Beyond the Status Quo
- Lauren Deraleau, Head of Research, Glass
Panelists:
- Lauren Zweifler, Former SVP Insights & Research, Formerly NBCUniversal
- Andrew Embry, Sr. Director, Insights Innovation Capabilities – Global Core Market Research, Eli Lily
- Doug Jensen, SVP, Experienced Data & Analytics Leader, Avon & The Estée Lauder Companies Inc.
This panel will explore the latest trends and techniques being employed by today’s leading researchers and analytics professionals. You will discover how the approaches, such as generative AI, social listening, being more inclusive in representative samples, designing online surveys with mobile-first in mind, innovations in marketing mix modeling and effectively tapping into endless troves of data, are revolutionizing traditional market research practices. You will also unearth ways to employ these cutting-edge methods to better understand your customer and deliver more impactful insights.
“I don’t actually view myself as an AI guy. I view myself as like the right tool for the right purpose guy.”
Actionable Takeaways:
- Embrace Diverse Methodologies: Explore emerging methods like relationship science, physiology research, and multi-stage MMM to gain a more holistic understanding of consumer behavior.
- Focus on Business Objectives: Align research methodologies with specific business objectives, using the right tool for the right purpose, rather than relying on a one-size-fits-all approach.
- Prioritize Validation and Socialization: Validate new methods rigorously and socialize them effectively within organizations to build trust and drive adoption.
A Panel Discussion on Emerging Research
This TMRE 2024 panel brought together insights leaders from diverse backgrounds to discuss the future of market research, focusing on emerging methodologies beyond the AI hype. The conversation highlighted the importance of innovation, adaptation, and a focus on using the right tools for the right purposes.
Lauren Zweifler shared examples of research methodologies that go beyond standard ad effectiveness studies. One example involved working with Ulta to determine the best media placement for their campaigns. By using relationship science research, they were able to identify the networks and shows that best aligned with Ulta’s brand attributes and target audience, leading to a shift in their media strategy.
Another example involved using brainwave research to measure audience engagement during the Men’s World Cup. While initially expensive and logistically challenging, this experience led to the development of a more efficient and scalable method using second-by-second physiology research, providing valuable insights into audience connection to content.
Innovating Marketing Mix Modeling: A Multi-Stage Approach
Doug Jensen discussed his work innovating marketing mix modeling (MMM) to better measure the impact of influencer marketing. Recognizing that influencers often drive upper and middle funnel metrics rather than direct sales, he developed a multi-stage approach using three interconnected models:
- Upper Funnel: Measuring Google search volume as a proxy for brand desirability.
- Middle Funnel: Measuring website traffic to gauge engagement with brand content.
- Bottom Funnel: Measuring sales to track direct conversions.
This approach provided a more accurate and nuanced understanding of influencer marketing’s impact, demonstrating its effectiveness in driving search and website traffic, ultimately leading to sales. Doug also highlighted MMM’s resilience in the face of increasing data privacy restrictions, as it relies on aggregated data patterns rather than individual user tracking.
The Rise of Synthetic Respondents
Andrew Embry discussed his work exploring the use of synthetic respondents, particularly in the pharmaceutical industry. By training AI models on existing research data and proprietary information, he was able to create synthetic respondents that accurately reflected the opinions and behaviors of real-world target audiences.
This approach offered several advantages, including faster turnaround times, lower costs, and the ability to explore scenarios and questions that might be difficult or impossible to address with traditional research methods. Andrew emphasized the importance of managing risk tolerance and validating AI-generated insights through triangulation with other data sources.
Key Themes and Takeaways: A Call for Innovation
Several key themes emerged from the panel discussion:
- The Right Tool for the Right Purpose: The panelists emphasized the importance of selecting research methodologies based on specific business objectives, rather than relying on a one-size-fits-all approach.
- Beyond AI Hype: While AI is a powerful tool, it’s not a silver bullet. The panel highlighted the value of other emerging methods and the importance of integrating AI with human intelligence.
- Validation and Socialization: Rigorous validation and effective socialization of new methods are crucial for building trust and driving adoption within organizations.
- Embracing Experimentation: The panelists encouraged a culture of experimentation and test-and-learn approaches to explore new methodologies and push the boundaries of market research.
- Overcoming Barriers: Time, cost, and organizational mindset shifts were identified as key barriers to adopting new methods, but the panelists emphasized the importance of finding ways to overcome these challenges.
The Future of Research: A Blend of Art and Science
The panel concluded with a discussion about the future of market research, with panelists expressing excitement about the potential of AI and other emerging methods to transform the field. They also emphasized the continued importance of human intuition, creativity, and a deep understanding of consumer behavior.
The future of market research is likely to be a blend of art and science, combining the power of technology with the insights and expertise of human researchers. By embracing innovation, adapting to change, and focusing on the right tools for the right purposes, market researchers can unlock new levels of understanding and drive better business outcomes. The panelists’ shared belief that researchers should proactively seek out new methods and push for their adoption, even without explicit requests, was a powerful call to action for the audience.