Human intelligence, quantitative analysis, and multilevel regression and post stratification — we asked our expert panel about current best practices for performing market research. Here’s what they said:
Heather Carruthers
What factors are most critical to impacting a “mindset for inclusion” in market research?
Qualitative should be a pillar of inclusion in research, as it addresses the human side of any research question. It’s understanding the raw emotion that gets at the ‘why’ behind the behavior. We need diversity in a broad sense: in experience, thinking and approaches, and race and gender. Inclusion drives empathy, which is key to answering business questions.
How can embracing new market research methodologies benefit business owners?
Observation and immersion are innovative approaches; the key is to understand real people in real life. In many cases, our clients are designing products for a consumer that is very different from themselves. There is a need to immerse themselves in the lives of their consumers, walk a day in their shoes, feel what they feel, and experience what they do.
What modern innovations are most important to the future of research?
“Human intelligence” is needed; understanding the context, the “why” and “how” behind what people do. Qualitative insights allow clients to develop very personal and relevant products, services, and messaging that connects with people on a human level. This provides differentiation and break-through in a crowded market.
What motivates your interest in market research?
As a marketer and brand-builder, I was a client before joining Ipsos.The most eye opening, insightful moments come from qualitative research. For me, MR is critical part of building any kind of innovation or go-to-market plan. Decisions are as emotional than they are functional, and qual uncovers what truly motivates and influences choices.
Ted Marzilli
What factors are most critical to impacting a “mindset for inclusion” in market research?
Companies need to demonstrate inclusive practices not only in their entry-level hiring, but at all levels across the organization. That means sourcing the best talent, regardless of gender, age, racial or ethnic identity, sexual identity, or where employees are located. The best indicator of a promising future for a talented individual, is for him or her to see people who look like themselves across an organization’s hierarchy and functional areas.
How can embracing new market research methodologies benefit business owners?
Fifteen years ago, many companies resisted the idea of conducting research online. Today, it is the primary method of conducting market research in the United States and other developed markets. Businesses who resist more recent advancements, such as syndicated research approaches, imputation, and multilevel regression and post stratification miss out on cost savings, accuracy, and speed.
What modern innovations are most important to the future of research?
Multilevel regression and post stratification (MRP) has demonstrated a lot of promise. Developed by Professor Ben Lauderdale of the London School of Economics and YouGov, the approach accurately predicted results of the 2017 UK general election at the parliamentary constituency level. MRP has the potential to dramatically impact market research in the future by modeling data across areas with relatively small sample sizes (e.g., DMAs) to predict results in a specific DMA. The approach leverages the fact that people with similar characteristics tend to behave similarly, regardless of where they live.
What motivates your interest in market research?
Market research is a means to estimate what is happening, or is going to happen, in the real world. It’s a way to understand the truth, and also help businesses and marketers allocate investments and better meet the evolving needs of consumers. For example, understanding variations across environmentally conscious consumers; what percentage proactively take steps to preserve the environment (e.g., purchasing an alternative fuel vehicle, converting to LED lighting) vs. those that will participate if you make it easy for them (e.g., household recycling).
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