Market research has always played a key role in consumer marketing. Companies like IDC and Ipsos have built virtual empires based on traditional research methodologies that yield incredibly valuable information. But as the marketing world has gone digital, legacy methods such as focus groups and phone surveys don’t cut it anymore. Modern marketing is highly data-driven, and we’re not just looking for insight — we need actionable insight, and we need it fast.
Traditional market research, while valuable, has always had its limitations. Sample size has always been one of the most obvious, because there is simply no way to reach out to and engage every consumer in a market. With a sample that represents one out of every 10,000 Americans, or even one out of every 1,000, insights derived from market research had to be extrapolated, and as such, it is impossible to target on an individual level based on that information.