5 Trends That Are Reshaping Consumer Research

Knowing your market and listening to your customers are essential to the success of your business. Being in tune with your target’s preferences, motivations, and buying behavior enables you to adjust and tailor your products and services in ways that best suit them.

5 Trends That Are Reshaping Consumer Research

Success is a result of focus. Guessing risks wasting precious resources. Being a generalist does not make the most of your time, effort, and investments. Conducting consumer research, however, is a proven competitive knowledge advantage that takes you a giant step closer to achieving your business goals. Leveraging robust consumer research empowers you to create better products and services, satisfied and happier customers, and, of course, revenue and growth.

Investment in consumer research endows an organization with transformation as they face the challenges and opportunities brought by emerging technologies and changing consumer behavior. Research itself is responding to these transformations with its own adaptation and evolution. Here are five trends that are reshaping consumer research:

  1. Gathering new information from connected devices

From home systems that have information about users’ daily activities to in-store sensors that track a shopper’s movements, to wearable devices that monitor a body’s physical performance, International Data Corporation estimates the global spending on connected devices (more commonly known as the Internet of Things or IoT) to reach $1.29 trillion in 2020.

A vast network of physical objects utilizing embedded sensors, actuators, and other devices that can collect or transmit information about those objects, connected devices amass a colossal amount of data that can be used to analyze and, eventually, optimize products and services. With 30 billion units forecasted by 2020 (as identified by McKinsey & Co.), connected devices are a rich source of data and insights for consumer research.

Moreover, a 2016 Google survey revealed that more than one-fifth of people move back and forth between smartphones, tablets, and computers throughout the day. Fifty-seven percent use more than one type of device; while 21 percent use a computer concurrently with another device within the same hour at home.

To benefit from the rapid growth of connected devices, consumer research can be done by combining primary data with secondary data collected passively from the devices. This also makes it imperative that research designs are cross-platform friendly, as more people are using multiple devices to start and finish tasks.

  1. Enhancing data-driven actions with big data analytics and artificial Intelligence

One outcome of today’s fast-paced and digitally-connected world is the production of a tremendous amount of data. According to PricewaterhouseCoopers (PwC), with 2.5 quintillion bytes of data being produced daily, “. . . 90% of the data in the world today has been created in the last two years alone.” Further, the big data market is expected to be valued at $53.4 billion this 2017.

In fact, big data is identified as a clear game-changer in market research by the most recent GreenBook Research Industry Trends (GRIT) Report. And a PwC survey revealed that 80 percent of Global CEOs say data mining and analysis is strategically important to their organization.

Simultaneously, this big data powers artificial intelligence (AI). The World Economic Forum (WEF)’s Meta-Council on Emerging Technologies – published in collaboration with Scientific American — identified the technology of an open AI ecosystem as based on “shared advances in natural language processing and social awareness algorithms, coupled with an unprecedented availability of data.”

Consumer research leveraging the power of big data and AI enables the extraction of insights from both structured and unstructured data from all data sources at a faster pace. In fact, that is exactly what Wizer is doing. It analyzes business questions and provides fast, affordable, and in-depth market insights.

The results? More robust research that fosters intelligent and appropriate products and services that fit the needs of the market, enhances strategy concerning consumer behavior, and supports better data-driven decisions for the organization.

  1. Leveraging real-time insights and efficiency with automation

Consumers today are not only producing data at a rapid pace; they are also becoming more sophisticated. They are increasingly demanding a more personalized experience. At the same time, they are more open to switching to or trying out new products and services that immediately respond to their needs. This new face of consumers is challenging for businesses.

As a result, businesses are demanding not only better analysis and insights from customer data, but also wanting it at the tip of their fingers as swiftly as possible. This, then, enables businesses to quickly react to their consumers’ predilections of the moment.

With the volume of data being produced every day, manually analyzing this to produce useful and timely consumer insight for businesses has proven too big – perhaps impossible – a task for many. As a response, the same GreenBook GRIT Report identified automation as another clear game-changer in the market research industry.

“It’s how quickly we as an industry can keep up with the sentiment of the people we’re researching and the demands of our clients that will define our future,” noted Ben Leet, Managing Director of Instantly.

Automation provides efficiency and real-time insights. Consumer research stays more relevant when automation is combined with human filtering that emphasizes the quality of insights over their quantity. In fact, a previous GreenBook GRIT Report revealed that 57 percent of respondents use market research to answer important questions that cannot be answered with other data sources.

Automation liberates time that can be filled by the exploration of innovative and creative ideas that will eventually focus research time and effort on answering questions like “Why?”, “So what?”, and “What else?”

  1. Shifting focus to advanced technologies and new platforms

“We live in a world where people literally expect answers at their fingertips, and to find them, they’re turning to the nearest device,” noted the same Google survey. The device with the highest usage today is mobile. The survey revealed that 80 percent use smartphones in an average day, and 27 percent (or more than one in four users) only use a smartphone in the same timeframe.

In addition, videos are emerging as an increasingly popular form of communication and consumption. According to KPCB, online video accounts for 74 percent of all online traffic in 2017. It’s not only customers; even executives are consuming videos.

In a report published by Forbes, 65 percent of surveyed executives have visited a vendor’s website after watching a video. “Overall, executives notice ads that run alongside videos, and many are comfortable watching in-stream ads. [And] video-friendly younger executives are more comfortable with these ad formats.”

Another example of an emerging technology used for consumer research is eye-tracking hardware that provides a level of behavioral insight. StrategyOne also cited advances in the field of behavioral economics and neuroscientific techniques as contributing to the shifting paradigms within research. Electroencephalographic (EEG) measurement of brain waves looks at the general effectiveness of an ad campaign. Functional MRI, on the other hand, aids in understanding the cognitive process that drives consumer reaction to an ad campaign.

New technologies and platforms require consumer research to rethink current models and incorporate new techniques to better monitor and understand consumer activity and behavior. This marks a shift of budget towards nontraditional mediums. More importantly, consumer research can drive effective and better insights from the combination of information processing and measuring engagement capabilities.

  1. Becoming agile with new research methodologies

Consumer research is becoming more real-time and agile. This causes the reimagining of traditional research techniques, the invention of new ones, and the combination of both old and new models for optimal results.

Greenbook’s GRIT Report identified mobile surveys, Market Research Online Communities (MROC), and unstructured data analysis — which include social media and text analytics — as the current mainstream methods used in conducting consumer research.

TNS CEO Richard Ingleton noted, “With social data, the ability to ask questions in the moment means we can give our clients a much more accurate answer than any of the traditional techniques. They’re still asking the same questions, we’re just answering them better — more quickly, more accurately and more relevantly.”

While the traditional long-form survey is taking a back seat, StrategyOne identified old methodologies such as ethnographies and lengthy in-depth interviews as making a comeback. The need for deeper analysis in today’s noisy, data-driven world raises the demand for these models that help identify consumer behavior in a more detailed and personalized way.

Summing up

Consumer research, like any other industry, is at the cusp of a dynamic modification because of technology. But one thing remains the same: Providing innovative and valuable products and services relies on a strong understanding of the market and consumer. Rather than just leveraging internal knowledge, businesses not only need to gather information about target customers, but also draw ideas from the overall market and competition.

As the world gets even more interconnected and active across all mediums — both offline and online – it behooves businesses to focus on continuous and proactive customer engagement, utilizing all new technologies and platforms, enabling research and insight to continue to drive successful decision-making.

Wizer on Advertising Research Foundation’s Innovators A-List

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Wizer has been selected to participate in the prestigious Advertising Research Foundation’s (ARF) Innovators A-List program.

Only 32 companies out of 85 applicants passed the rigorous vetting process. To be admitted to the program, Wizer was reviewed by 10 to 12 curators from companies including Cars.com, Colgate, comScore, Facebook, Havas Media, Kantar, LinkedIn, Nielsen Catalina Solutions, Ogilvy Labs, P&G, and Turner Broadcasting.

The final selection was made by a jury composed of judges from Evol8tion, Google and GCapital, Morgan Digital Ventures, Nielsen Ventures, Oracle Data Cloud, Pintrest, Revel Partners, Twitter and Unilever.

ARF is an organization which consists of 400 top-tier companies such as Google, Sony, P&G, and Unilever. Its mission is to form a direct channel between global enterprises and promising startups in the ad and marketing tech eco-system.

The ARF Innovators A-List program identifies companies that have created scalable, disruptive solutions for marketing and advertising. It specifically focuses on measurement, attribution and user experience industries.

Getting on the A-List makes your startup a strategic partner to the ARF and its members. Qualified applicants get a full year’s worth of benefits and support, and multiple opportunities to connect with ARF’s member companies.

Wizer and other A-List members will take part in the ARF Innovators Workshops on 3/21 in NYC, 4/6 in Chicago and 5/3 in SF.  You can also meet Wizer at the ARF Annual Conference, March 20-21 at Hilton Midtown, New York City.

2017: The Year of Insight Automation

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Consumer research is among the areas in marketing that hardly budged during the digital revolution of the last decade. Unlike other facets of marketing that are becoming more digital- and cloud-based, marketing research has largely remained labor-intensive and human-centric. In 2016, Chiefmartec listed 3,874 marketing technologies in around 50 categories. However, consumer research is not one of the categories listed.

In the last couple of years, however, developments in consumer research technology have started to accelerate. The availability of machine learning and newly developed A.I. algorithms can solve many of the shortcomings of the old survey platforms, and new consumer research platforms can now use artificial intelligence to mimic expert market researchers and even provide results of similar or better quality.

At Wizer, we are proud to be innovators in the world of marketing insight automation. Here are some of the improvements that we have implemented to address the shortcomings of previous generation online surveys:

  • Building the questionnaire: Rather than manually programming survey question by survey question, our artificial intelligence algorithms will now structure your study simply by asking you a series of questions about what you want to accomplish — selecting from a vast array of questions and research methodologies and providing the optimal research questionnaire based on those objectives.
  • Fielding the survey: With platforms using real-time monitoring, we can guarantee that you are getting a representative and valid sample of your target audience.
  • Analyzing the results: Instead of having research managers crunch the data, our platform can analyze the data instantly—reducing the time required for analysis from weeks to minutes, while avoiding or mitigating human errors.
  • Visualizing results: Our robust visualization platform replaces the time-consuming building and analyzing of PowerPoint slides and provides and highlights the most important insights, helping you understand top line results and the most important things to act on.
  • Out-of-the-box, custom benchmark database: Even traditional agencies struggle to measure your organizational benchmarks and KPIs and give it meaning in the context of your business and overall category. As part of its unique knowledge center, Wizer actually builds benchmarks and KPIs for each and every customer, automatically!
  • Get the bottom line first: You conducted research because you wanted answers, not just a hundred pages of charts and cross-tabulations. Wizer’s A.I. technology finds and emphasizes statistically significant findings and presents them in an easy to read executive summary scorecard that gets to your answers fast —in text and infographics—and highlights any other interesting finding across the report.

Consumer research is now joining an important trend of leveraging technology to accomplish business objectives faster, better and cheaper (up to 70% cheaper in some cases!). When insights are easier and more affordable, organizations can develop a culture of rigorous data-driven decisions—in a way that was virtually impossible before.

The Fung Global Retail and Technology Fund Identifies Wizer as an Innovator in the Consumer Research Space

Wizer and Fung Fund

In their 2009 book Start-up Nation: The Story of Israel’s Economic Miracle, Dan Senor and Saul Singer explored why Israel has more NASDAQ listed companies than any other nation but the US. The book reviewed how a small nation of a little more than 7 million people managed to become a technology super-power, second only to Silicon Valley.

A few weeks ago, the Fung Global Retail and Technology fund team travelled to Israel to meet with local startups that are disrupting the retail space and visit multinationals that operate within Israel’s booming technology space.

One of the companies that the Fung team met with was Wizer. During their visit, the Fung team got an in-depth demonstration of how Wizer leverages artificial intelligence to provide consumer research and intelligence.

The team also visited several other innovation centers and accelerators across Israel. To read the Fung team’s notes about the trip, click here.

A Quick Digest – Wizer in the News

A series of recent news articles covered Wizer’s consumer research technology. Here is a quick digest of the latest coverage:

Wizer in the News

The internet has left market research behind

iMedia Connection In a new post on iMedia Connection, Idan Geva, Co-founder of Wizer, says that while the Internet has changed many industries, marketing research has remained more or less the same. Read the full post to discover where the market research industry is heading and how it is going to change.

“Having worked in market research for over a dozen years, I believe that market research over the internet has not progressed much since 1990s. Commercially, it would appear that the last leap forward for online market research was led by SurveyMonkey — enabling marketers to harness the power of the internet for conducting self-serve web-based interviews. Can an industry that boasts aligning with technologies 5 to 10 (or more) years old congratulate itself and claim that it has thoroughly or even mildly evolved?”

Click here to read the full post

 

 

 

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New Product Release: The Wizer Dashboard

From every point of view, your reports are going to look much better: Wizer revamps its consumer research reports with a new look, exciting capabilities for data sharing and more.

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Wizer’s new product release is the new standard for market research design, execution and analysis. Our latest product release provides marketers and research professionals with cutting-edge tools to support cross-company collaboration, knowledge sharing, supporting access provisioning to multiple users, adding company branding and more.

And if that’s not enough, Wizer also delivers better user experience for the team. The new superbly designed dashboard and reports dispense news and notifications, your research timeline and facilitates the initiation of new research on the fly.

Here are the highlights of the new release:

The new dashboard

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A refreshing new look for our dashboard displays all of your latest research projects and their progress at a glance.

With the new dashboard:

  • Launch new research studies with a click of a button.
  • Contact an expert to support your research.
  • Keep on top of the latest news with a continuously updated newsfeed.
  • View and manage users as well as provision access.
  • Add your company logo and branding to the dashboard.

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Better, more visual reports

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Wizer’s new release includes more impactful, more striking reports with smart infographics that simplify and clarify complex data and analysis.

Contact us today to learn more about how Wizer can help you with your next consumer research study.

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Wizer helps SodaStream dive deep into consumer insight

We went on the road to meet one of our favorite customers, sodastream. This is what they had to say about Wizer.

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How to choose a market research agency?

Making sure that your company receives the best research deliverables possible is not only of paramount importance, but also quite straightforward, once you know the right criteria to select upon. It is imperative that you select the right partner that would provide you with what is in the core of your business decision process. We have gathered some pointers that we’d like to share with you, about how to choose the market research agency that gets to have direct impact on your most valuable business assets, i.e. your brand or product:

  1. Understanding Your World

The first thing that you would want to look for in an agency is: how well do they know my domain? They must possess extensive industry knowledge concerning the family of business problems you may have, even the ones you’re not yet aware of, and offer a wide range of plausible solutions, including industry norms, business process optimization, etc.

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  1. Delivering Fast and Reliable Results

In today’s business world, time is getting increasingly shorter. The agency that you work with should have that sense of urgency translated into their deliverables, and be able to get results to you, sometimes even within a matter of hours, but mostly within a few short days, depending on complexity of the sampling.

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  1. Pay what’s Reasonable

Paying for the services that you receive is all a part of owning a business, but you also want to make sure that you’re not overpaying your bargain. Finding an agency that offers a reasonable price and has a history of positive results is your best option. It is imperative that you don’t astray from your budget and/or get less than worthy information. don’t be tempted to paying for fancy names and brands if it’s unnecessary.

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  1. Feel the Pulse: Get Real-Time Accessibility

Being able to monitor the data as it’s being populated will give you the most up to date information. Take the time to let your agency know that you expect to have access to the data without time of day and location restrictions. having a working internet line should suffice.

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  1. No More “TMI”

The benefit of a business relationship is to work with people that know how you work. You should be able to have access to your data, receive an executive summary, and get all of the information that you need without having to ask for further clarifications. Everything should be presented in a clear and concise manner that you understand merely by looking at.

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If you want to find this particular agency with those unique capabilities and strong connection to your core business, Wizer is the right choice for you, because not only is it an agency, but an automated agency – the world’s first!l

Here at Wizer we are able to give you everything that you could need, and more. Contact us for more information on how we can help you to grow into a bigger and better business.