A couple weeks ago, a few Luxians attended the all-virtual IIEX North America conference to hear about the latest trends and insights from leaders in the industry. Given the shift in consumer behaviour throughout the coronavirus pandemic, we were fortunate to be able to hear from leading brands such as Chipotle, Microsoft, SurveyMonkey, and Zappi to see how market research is adapting to the new normal.
Some key findings from the conference include:
- DIY research tools are becoming more mainstream. Research tools such as templated dashboards, online pulse surveys, and social media diagnostics allow enable you to formulate insights where you want it and when you need it.
- However, it is important to keep the cost vs. quality balance in mind. While it may be less costly to run online surveys via these DIY tools, it takes extra work to ensure the data quality is up to your standards (including who you are talking to and the validity of your findings).
- When examining the need for research, keep an open mind – while DIY tools may fit certain projects, traditional methodologies can also be restructured to help you answer your research questions with robust data.
- Artificial intelligence (AI) and machine learning (ML) are being implemented by many research vendors to enhance data quality. This can range from verifying respondents and quickly purging any unwanted or fake data, to using simulated environments to explore how respondents would respond to an ad on social media or other channels.
- While working with suppliers may be more costly, it can result in better quality data that makes all the difference when conducting segmentations and analytics.
- Behavioural data is more important than ever, as people are changing their routines and brand loyalties (especially during COVID-19). To get the full picture on someone, you need to look on- and offline. And on top of that, you can’t just ask people about their behaviors either – poor recall, self-preservation biases, and short attention spans are just some of the reasons why direct questioning can be the wrong approach. To overcome this, we need to look at their data, such as location-tracking apps, purchase histories, online tracking, loyalty programs, and other concrete behavioural data. This will provide more insight into the individual and the ecosystem in which they are acting.
- When talking about behaviour-related insights, always keep in mind that survey data collects recalled behaviours, which may not align with actual behaviours. Collecting behavioural data in tandem with observational studies can be a fruitful approach to capturing how consumers act, think, and feel.
To listen to the conference sessions for free and delve deeper into these key findings, visit the IIEX North America Agenda page here.
For more information on how Lux can design a flexible, data-driven approach to better understand your business needs, please reach out to email@example.com.