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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 […]

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Answers to Questions about Artificial Intelligence

Posted by Ray Poynter 13 September 2018 Note, in response to questions, I have started adding additional answers at the foot of this post – and I will be tweaking some of the existing answers. The post was first uploaded on 13 September 2018, and was most recent changes made on 18 September 2018. [Ray Poynter] One of the hottest topics around at the moment is artificial intelligence (or AI). Indeed, it has become so hot that many people are reluctant to ask simple questions in case it makes them appear out of touch. So, this article provides answers to some of those simple questions. 1) Is artificial intelligence already in use? Yes! Siri, Alexa and Google home are examples of AI. Driverless cars, the facial scanners at airport security, and Google translate are also all examples of AI. Programmatic advertising, Amazon’s ability to predict what we want, and Netflix’s analysis of viewing are all AI. One of the features of tech is that we tend to change its name once it becomes commonplace, just as the electric iron became the iron, and the smartphone is becoming the phone, we have stopped thinking of everyday AI as AI. 2) What […]

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Blockchain and Market Research – A force for disruption soon?

Post by Ray Poynter, 3 March 2018 Have you noticed that there seems to a lot of people who are shouting about how important blockchain (and or cryptocurrencies like Bitcoin) are going to be for market research? In November 2017 a Quirks article claimed “blockchain is turning marketing research on its head” and at IIeX Europe Rolfe Swinton and Snorri Gudmundsson presented “10 Reasons Why Blockchain is a Big Deal for MR – And What You Can do About it”. Although I am a fan of technology, I am a sceptical fan, and all the buzz about blockchain stimulated both my interest and my scepticism, so I set about finding out more about blockchain and issues such as cryptocurrencies (like Bitcoin) and smart contracts (such as those created using Solidity and Ethereum). Whilst I can’t be 100% sure, my gut feel is that blockchain will not disrupt market research within the next five years (and maybe never), and here is my line of thinking. Of course, I could be wrong 🙂 What is blockchain? Blockchain is the technology that underpins Bitcoin. Indeed, in 2008 blockchain was Bitcoin, and Bitcoin was blockchain – but now there are other blockchains, some with […]

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What is Agile Market Research?

Posted by Ray Poynter, 11 May 2017 One of the hottest terms in market research at the moment is the word ‘Agile’. However, there is not a lot of clarity about what exactly it means and how it should best be utilised. Two definitions, with Two Different Derivations One of the reasons that there can be confusion around the term agile market research is that there are two separate definitions, based on two different perspectives and derivations. Agile, as in responsive, a term that has been used in research for many years. Agile, as in the Agile Movement, a modern method of project management often identified with the software industry and concepts like minimum viable product, sprints, and scrums. In this post, I am going to use agile with a lower case ‘a’ for the first of these meanings, and Agile with an upper case ‘A’ when referring to the adoption of the Agile Movement approach to market research. Responsive Research is Often Bespoke Research Using the word agile in its more traditional way, it is often used to describe research that is flexible in the sense of being designed specifically for the needs of a client/project. Whilst this form […]

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You Can Combine Standardisation with Creativity

One of the key tools for increasing productivity, reducing errors, and facilitating automation is standardisation. Unfortunately, many people think there is an association between standardisation and a lack of creativity. However, standardisation does not need to create a cookie-cutter approach, indeed it can promote creativity when done the right way. Whitworth Standard – 1841 For most of the Industrial Revolution, every blacksmith and workshop used its own dimensions for nuts and bolts. If you bought a steam engine from one workshop, you had to go back there if you needed any work doing on your machine. This slowed down the adoption of new machines and tools. In 1841, British engineer Joseph Whitworth introduced the British Standard Whitworth system, the first standardised system for engineering in the modern world. This innovation led to changes in how things were manufactured, for example it was now easy to buy parts from several companies, it was easier to scale-up production, which led to a golden age in manufacturing and industrial creativity. Avoiding Procustes The worst type of standardisation is often referred to as cookie-cutter, or more scathingly as procrustean (definition: enforcing uniformity or conformity without regard to natural variation or individuality). Procustes was a […]