Cyber security continues to be one of the biggest threats impacting modern society, as most of our day to day experiences are played out virtually. We are hyperconnected through smart devices that have reshaped culture and transformed how we live and work. From online wallets to social media, smart speakers to drones, as consumers, we have served up a virtual smorgasbord of data points for hackers to prey on. Companies amassing these data points are especially at risk as they are the keepers of purchase behavior, transaction history, financial information, and more.
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.
We are excited to launch our Hispanic Sample Evangelists series where we feature dynamic brands who have entrusted ThinkNow with their Hispanic sample needs. In this first installment, we interviewed April Lainez, Brand Manager for the health and beauty brand, DLC Laboratories.
The novel, A Tale of Two Cities, has one of the most recognizable opening sentences of all time: “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness…” It depicts the drama of the French Revolution within two cities, London and Paris. And of course, as a market researcher, it made me think of what is happening in the sample industry. Thankfully the revolution happening in sample isn’t a bloody one (although for some businesses it may feel like it). But, the dichotomy in thought and innovation happening within the sample industry is polarizing, and we’re starting to see two distinct paradigms unfold (I won’t comment on which represents wisdom or foolishness).
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.
Why marketing researchers should use HTTPS when conducting surveys Fifty percent of Internet traffic is encrypted. That’s good news during a time of unprecedented data hacks and rising fears of the dark Web. The use of HTTPS:// has become relatively common and its use is expected to accelerate as more search engines follow Google’s lead and rank secure Web sites more highly than unsecured ones. Privacy concerns over data security among the general public – who live a large portion of their lives online – is particularly alarming for survey respondents who share their data with marketing research firms. Providing survey links that are visibility secure is a simple way to increase your survey security while giving peace of mind to respondents and potentially improving survey response rates.