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!
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.
You may hear some buzz about neuromarketing, or “System 1 Thinking,” an emerging approach to marketing research that combines three well-established disciplines of brain science to give a new perspective on human behavior and give insight into nonconscious decision-making:
Neuroscience – the study of the human nervous system
Behavioral economics – the study of how people make economic decisions
Social psychology – the study of how people think and act in the presence of other people