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.
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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?
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For many Americans, the current political climate is distressing, but not disruptive to their day to day lives. But for the 55 million Hispanics that currently call the United States, home, that isn’t the case. Donald Trump launched his presidential campaign with an attack on Hispanic immigrants. Now that he’s in office, the conversation on immigration has erupted into a maelstrom of ignorance and intolerance. At ThinkNow, we were curious as to how President Trump’s leadership and the resulting chain of events, thus far, has affected U.S.
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.
Making Room for the Unexpected in Qualitative Research Recently, I wrote about how qualitative research plays a role in market research that big data and social listening will have a difficult time replacing. This month, I’ll discuss how to best use Qualitative Research so that it helps generate new thinking that guides future plans versus big data results which, by their nature, focus on past behaviors.
Emotional Effect that Bilingual Advertising Has ThinkNow Research co-founder, Roy Eduardo Kokoyachuk, was asked by National Geographic’s Spanish language cable channel, NatGeo Mundo, to help conduct some research on the effects of bilingual advertising on U.S. bilingual Hispanic consumers. NatGeo Mundo wanted to explore the emotional effect that bilingual advertising has on the human brain.
As Big Data Rises So Does the Need to Talk Directly to Consumers When big data came on the scene a few years ago there was a lot of hand wringing in the market research industry about what the future was going to look like if all online consumer data was going to be available for marketers to analyze and exploit. In-person qualitative research, with its old-school approach and methodology, seemed to be a good candidate for extinction in an age of pixels and clicks. Why would marketers want to talk to consumers if they could see their every purchase and eavesdrop on their online conversations? Wouldn’t consumers reveal their likes, dislikes and motivations for all to see and marketers to exploit?