According to Carl Wong, who has worked in the business for more than 20 years, traditional market research, which relies on clipboards and questionnaires. People, he claims, are unable to respond honestly to some questions because they are unaware of deep underlying motives. “Things we’re not able, or willing, to think on while making a purchase decision or answering a survey question impact us all,” Mr. Wong adds. A data-rich world fills that gap in our knowledge by generating reams of information about our inner wants through tracking cookies and a slew of other indications we leave behind as we visit websites that spark our attention.
Market researchers may also access enormous quantities of computer power and data storage through low-cost cloud computing services, which provide data processing and storage that can easily go up as per the client. This technological revolution is shining light on how we hide our deepest desires from ourselves. Jason Brownlee studies consumer behavior on a global scale, fueled by the proliferation of social media data.
What do other founders say about market research?
The creator of Colourtext, a data analysis and consumer insights firm, lives in a Lake District village. From his rural idyll, he can track all of our movements. “People leave digital fingerprints,” he explains. He investigated news consumption trends by employing Artificial Intelligence (AI) and cloud computing to examine the digital footprints left by users who read 100,000 news items online. “We can see a trend emerge after they click onto a page. We can’t accomplish this without AI and the cloud; otherwise, you’d be dead before you’d finished reading all those articles!”
Therefore, this is revealing stunning new information on how people like Boris Johnson and Meghan Markle are truly regarding. Also, the power of big data has dismantled the traditional categories employed by the market research business to categorize our preferences.
Mr. Brownlee explains, “The rule was that people who attend to show business tales aren’t interested in politics”. His investigation of the readership habits of 18 distinct UK online news sites, including BBC News Online, debunked this premise. “I came into a group of folks that enjoy reading about famous people. Meghan Markle is at the top of their list. They did, however, read about Boris Johnson. They aren’t usually interested in political news, but Boris’s influence extends well beyond politics”. By dumping enormous data into the cloud and analyzing it using AI, it was discovered that the Prime Minister is seen as a star by many.