5 WAYS TO EMBRACE THE FUTURE WITH YOUR MARKET RESEARCH METHODS
THE HIDDEN COST OF LAUNCHING LESS-THAN-THE-BEST INNOVATIONS
Today the world is changing faster than ever - especially when it comes to how we collect, value, report and digest data. Gone are the days of hard copy surveys, shallow insights and time-consuming methodology. Read on for an exploration of how these changes and more are impacting our industry… And what we can all do to keep up with the evolution.
1. ADAPT TO LIFE IN FRONT OF OUR SCREENS
No doubt we live in a mobile-driven world. Yet did you know that over half of all surveys are still not desinged with smartphones and tablets in mind?
This creates a risky phenomenon known as "accidental mobile" where respondents will still complete surveys that aren't mobile-optimized on their phones, which can lead to unreliable data.
5%
5%
15%
15%
20%
20%
30%
30%
2. Don't forget about those on the other side of the technology spectrum
While many of us are tethered to our devices, such is not the case in many emerging markets where data is still collected by going door-to-door with pen & paper. With this manual method of data collection, companies often experience an increase in errors, data security issues and lack of audio or visual capabilities.
8%
8%
13%
13%
22%
22%
32%
32%
3. Take data visualization & collaboration to the next level
14%
14%
28%
28%
35%
35%
50%
50%
5. Embrace the need for speed
The innovation process is under pressure. Teams are being pushed to deliver insights faster to meet more aggressive launch timelines. At the same time, insights teams are being asked to do more with less. Teams need reliable data to make decisions quickly, but the current effort to balance speed and data quality is not working.
26%
26%
42%
42%
55%
55%
69%
69%
5. Mix your metrics
Over 70% of innovation professionals have used a combination of qualitative and quantitative measurements to guide decision making for recent initiatives. New technologies are enabling researchers to scale the collection of previously "focus group only" information to gather richer emotional insights.
One way this is being done is through Artificial intelligence. Machines understand what we touch, type, click on, surf and where we are in space. But they are clueless as to how we feel... until now. Breakthroughs in Artificial Intelligence technology have enabled machines to analyze soundbites and videos to uncover unconscious emotional reactions to stimuli.
Concept and product performance
Read as: There is a strong positive correlation between concept and product performance and forecasted sales.
Forecasted data is based on 400+ concepts and products in each category evaluated through Nielsen Innovation testing. "Food" assumes a typical item from the food product category. 1 SKY. $3.30 retail price, 68% year-end distribution, $5MM advertising spending. average trade/consumer promotion and no competitive order of entry effects. "Beverages" assumes a typical item from the beverage product category. 1 SKU, $3.14 Retail Price. 59% year-end distribution. $10MM advertising spending, average trade/consumer promotion and no competitive order of entry effects. Database ranks assume purchase intent, value, claimed units, and claimed frequency all fall in these respective quintiles. "Average" performance equates to database ranking in the 50th percentile.
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6x
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So what are we doing about it?
At Nielsen, we've been embracing these changes and constantly looking to the future.
(hover your mouse over a topic to see how)