3 Reasons Traditional Market Research Is Becoming Irrelevant
On any given day, how many people do you see walking by with a flip phone? A discman? We’ll venture a guess that you’re probably not seeing very many. Technologies have advanced, replacing these once innovative devices with a more efficient, multi-function tool.
The same can be said about the world of consumer data and its applications in understanding brand health.
Traditionally, companies used focus groups and surveys as their primary research methods. Such practices provided insights into the preferences and behaviors of a brand’s target demographic. That being said, they also presented significant limitations:
- Bias: Given the small size of focus groups and the regimented manner in which they are run, participants are often influenced by other participants and moderators.
- Unreliable Results: Audience samples are rarely an accurate representation of the larger target audience.
- High Costs: Crafting questions, gathering a representative sample, conducting surveys, and analyzing results… it takes a lot of time and money to regularly and effectively execute such studies.
Over the past decade, avenues have opened up for more efficient forms of research. Socialmedia technologies have completely changed the way in which consumers perceive, engage, and consume brands. Postcards requesting customer feedback have been replaced with unsolicited endorsements shared on Facebook brand pages. Angry calls to customer service have been replaced with scorching (and public) 140 character tweets. Consumer feedback is now available in real-time at a massive scale, so why would we continue to limit ourselves to surveys and focus groups? It makes sense to harness the power of consumer social media activity to better understand brands.