Digitalization and the value of new (meta) data sources for market insights: How increasing options and new decision requirements can impact the market research value chain

Abstract:

Increasingly, digitized markets require new competences of companies, leading to new information needs. The willingness of consumers to participate in traditional market research studies is waning, at the same time the voice of consumer has never been as directly perceptible as now through the Internet. 

Consumers actively create content, which can be produced in various kinds of formats, including pictures. The rise of automated picture processing does not only provide insights into the usage context, but also reflects consumers’ sentiment towards brands, allowing early identification of opportunities and risks. 

Additionally, new source of (meta) data, like telecom ones, are also becoming available from the research clients’ side. Combined with machine learning methods, it allows to extend the analytics spectrum and can substitute some adhoc data. The market research industry has to reinvent itself but also benefits from its savoir-faire to generate new smartly designed processes and insights that help clients make better decisions.