Top three takeaways from MRMW North America — the latest trends in consumer research
by Justin Coates
MRMW North America is a conference that brings together corporate consumer researchers from across industries with innovative market research partners to discuss the latest trends and research techniques in the world of consumer insights.
This year, consumer insights experts from Procter & Gamble, Foursquare, BMW, PayPal, Facebook, iHeartMedia, and Royal Caribbean Cruises discussed how they are leveraging the latest in research techniques to get closer to their customers and drive business growth.
I had the opportunity to talk about Eastman’s consumer insights function and how we are beginning to transform internal strategic approaches while building stronger relationships with our customers. However, as a consumer researcher, the best part of the conference was hearing stories from my counterparts at some of the world’s largest companies. Here are three key takeaways from what they shared:
1. Turning big data into powerful insight
Companies have access to more customer data than ever before through primary research, customer reviews, and social media chatter. While many companies can get lost in all this big data, new automation techniques are allowing consumer researchers to distill data from multiple sources into a few powerful insights that can drive strategy and growth for their organizations. Applying data analytics tools to social media chatter, P&G unlocked a powerful insight about women in China and the social stigmas they experience related to aging. The Olay team leveraged this insight to develop a multiyear advertising campaign that encouraged women in China to look beyond their age and to use Olay products to stay fearless about their age.
2. The bigger picture
Most research budgets are spent understanding consumers’ relationship with a brand, but rarely are investments made in determining how a brand fits into the daily lives of its customers. Understanding the user journey and experience with a brand is a must, but determining how a brand can help a customer achieve daily activities or fulfill larger aspirations can provide more powerful insights that drive additional value. Foursquare’s tracking technologies allow its partner companies to track users through mobile phones (with a user’s consent). These data, viewed in aggregate or at the individual level, allow companies to see the lives, needs, and aspirations of their customers outside of their stores.
3. Better and better ROI
In a time of decreasing budgets or zero-based budgeting, consumer researchers are being tasked with building better return on investment (ROI) cases for their projects. Using research to inform internal decision making is no longer enough; direct links are needed between research spend and value for the overall organization. Researchers must be able to show how their work has (1) impacted the financial results of their company; (2) been adapted into marketing campaigns; and (3) been institutionalized into the company culture, meaning key stakeholders from across the company have a customer or consumer-first mindset. Opportunities exist for both corporate consumer researchers and market research suppliers to collaborate on ways to better demonstrate the value of their work.
Learn more about Eastman innovators at Enhance.eastman.com.
