Embracing & Navigating the Time of Change within Market Research: Insights from TMRE 2023

In the ever-evolving world of market research, staying ahead of the curve is a perpetual challenge. This year’s edition of The Market Research Event (TMRE) was a testament to the industry’s determination to leverage technology, break down barriers, and redefine traditional methodologies. The event brought together a diverse range of experts, showcasing the latest trends and insights that are shaping the future of market research.

Embracing Technology for Agility

One overarching theme at TMRE was the role of technology in enabling agility. Market research has shifted from following a specific methodology to a mindset where “and” takes precedence over “or”. In other words, it’s not about choosing between traditional methods and new technologies but embracing both and using the latter to go faster and be better. Technology offers the ability to pivot and make meaningful choices at any and all stages of the research process. The ability, and opportunity, to shift was emphasized with the idea that everyone involved in market research space now needs to be an expert in their own right. The key takeaway here is that expertise and diverse perspectives can coexist and drive better decision-making.

Time is No Longer a Barrier

In a world where time is often seen as a barrier to progress and learning, speakers demonstrated that this is no longer the case. Ben Jordan of Clorox, in particular, highlighted how we’ve transcended the limitations of time. Technology has made it possible to operate in real-time and make swift decisions. In the fast-paced world of market research, this ability to work unhindered by time constraints (i.e. knowing it’s possible to collect necessary information to form insights) is a game-changer and it’s now on researchers to set the priorities and action.

The Power of Iterative Learning

Learning from our experiences and continuously refining our methods were another core focus of TMRE. The concept of iterative learning and learning loops highlighted the importance of using data to adapt and improve. Market research professionals now have the tools to adjust their strategies in real-time, ultimately leading to better outcomes. Effective processes, stage gates and feedback loops are critical towards ensuring access to more real-time information can be actioned towards driving growth.

AI’s Growing Role

Artificial intelligence (AI) made a significant mark at the event and our industry especially this year. While AI may not entirely replace the human element in market research, it’s certainly embedded into the majority of discussions. AI is not just growing; it’s getting better. Marybeth Andrews shared an example of McDonald’s AI-supported drive-thrus, highlighting how technology can enhance customer experiences and provide invaluable insights into behavior – but, importantly, how far the concept has come in the recent past, how much there is still do and the belief of how much can be overcome.

The Power of Data Access

Access to data has opened doors for a more nuanced understanding of demographics and consumer behavior. No longer do we need to categorize Gen Z or any other group into a single stereotype. Many discussed the idea of understanding micro-moments and leveraging technology to seize opportunities that were previously hidden.  In the world of market research, it’s not just about the big picture. A single data point can often crystallize the story and the true ROI (Return on Investment) of research often happens in the fine print, rather than just the summary.

Human-Centric Approach

Amidst all the technological advancements and data-driven insights, a reminder was issued about the importance of human-centricity and empathy. In an age of AI and big data, it’s easy to lose sight of the human element. The event underlined that empathy is essential to understanding and connecting with consumers on a deeper level.

In conclusion, TMRE reinforced that the market research landscape is evolving at a remarkable pace. Technology is at the forefront, enabling agility and a more nuanced approach to data. The key takeaway from this event is that the future of market research is all about embracing the best of both worlds – where technology meets human expertise and empathy, creating a powerful synergy that shapes the industry’s future.

To learn more about how technology can help you get the answers to your business questions and drive sales transactions, contact us today!

THE AUTHOR

Scott Brill is the Managing Director of Americas for Behaviorally, bringing together the company’s full AI technology stack and the larger customer success efforts. He previously held the position of Chief Commercial Officer, leading the global sales team. Across his more than 20 years of experience in market research, working across numerous sectors, Scott has focused on utilizing technology and innovative approaches to better support customers. Connect with him on LinkedIn!