CHAIR – Lisa Salas
Patrick Comer – LUCID
There is power in being able to ask people questions. That notion, at the heart of market research, fuels a better understanding of people’s needs, wants, and beliefs. While that notion has not changed, market research has, the way we do it has and the power within it has. In this session Patrick Comer, Founder and CEO of Lucid, will explore the ways in which the power and dynamics in market research are changing. He suggests that we have passed through different eras and are edging upon a new one. In this new future, we see the rise of marketplaces – where people that want to ask questions, find people that want to answer them more efficiently and with better quality. We see people elevate trust, safety, and quality as elements gaining importance amidst rising concerns about fraud and bad actors. How will we respond and what remedies can we expect? Finally, in this new era, we explore how the questions economy will attract and retain people that are living in an attention economy. There are solutions. It is a matter of understanding and implementing them. There is power in being able to ask questions. There is also power in understanding the what, how and why that is changing.
We live in a world where our attention is constantly being courted. As consumers, we are bombarded with information and competition for our diminishing attention spans. According to a study conducted by Microsoft the average human attention span currently sits at about 8 seconds, a notable decrease from the previously published 12 seconds in 2000.
This puts market research at risk. If we are not creating engaging market research with proven practices, we risk losing our most important asset – the ability to engage with consumers to obtain high quality data and insights. If we do not ask the right questions how can we uncover the right insights? We risk making bold conclusions and big decisions on the wrong foundation.
OMD Australia’s market research division, Marketing Intelligence, and global data and insights company, Pureprofile, partnered to study the best ways to ask questions in online surveys that improve both respondent experience and inform best practice.
We surveyed 10,000 nationally representative respondents (age, gender, location and income) and tested different versions of commonly asked questions. With insights from this study we can unlock the most meaningful consumer insights while helping to secure the future of quantitative market research.
12:50 Existential Cross-Roads
Market research is at an existential cross-roads. Our core survey data collection capability is under threat from declining response rates and consumer distrust of opinion polling. Management consultants are moving on to our patch. And yet there is an explosion in the amount of data that consumers create as they search, browse, tweet, exercise, ok google and transact.
To stay relevant and provide higher quality data to clients, market researchers need to combine the data that consumers generate (social media, wearables, entertainment, transactions) with traditional survey data at the individual level – for a fair value exchange.
This paper describes how Faster Horses has developed an app that enables consumer-citizens to monetise their data and create a ‘data income’ for themselves – and how transactional and social media data is combined with survey data in a single app.
A case study shows how first year students at a leading university in Australia were ‘onboarded’ into uni life by sharing insights generated from their data and survey responses. It highlights how the uni was able to drive deeper engagement with new students at the most critical juncture in their educational lives – the transition from high school to uni.
13:10 Attention Economy
Three years ago, we presented a case study to understand the levels of trust between researchers and participants.
We uncovered the lack of trust researchers have towards participants by looking beyond what they actually told us, to what they really think, by using key concepts from other disciplines (like Brene Brown’s BRAVING elements) in the survey design.
We thought we were bold, we thought no one would believe us, what we didn’t think is that 3 years later we, as a research industry, might be facing the serious issues that Charles Feltman warns of;
“The disaster of distrust in the workplace is that the strategies people use to protect themselves inevitably get in the way of their ability to effectively work with others”
Dynata’s latest Global Trends Report on trust and privacy reveals the active stance that consumers are now taking to protect their personal data – avoiding websites, providing false information, disabling cookies, adjusting their privacy settings and worst of all – opting not to share their opinions.
As each of these actions are taken, distrust is reciprocated, inhibiting progress and growth.
But the battle for data is not lost. As Brown said, trust and mistakes can co-exist as long as we make amends and stay aligned with our values.
In this year’s national conference, we present ways on how we can build trust to overcome resistance to sharing personal information.
We look into the concept of the attention economy to understand how brands can engage in a true and fair value exchange with consumers around the benefits of sharing data.
Since studies suggest that cultural background can affect our brain’s ‘trust circuits’, we show key findings from new research across the globe – US, Canada, UK, France, Germany, the Netherlands, Australia, China, and Japan, and explore the key factors essential in building trust across cultures by linking to a well-established neuroscience framework.