What is data science? Data science is a multidisciplinary field that encompasses various techniques, processes, algorithms, and systems for extracting insights and valuable information from structured and unstructured data. It combines elements of statistics, mathematics, computer science, and domain knowledge to analyze large data sets and discover patterns, trends, and actionable information. Data scientists use…
Did you know that a study by the Insights Association revealed that 1 in 3 researchers find their jobs “highly stressful,” with over half reporting “burnout” in 2023? This issue is compounded by key challenges highlighted by Greenbook, such as: Clearly, the market research industry needs change. The traditional methods are constricting innovation. New approaches…
In research, selecting the right data collection techniques is crucial for achieving the goals of any project. Whether you’re working on a thesis or part of a research team, understanding these techniques is essential. In this article, we explore key data collection techniques used in market and social research. What Are Data Collection Techniques? Data…
Market research is a booming multi-billion-dollar industry. Brands use market research insights to introduce customer-centric offerings and enhance their experiences. From mobile surveys to social media analytics, researchers have an expanding toolkit for making data-driven decisions. Breakdown of This Page: Market Research Statistics (Highlights): 1. Market Research Industry Statistics: This section presents key statistics on…
Remember when Starbucks launched “My Starbucks Idea” to gather customer feedback and improve their products? This initiative became a huge success and a hot topic in 2008. What made it so effective? “My Starbucks Idea” wasn’t just a suggestion box; it was a strategy that empowered customers by offering incentives for their ideas. This approach…
In today’s increasingly data-driven business world, technological solutions have emerged to harness the power of information for market research. The three primary means of engaging with customers are Marketing Technology, Advertising Technology, and Research Technology—known respectively as MarTech, AdTech, and ResTech. Since the dawn of Industry 4.0, MarTech and AdTech have dominated the marketing world,…
Businesses need to understand their consumers. However, navigating customer information in today’s digital world is challenging. Various technologies have emerged to manage the growing customer data, and ResTech, short for research technologies, is the next step. What Is ResTech? ResTech is a collective term for tools that help businesses target, find, and understand essential consumer…
By now, you’re probably familiar with Artificial Intelligence (AI) technology, as it’s become increasingly prevalent in business applications and social media. However, you might still be curious about AI’s role in market research. AI market research tools exemplify how AI and machine-learning algorithms are transforming industries through intelligent and efficient processes. Below, we explore how…
The significance of precise surveys from market research panels cannot be overstated. Essential business decisions hinge on the data obtained from online surveys, and if that data lacks quality, the decisions will be flawed. Nearly half of respondents in a standard online study using market research panels were identified as fake. Indeed, with a straightforward,…
It’s evident that technology continuously reshapes our methods, including how marketers, insights professionals, and product development teams collect data for market research and strategic planning. Nowadays, numerous techniques make research simpler and more efficient, but we’ll focus on two key ones. We’ll be discussing surveys, online sampling, and the introduction of innovative programmatic sampling. Programmatic…