Clung by buzzwords like big data, programmatic, analytics, social media and many others, every marketer wants to apply them in their scheme. One of the biggest challenges in this series is handling large data which is generated by the marketing research industry, constantly trying to decode and unlock the complex human thinking process and behavior. What actually needed here is the information on the basis of which some real actions can be taken for the brand.
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The ESOMAR conference held in Singapore last month dedicatedly covered few new-age technologies whose sole purpose of existence is to help make more sense of such broad and wide data available to the world of marketing. From demonstrating the future of the capabilities of Google data analytics to how tracking the behavior of the online mothers can help in uncovering the unseen knowledge, the session demonstrated how the world of information in woven together and inter-connected.
Slowly and gradually the world of marketing research is changing and so is the marketplace itself. With such changes occurring everyday a brand is required to understand this constantly changing needs of the market and customer which can be done by gathering the data but the process of gathering the data must not be too labor intensive which can affect the way of research and approach that needs to be followed after the data has been gathered.
One way to achieve this data is to see the point where all the current technologies began to converge. How anyone can track the person’s behavior through the social media and other online surveys? How anyone can capture the complete understanding on the basis of ones interaction with the brand under various lifecycles of purchase?
Once the data has been collected and filtered, one can easily see the trends purchase cycles, can easily identify the different types of the purchase behavior as well. Not only this one can also identify the suitable trigger for the each purchase and can target them in their marketing strategy and this is the point where big data and market research are working in favor of each other rather than the working against each other.
It is a very common tendency of the marketers and researchers to consider the big data and market research separate entities running parallel to each other and helping each other sometimes. They fail to realize the fact that the real opportunity of making the sense of the big data is in the market research itself and that without collecting the large chunks of data from the research it is impossible to discover the hidden patterns and knowledge about the human behavior.
At the very core it needs to be understood that the data related to particular brand/product needs to be combine with the research in order to make important decisions. Currently, this area provides the space where the best of technological advancements are powered by the research and are combined to provide the more insights into the client’s behavior. The area has immense opportunity of development where it can become the proven point of development for the industries.