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Much has been said about the rate of change in the world of marketing, but there has been decidedly less written about the implications that this will have on the industries that support it — particularly the Market Research industry. Like many others, Market Research will undergo a fundamental transformation within the next decade as brands seek to create Customer Experiences that are data-driven, automated, instantaneous, hyper-personalized, and delivered at scale. To create these experiences, the ways in which marketers use and understand research must change, giving way to a larger and more holistic view of customer insight and understanding.

THE CHANGING ROLE OF MARKET RESEARCH

With increasing amounts of behavioral and personal data readily available to track and measure, we are moving into an arena where customer behavior can be captured by information systems more efficiently, and effectively, than through surveys. One of the traditional difficulties with research is that customers cannot accurately say what they have done in the past or will do in the future. Big data removes the guess work. We now know how customers behave and are trying to understand the underlying motivations and factors behind that behavior. In other words, research is better suited to answer the ‘Why’, and not the ‘What’ or the ‘How’. …


There is a shift in how consumers are spending their income: experiences are beginning to trump things. This movement is being championed by millennials — but it is exposing a much larger trend with far reaching implications.

The Experience Economy.

Welcome to the experience economy, where customers are prioritizing experiences over ownership. People are no longer shopping to own things in the traditional sense. They are purchasing because of the experience that a product can provide: what can be done with it, what it says about them, and what they can say about it.
As the Harvard Business Review explains, in the Experience Economy ”a company intentionally uses services as the stage, and goods as props, to engage individual customers in a way that creates a memorable event.” …


Digital Transformation. These two words are enough to strike fear and trepidation into the hearts of even the most seasoned CEO. And it’s no small wonder why. Forrester’s Nigel Fenwick asserts that by 2020 all companies will be either digital predator or digital prey, and as of now it looks like most companies are becoming the latter. Digital transformation at its core is an exercise in transforming the customer experience and, as a result, the very enterprise itself. Technology is a means to an end and not an organizing principle. Where companies fall is in believing that ‘digital’ comes before ‘transformation’ in practice as well as name. …

About

Nicole d'Entremont

Co-founder, CMO at Nexus Analytics AI www.nexussolves.com @nicolesolves

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