The old way of conducting market research is no longer viable in today’s world where marketing and advertising professionals need to execute campaigns at 10x the speed as they were done in the past. We see the need not simply for the incremental improvement of market research or data collection – but a new way of obtaining insight – enter an entirely new business practice – Insights on Demand. This democratized vision for market research makes insights into consumer intent accessible and achievable for all business professionals in companies of all sizes.
Why Change? Consumers Have.
Today’s consumers are more savvy than ever about the choices available to them in the marketplace. They expect brands to deliver personally tailored content, products and services, in real-time and on-demand. These “always on” consumers use mobile devices equipped with a wide range of tools that empower them to deflect or reject irrelevant content, and opt-in to receive only the most relevant messages from their favorite brands.
Many of today’s consumers also increasingly engage with brands across multiple channels and devices – from smartphones to tablets to laptops – to shop and make purchasing decisions. When brands attempt to grab the attention and dollars of multi-tasking consumers by delivering the right content, speed and accuracy are critical.
Today’s marketers who can stay one step ahead of consumer demands stand to gain a significant competitive advantage. But the only way to achieve that edge is by having access to real-time consumer insights that accurately reflect these new realities, provide a complete picture of consumer sentiment, and are driven by cost-effective technology that automates the delivery of those insights to speed up the decision-making process. Additionally, today’s speed of information creates constant and rapid shifts in consumer sentiment.
Brands Have Changed Too.
Agile and innovative companies of all sizes – not just giants like Facebook, Apple, Amazon, Netflix and Google – will continue to find new ways of providing real-time, on-demand value to consumers, and in the meantime seek new ways to obtain dynamic insights and move past the old way of static, rearview-focused market research data.
Incremental improvements in market research and data collection have in many cases become insufficient to address these realities, which now demand an entirely new way of obtaining consumer insight.
Based on our prediction of what’s coming, and my continued sense that the market research industry is ultimately to be democratized, we’ve taken a leadership position by creating a new market category called Insights on Demand.
The MRx Industry is at an Inflection Point – Insights on Demand is Born
Today’s businesses need access to insights that are deep and dynamic, always available, and tuned into constantly changing market sentiment. So where does it leave those of us in the market research industry?
Insights on Demand is a new, transformational market category, based on business needs for fully integrated approaches to understanding constantly shifting consumer sentiment and taste. Insights on Demand promotes the tight integration between technology and companies to provide real-time insights to organizations – no matter their size, or timeliness of need. This democratized vision for market research makes insights into consumer intent accessible and achievable for all business professionals in companies of all sizes. At the core, the market research industry faces challenges adapting to this new world order. It’s not just about adopting technology, the need is deeper.
Insights on Demand is not just going to be bigger than market research because it’s better. It will be bigger than market research because it’s broader. It can be scary and difficult to change, but when you are part of an industry that is being disrupted, transformation is the only solution.
Frédéric Charles Petit, Chief Executive, Toluna