WORKSHOP ON ‘TECHNOLOGY IN MARKET RESEARCH’
Bambucorn conducted a workshop on ‘Technology in Market Research’ on the 30th of November 2020, which was presented by Batukhan Taluy, the Founder of Uservision, a Turkey based start-up in the Market Research space.
Some of the key takeaways from the workshop are as follows:
- 1)The total size of the Market Research/Insights industry is around USD 80 billion bigger than the global whole coffee market! Of this, USD 11.2 billion (14%) is spent on Qualitative Research which is further expected to grow.
- 2)According to Harvard Business School Professor Clayton Christensen, there are over 30,000 new products introduced every year and 95 percent of them fail. Interestingly, big brands such as Pepsi have suffered huge losses due to sub-optimal ad campaigns and market research.
- 3)The data generated using traditional Market Research techniques:
- Is not digitised so it cannot be shared within an organization, reused or built upon.
- Is human dependant which makes the process slow, cumbersome and expensive.
- Does not allow brands to capture quick insights say in 20 minutes.
- 4)Qualitative Research techniques are quick, cost effective and can be used for product/service differentiation, to understand usability, validate hypothesis, reveal opportunities for marketing and innovation or for optimization.
- 5)The current process of qualitative research involves:
- Understanding the strategic goals of the brand and conveying it to the internal team so that it can be processed as a market research problem.
- Using different sources to find the right audience for capturing insights
- Scheduling the research participants and segregating them according to their segments
- Gathering unstructured qualitative data by using several techniques
- Transforming the unstructured data into text so that it can be analysed scientifically.
- 6)Methodologies include focus groups, in-depth interviews, projective techniques, story-telling, role-playing, mobile UX research, website UX research, ethnography, eye tracking, GSR, facial coding, ECG, EEG, Google trends, FB audiences, Big Data, social media and so on.
- 7)Uservision captures qualitative intelligence and voice of the customer in less than a week! It involves remote in-depth interviews, usability tests, neuro research games and surveys to name a few.
- 8)After the research is complete, brands could use Uservision’s AI module to reveal semi-automated patterns and create actionable insights (it is agile, accurate and risk-free).
- 9)Moreover, all this data would be stored at a searchable ‘human intelligence hub’ so that it can be deepened or reused. Uservision lets you share data within your organization by creating smarter alternatives to save time and money.
- 10)Therefore, the Market Research ecosystem consists of key players such as user researchers, research participants, clients (for e.g. big corporates), research platforms like Uservision, local research agencies and field agencies are working continuously to create new technologies to accelerate the growth in this industry.
In case you missed our workshop, click here to watch it.
We look forward to your participation in our upcoming events as well. Stay tuned!