Big data, social listening, machine learning and AI are all affecting the market research industry in new and exciting ways. The mind-bogglingly large datasets generated by the digitization of our lives are presenting market researchers the richest data trove ever created by humanity. The sheer abundance of data has prompted many to question whether we’ve entered a “post-survey era” where it no longer makes sense to field quantitative surveys with hundreds or thousands of respondents when data is available on millions.
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.
Free Alternatives To Widely Adopted MR Tech A quick glimpse at the latest GRIT Report confirms the market research industry’s love for the most recent market research technology: While it is great that our industry embraces the newest technologies to help create more actionable and relevant insights for our clients, the issue lies in adopting market research specific technologies that can sometimes price you out of winning a bid. Or if won, could leave little profits to run your market research business.
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.
Thankfully Not The Hispanic Sample Industry…Yet. Much has been said about how poor panel practices are going to eventually lead to the exhaustion of the sample available from panels. From the latest GRIT report to the most recent CASRO conference, the bemoaning of response rates is hard to tune out, and rightfully so. As market researchers, this is definitely an area we can improve on. However, being in a niche sample industry, Hispanic sample, we have yet to feel the dire consequences of 40-minute surveys and constant spamming of our panelists.
Big data continues to be a central point of conversation in the market research world. Whether it is touted as the end of market research as we know it or the beginning of the new market researcher that weaves big data and custom research into a projection of the future, one thing is for sure, big data is here to stay.