The Importance of Incorporating Multi-Channel Approach to Market Research
During the July 2013 event, Market Research in the Mobile World North America, which was held in Minneapolis, USA, Shawna Thayer, Senior Director of Analytic Partners (former VP of Consumer Insights at SUPERVALU) gave a presentation highlighting the importance of incorporating a multi-channel approach to market research. The benefit of advanced planning to arrive at strategic decision making is also discussed.
Shifting focus from the market research side to the analytics side, Thayer has seen a common challenge inherent in both aspects: the sheer amount of information gathered from a multi-channel environment can be a challenge to connect and ultimately act on. She pointed out that it may seem empowering to have such a mountain of information funneled from the many new ways of data-mining techniques. However, handling and analyzing multi-channel research data can be crippling.
Her talk delineated the intricacies involved in project management. There was also an interesting bit about how the strategic activation of consumer data can possibly lead to insight driving positive consumer perception and predicting buying behavior.
Thayer successfully made a case for effectively acting on the amazing amount of information that can be accessed and mined through the use of new mobile technologies and platforms, as well as making the information available to key decision makers and business leaders. Leveraging so many new mobile platforms is a futile endeavor unless the key decision makers in, say, a business organization, are onboard with the new market research ideas.
Meanwhile, bridging the crucial gap between market research and analytics should also be seriously looked into for a more comprehensive decision making, according to Thayer. Integrating market research and analytics can assist in advanced planning, which then eliminates duplicate efforts and helps drive down costs. Thayer recommends that even if advanced planning is nonexistent or inadequate and even if budget is tight, researchers should begin right away and make the best of whatever is made available to them.
You can watch the full video presentation below: