Lenny Murphy (@lennyism) and Greenbook put on another great conference this year. It was one of the busiest conferences with tons of presentations from cutting edge vendors and market researchers. It was a great lead up to our upcoming webinar series and workshop on Building an Effective Online Presence with Analytics & ROI
Highlights from IIeX
There was a lot of great new technology presented and it looks like the world of consumer insights is in for some big changes over the next few years. A few things stood out the most for me:
- The ability to obtain great unbiased research from social interactions. Although there are some interesting questions to be asked about how to equivalize and expand the research from social media to that gained by survey techniques. Nevertheless this capability has come a long, long way and now seems a viable approach to understanding how consumers really feel about brands.
- There was a little bit about the ROI of Market Research but just a little bit. As I have mentioned in previous posts, I am part of an initiative on the ROI of Market Research spearheaded by the PMRG (The Pharmaceutical Market Research Group) and we will be presenting a methodology and some case studies, that should be very helpful for the market research industry to justify their budgets and the value of their insights.
- I especially liked the presentation by Catherine Rickwood and Caroline Smiley on making market research bitesize-able. Since we now all have ADHD and our concentration spans are less than a few minutes, if that, we can no longer consume 150 page decks on various findings. What we can do, though is munch on a 5-page deck with the findings clearly distilled down to what we need to know. If we want more, we can always fall back to the larger deck.
- The rise of the machine is coming to a market research department near you. AI and machine learning were making inroads and seem to have a lot to offer to improve the capture of certain types of insights. It is being applied in a number of areas to support the automated collection of trends and new information to help the savvy brand manager to win in the marketplace. Look for a lot more next year on this topic.
- I always enjoy the neuro scientists and behavioral economists. They always have some new insights and data that help us all to understand how we truly make decisions. Apparently, when we decide to purchase something, it is actually a few seconds ahead of us actually pressing the ‘Buy Now’ button. Apparently our minds change modes once the decision is made and then it takes us a few seconds to finally hit the magic conversion button.
- There was also some interesting work being done to automatically recognize elements of images on Instagram and pulling the emotional data out of the image. This was presented by Fransceco D’Orazio at Face/Pulsar. Fascinating stuff.
- Location based marketing is now also becoming very interesting. Looking forward to seeing how this progresses over the next few years. I guess the problem is though that location-based marketing in stores is a challenge, since not many people are actually going into stores to purchase stuff. Location based marketing though can be used outside the store for other reasons, especially when a prospective consumer is at a venue where your product may be needed. This leads to some interesting complementarity that brands can take advantage of.
There was a bunch more, but not really enough time to list here. Nevertheless, the Market Research industry is in for some major changes. Looking forward to see where it goes.
Upcoming Webinar: Build an Effective Online Presence with Analytics & ROI
I did want to invite folks to a webinar we just finished. Click here to listen. It is a pre-cursor to an upcoming series culminating in a 2-day workshop in Atlanta and Denver at the end of August. I think you’ll enjoy this webinar. It introduces a new topic on messaging mechanics based on how messages are received and perceived by the brain. Hope you like it.