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Do you know how to assess innovations in market research and insights?

Posted by Ray Poynter, 1 November 2018 We are surrounded by new approaches to understanding customers and markets, for example: behavioural economics, automated facial coding, neuroscience, chatbots, passive tracking, Artificial Intelligence, and of course big data. However, evaluating these new options is becoming ever harder, because there are so many of them, and because they make claims that are based on technologies that are hard for non-experts to understand. In this post, I want to share some of the techniques I use to assess innovations in market research and insight. In essence, I look at the following issues: Can it be provided by multiple suppliers? If an innovation can only be utilised via one supplier, it is much less likely to be successful, and I am much less likely to recommend it. Good innovations benefit from competition, prices come down when there is competition, and the diffusion into a market is accelerated if several solutions are available. When online surveys burst on the scene, we could use several different platforms to write the surveys, and choose between several difference panel companies for the sample – this promoted adoption, and cost reductions. Does it increase speed and/or reduce net price? In […]