Research Analysis

Current Technologies for
Market Research1

Over the next few years,
new approaches will gain traction1

  1. Big Data
    will provide the majority of "who, what, where and why" of consumer actions
  2. Traditional quantitative & qualitative market research
    will help fill in the gaps of information
  3. Development of methods to interpret Big Data
    will ensure the "representative" nature of insights emerging from big data
  4. Insight consultancies
    will harvest the Big Data and other market research channels

The estimated amount of digital information that is generated across the globe every day is considered to be 2.5 quintillion bytes. To put this in perspective, it is equivalent to digitizing everything in print at the Library of Congress and sending it out about 3x every second.

- IBM

meet BIG DATA

We are now in a digital and social age where there is constant conversation between consumer and company. Our world is interconnected in such a way that every touch-point – whether Twitter, Facebook, geo-tracking, etc – can be recorded, converted into text and mined for insights. Human behavior can be tracked and measured with "unprecedented fidelity." 2

And these insights – garnered throuh appropriate market research – serve as the foundation for successful strategies and targeted, integrated marketing.

Only four years ago, there were a handful of Big Data projects with total industry revenues under $100 million. It is now estimated that more than 90% of Fortune 500 companies invest in Big Data initiatives.3

The following will provide a more in-depth view of the data having a big impact on the market research industry

Insights that once took days or weeks to develop via standard market research techniques can now be gleaned in hours, minutes or even seconds.
  • 1.Customer micro-segmentation
  • 2.Finding influencers
  • 3.Campaign performance optimization
  • 4.Call center monitoring & reportin
  • 5.Churn prediction
  • 6.Detecting & measuring lost sales
  • 7.Loyalty program analytics & targeting
  • 8.Determining consumer lifetime value
  • 9.Increasing penetration
  • 10.Cross & up-selling opportunities
  • 11.Location-based marketing
  • 12.In-store behavior analysis
  • 13.Sentiment analysis
  • 14.Recomendation engines
A retailer using Big Data analytics to its full potential can add 60% to its operating margin.
The adoption of data-driven decision making can result in a 5 to 6% rise in productivity.
Information Resources
  1. Greenbook Research Industry Trends Report
  2. How Big Data Market Research Benefits Big Businesses
  3. Analyzing Customer Behavior – Predicting What Happens Next

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