According to research from Attest, almost all brands (95%) shy away from asking consumers the questions they want to, because they perceive market research methods to be an expensive, complex and frustratingly slow process.
With the rise of new technologies that help unlock customer data, brands and businesses no longer have to stay wedded to traditional practices. The emergence of mobile, social and programmatic technology has not only changed the way we communicate as humans but also the way brands communicate with their customers.
Industry leaders are calling for market research to evolve in the same way; technology has created a way to access real time insight into consumer preference, and there are online tools available to access these insights faster, cheaper and with more transparency than ever before.
There is clearly a need for it. Cultural shifts happen much quicker than they used to, and trust in a brand can change overnight. Whether it’s responding to a breaking news story, designing new creative for OOH, or building out new consumer segments, insight based on real-time research can provide marketers with the ability to test, learn, reiterate and re-evaluate campaigns (or respond to trends) as they are happening.
That combined with the proliferation of web and social listening tools, joining the likes of Mintel and Nielson offering trends analysis, it’s easier than ever for a brand to understand what’s happening with their customer base as and when changes happen.
“The accuracy, the ability to target your exact audience so specifically, adding interlocking quotas to get a specific make up of audiences is really powerful. That accuracy gives you incredible confidence in the data you hold as a business,” explained Mark Walker, Marketing Director at Attest.
“The entire [market research] business model is under threat, which is why some of the more established specialists are reluctant to embrace change,” says Walker. “But we’re on a mission to ensure all companies can put real consumers and real time data at the heart of every decision.”
Download the Scalable Intelligence Report here to understand how shifting to more agile approach could be the answer for brands hoping to keep in tune with a rapidly changing and ever unpredictable consumer.