Market research faces an existential cross-roads. At the recent Research Society National Conference, Peter Fairbrother spoke about the issues facing the industry and ways that the industry needs to adapt.
Data Collection Issues
Our core survey data collection capability is under threat from declining response rates and consumer distrust of opinion polling. The respondent experience is also not great – unnecessarily long, repetitive, poorly designed surveys are far too common. And the industry chronically under-pays respondents for their time.
There is not enough R.E.S.P.E.C.T
We rely on the goodwill of respondents for our data. And until we start to show respondents more respect, community engagement with research will continue to wane.
But data is prolific. We must use it to build better outputs
And yet there is an explosion in the amount of data that consumers create as they search, browse, tweet, exercise, google and transact. To stay relevant and provide higher quality data to clients, market researchers need to capture the data that consumers generate (social media, wearables, entertainment, transactions) via a fair value exchange.
That is precisely what UBDI does – our app that enables consumers to monetise their data (UBDI stands for Universal Basic Data Income). We can generate the insights that our clients need without asking any questions at all. The insights are in people’s data – Spotify, YouTube, Netflix, and Strava, through to Amazon purchases and credit card transactions. The data tells the story of the consumer journey. And through this mechanism, the existential cross-roads can be leveraged into a better way of capturing insights.
For questions please contact:
Peter Fairbrother – 0402 958 615
Veronica Mayne – 0412 601 797