Most Innovative Companies In Market Research
The most innovative companies have learned their areas of difficulty and know this is where the best market research results can come from. Creating many ideas gives market researchers a chance of finding the right solution, particularly those ideas that are built into full concept so they can be trialled with the customer. Safe-fail testing identifies where the high potential innovations are. Using all of these ideas creates a model for testing brand innovations, communication innovations and product service innovations.
Techniques and Tools
How marketing companies are innovative other than being ‘new’ and ‘innovative’ is not due to people, story-telling or co-creation, but rather the techniques and tools they use. Many consumers have developed the ability to effectively ignore marketing that does not directly apply to them. In response, advertisers target Millennial and Centennial consumers with mobile and video technology that can track and monitor how the younger generations respond to advertising on mobile devices. Engaging through personalized marketing catches the consumer who appreciates the personalized touch of location-based coupons and sale announcements. Continuing to understand how consumers use mobile while in stores or while out walking around has been a big focus of experience-based market research in 2016.
Buy Any Time, Anywhere
Customising brands to customers is matched with the need for immediacy, being the ability to buy at any time, anywhere. Consumers do price comparisons in stores, and then buy online. Conversely, consumers decide on purchases online and have groceries delivered or prepared for collection at a time that suits them.
Data processing and storage is now cheap. Every transaction and every event is being logged and recorded. Big Data represents an enormous challenge for market research, which is historically based on comparably smaller, point of time data sets. Big Data represents a tremendous opportunity for researchers to incorporate real insights from huge datasets with a wealth of information that not only provides deeper context, but a more well-rounded story.
Video consumption is on the rise and shows no sign of slowing. YouTube partner revenue and the number of channels earning six figures on YouTube are up 50 percent year over year. Hulu, Netflix, and Amazon Prime continue to create compelling content that competes with the traditional networks. The Online Publishers Association reports that 80 percent of internet users recall watching a video advertisement on a website they visited in the last month. Measuring engagement with video, particularly on mobile devices, is key to understanding its effectiveness on the target audience.
The most innovative companies in market research under that providing deeper insights into the consumer world needs to be flexible, customizable, and focused on the experiencing-self of customers. Continuing to find new ways to incorporate new technology while creating a cohesive story from a full range of research offerings is now more important than ever.