Perspectives Episode 13 – The biggest untapped opportunities for market research.

The biggest untapped opportunities for market research.

Welcome to Episode 13 of Perspectives!

Excerpts from the vlog

I think that one of the key areas we’re going to face is being able to process and understand image recognition especially with video. As you look at the amount of content and media-rich files we’re receiving today, being able to process can be important, but more importantly is the data processing associated with that on image recognition. – @RickWest01

I feel that the number one opportunity researchers need to identify the development of machine learning techniques. – Saleem @vocalviews

We tend to focus on individuals, and never the context or their family and friends to establish whether what they say is what is. This whole thing about doing nothing, I’m not talking about my time or indulgences and things like that, I’m talking about waiting time, doing nothing time. We spend an awful lot of our lives doing that, and it’s rarely captured. – @SiamackSalari

I think we live in a world where technology is delivering what used to be in science fiction, so we got self-refilling fridges, we got VR, AR, we got Alexa and her friends, and all of these gives us a wealth of data. We can easily map where people are going, what they’re doing, what they’re buying, how they’re buying when they’re buying it, but data isn’t the same as knowledge. We need to understand why and integrate that with the data streams to give clients clear action or guidance, and I believe that’s a huge opportunity for market research. – Liz @HarrisonInsight

The biggest untapped opportunity in market research is combining previously existing methodologies, and that’s digital asking and digital listening. So the technology for both has been around for a good while now, but there are flaws in each when used as a single methodology, so when up turn them on its head, and take the best of both approach and use them in combination. So in terms of social media or digital listening, we can pick up on the wider conversation about sort of consumer trends, lifestyles, categories, and use that to generate prophecies, and that’s when the primary research can kit* back in or digital asking, where we either seek to validate those high prophecies, or we can explore maybe more of the specific objectives using primary research method. – @andybuckers

Well a big area that is from my point of view right untapped in market research, is the area of e-commerce, there are lots and lots of companies out there, who could benefit from traditional market research methodologies, and be able to fuse it with the lots of online behavioral data, plus basket data that those guys have. They also have a lot of path data that is collected by companies like comschool etc. Now obviously that side of research isn’t monopolized upon, and it’s left up to the big data scientists and audience measurement companies to take on. However, I believe there’s a lot of stuff that traditional market research could offer this community. – Johnny Caldwell

So I think the biggest untapped opportunities from market research are partly driven by something that hasn’t changed in the last ten years, but it’s just still there for taking them, our entire company is based on it. And that is how much data is being given out freely by people and their behaviours online, in our basis it’s digital ethnography, so it’s applying that same ethnographic method, but looking at that behaviour online that’s publicly available. And I still think that there’s an incredible untapped opportunity for a lot of folks, at least to compare them against data when people are prompted, and I still think that it is the largest untapped opportunity. – @dbrowell

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