We’re hearing a lot about blockchain these days, including a fair amount of buzz that it’s going to disrupt the market research industry as we know it. While it seems to us that blockchain technology has the potential to bring revolutionary change to our lives in the coming decade — similar to the magnitude of change that smartphones have brought over the past decade — the potential for disruptive impact on the research industry itself is much less clear.
Are insights “on demand” really within reach? Yes, indeed. Should you reach for them? It depends.
In marketing research, the common wisdom that has prevailed for decades is that for any initiative, there are inevitable trade-offs among cost, speed and quality. But rapidly evolving technology now offers us a dizzying array of well-priced options for blazingly fast data collection, both qualitative and quantitative. The promise of being able to conduct research that is “cheap,” “fast” and “good” without compromise is finally a reality!
Terms like “nonbinary” and “cisgender” may be unfamiliar to some, but the world is changing and those of us that work in data capture have to change right along with it. We should ensure that the questions we ask consumers incorporate the language and perspective of today. It’s only fair to them and the businesses and brands we represent.
Gen Z: people ages 3–23 (ish) and they’ve got spending power. Of course, a 7-year-old is not toting $3,000 around to spend on holiday gifting, but a study by CPC Strategy states that Gen Z as a group is planning on spending more this holiday season. While this same study does note that 66 percent of Gen Z is limited to a budget of less than $250, given the size of this generation, it still amounts to a lot of money.
When is a “yes” a certain response and when is it a maybe? Hesitation can be the key to unlocking the difference. As marketers and researchers, it’s critical that we get to the heart of consumers’ true attitudes.
We’ve been working with clients to assess the implicit level of certainty consumers have when associating attributes with various stimuli.
Let’s take a quick quiz. If you were to give an initial answer to the two items below, what would it be?
For item (a), the answer “4” automatically came to mind. But I bet many of you gave up on (b) and thought “too complicated, not worth the time.” Why is this? It’s not that you couldn’t solve (b). It’s that you didn’t want to. You unconsciously solved the 2×2 computation because your memory intuitively recognized it. However, 17×34 required more effort. These differences are referred to as System 1 and System 2 thinking, a process developed by psychologist Daniel Kahneman to help explain how we make decisions:
There is a lot of discussion lately about whether or not brands as we know them are dead. Clearly, shopping and communication channels are evolving at warp speed, but how does that impact brands? Let’s discuss.
Razor blades: Just the thought makes you leap for joy, doesn’t it? Okay, me neither. But Dollar Shave Club had the wisdom to find a way to overcome two consumer pain points while jumping on a burgeoning consumer trend.
Pain 1: The increasing difficulty of buying razor blades in-store. Many c-stores have them locked down tighter than Beyoncé’s security. One either has to grab the paper voucher and take that to the counter so the employee can access the vault of blades, or the blades are encased in a plastic box that can only be opened via a magic wand. Note: We understand this has to do with theft protection but for consumers is a big hassle!
Pain 2: Money, money, money. Four cartridges for $25. That’s a lot of cash.