect world, we would have the best information available at our fingertips when making decisions. But, that’s often not the case. While information is more accessible now than at any other time in history, it’s not always the right information. Missing or bad information could mean big mistakes when developing or measuring marketing campaigns. So, to mitigate the risk of missing the mark, many companies explore custom market research. But, accurate, actionable custom research requires knowledge, experience, and dedicated personnel to complete.
Brand strategists are tasked with knowing when to include market research in the scope of agency work for clients and with pushing back on the inevitable biases that arise in the agency when collecting and analyzing that data. Cognitive biases, the collection of faulty ways of thinking hardwired into the human brain, permeate almost every aspect of our lives. From anchoring to zero-risk, humans live and work with various types of cognitive biases that can impair judgment and stall progress, both personally and professionally.
In this new age of social media, traditional market research has taken a beating. Influencers like serial entrepreneur Gary Vaynerchuk (Gary Vee) extol the importance of getting out and talking to their customers personally while countless memes of Steve Jobs’ quip against market research “customers don’t know what they want until we’ve shown them,” are shared endlessly online. To some extent, they have a point. Gary Vee’s “back to basics” approach of getting out in the real world and speaking to consumers makes sense. Technology has made it so easy to hide behind our screens that, just like the Wizard of Oz, we tell our customers what we want without giving them a chance to get to know the person behind the curtain. Nor can we get to know them.
Steve Jobs was a genius. He could envision and bring to market revolutionary products that set the standards in their industries. He was also known for relying on his intuition over market research. Due to the success of Apple, many people subscribe to this logic and opt-out of conducting market research. But there was only one Steve Jobs. The marketplace is littered with failed products and services that seemed like a good idea to their creators and were rushed to market only to find that no one asked for or needed them. Complicating matters further is an unprecedented demographic shift towards multiculturalism that is changing the composition of the U.S. consumer market. In business, intuition can be useful, but it needs to be optimized by market research, especially when attempting to tap into diverse markets. If you’re not advising your clients to conduct market research, you are doing them a disservice as they don’t have the facts to make informed decisions about their marketing strategy.
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Despite losing subscribers for the first time in the past eight years, Netflix is still the preferred method used for watching TV programs among U.S. consumers, followed closely by YouTube. Preferred by 61% of consumers for the past two years, the streaming giant’s dominance hasn’t been marked so much by growth as it has been by the drastic decline of Live TV across 2017, 2018, and 2019. In a matter of 3 years, linear television went from 68% in viewership down to 36%.
Last month, Illinois became the 11th state to allow the adult use of recreational marijuana. Its state legislature is the first to legalize selling the drug. Marijuana remains illegal at the federal level, for now. But that hasn’t stopped blue chip companies from exploring cannabis-based products as many believe that federal legalization in the U.S. is only a few votes away.
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Attracting and engaging consumers paves the road to sales and revenue for companies. Of these consumers, one segment, in particular, will represent more than 50% of the total consumer base within the next 20 years. For companies focusing on younger consumers ages 18-29, this consumer will be more than 50% of all consumers in less than ten years. Chances are, your company, like most, doesn’t understand these consumers despite the significant impact they will have on your company in the future. So, how do you gain insight into an audience with so much potential yet no relationship with your brand? Would you turn to a company focused solely on this consumer or one with a department, or more realistically, a person that heads up a division within a large organization?
Chances are, you’ve noticed an uptick in sample requests for Colombian respondents over the past few months which prompted us to launch an online market research panel in Colombia. Our expertise in multicultural market research makes us uniquely qualified to meet this need and brands are entrusting us to source high-quality sample in the area. But, have you wondered why brands are investing so heavily in trying to understand Colombian consumers better? We had a few thoughts but did a little more digging to get the facts.
With the not so lofty goal of 1 billion viewers for the 2019 FIFA Women’s World Cup in France, this year’s tournament is poised to be the most exciting to date for a few reasons. France is still buzzing from a Men’s World Cup win in 2017, and the U.S. women’s team is still heavily favored to win this year. But it’s the off the field conversations about gender equality, or the lack thereof, that signal the importance of this year’s games and has helped drive interest to an all-time high. Surprisingly, we know little about who’s watching the games, however. It’s tempting to make assumptions here and just assume that it’s women, but our research tells a different story. We spoke to a nationally representative sample of over 1,200 respondents in the U.S. to help us define the persona of the typical FIFA Women’s World Cup viewer