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.
Technology is driving growth across industries, creating space for unconventional ideas and technological innovations that infiltrate traditional models and disrupt the status quo. Companies unable to pivot find themselves in the fight of their lives. Peer to peer ride-sharing services such as Uber and Lyft, for example, have wounded the taxi industry, and entertainment streaming services, like Netflix and Hulu are slowly sending linear TV to an early grave.
Increasing competition in the U.S. has some brands seeking new markets, including those south of the border. More widespread internet access in Latin America has opened a gateway to growth for companies looking to do business in LATAM. But some brands are stumbling through the learning curve of understanding the region’s consumers. One of the biggest challenges has been dealing with pre-conceived notions about Race and Socio- Economic status in LATAM, which differs from classifications done in the U.S.
In the past, the source of panelists for sample was highly scrutinized. We’d get questions like, “Are they recruited from social media?” If there were, many would reject the sample in favor of other sources they deemed more credible. So stringent where sample procurement departments at that time that they even questioned incentives. For example, I remember working with a retailer who did not want to work with our panel because we offered incentives from a competitive retailer. They thought it would skew the results.
Targeting respondents utilizing socio-economic levels for the sample industry is a ubiquitous practice. Defining socio-economic levels in the U.S. is relatively straightforward. A combination of income and education are the most typical factors used in almost all market research studies. On occasion, some studies add a couple more factors but rarely exceed 3-4 elements. However, defining socio-economic levels in Mexico is much more complicated. As the sample and market research industry continues to grow in Mexico and the rest of Latin America, understanding how socio-economic levels are defined in the region will play a critical role in being successful in winning and fulfilling Mexican market research sample requests.
Modern market research has seen four major phases of quantitative survey data collection. During that time, we saw representative samples of U.S. Hispanics emerge and take root in mainstream market research. Let’s take a closer at the evolution of quantitative research and how innovation in the field impacted the widespread use of Hispanic sample.
Latin America is betting on its thriving entrepreneurial culture to drive innovation in the region to modernize its way of life. Like Argentina and Peru, Colombia is becoming known as a hub for tech start-ups, stimulating the economy and making it an attractive tourist destination. This steady increase in economic growth has made Colombia more appealing to multinational brands while cultivating domestic brands preparing to export goods around the world. With increased entrepreneurial and economic activity also comes a growing demand for market research. We recently launched the DigaYGane panel in Colombia to great success. Having been there for some time now, we’d like to share three key facts about online market research respondents in Colombia that we have learned so far
Mexico will be the fastest-growing e-commerce market in Latin America over the next five years. Fitch Solutions predicts average annual sales growth of 14.6% year-over-year from 2018 to 2022, driven, in part, by Mexico’s favorable consumer demographics, who are young ambitious and becoming more affluent.
Research Live published a thought-provoking article by JD Deitch in February 2018 entitled “Programmatic 2.0: The Future of Sample.” He aptly broke down the role automation has played in the history of sample into two distinct phases: 1.0 to 2.0. Deitch shares: “Programmatic 1.0 did two things very well: it has made us quicker and more cost-effective”. […]and how, “Programmatic 2.0 can vastly improve the accuracy and reliability of our data and our operational dependability.” His point being that programmatic 1.0 helped the sample industry become more efficient in bidding and programmatic 2.0 put the respondent back at the center of the sample process, implementing algorithms that will filter good survey experiences from bad survey experiences in real-time and adjust accordingly.
Strategic acquisitions can play a big role in corporate growth strategy. And recently, we’ve seen a number of them in the market research industry, especially in the panel sector. Since GfK Knowledge Network’s acquisition of Garcia Research’s Hispanic panel, Cada Cabeza, in 2010, there have been several large companies acquiring Hispanic panels to bolster their Hispanic sample offerings. Nielsen, Research Now, and most recently, Maru/Blue’s acquisition of the Hispanic panel, Tú Cuentas, just to name a few. So, what’s driving this growing interest in Hispanic panels?