Thursday, February 5, 2015

Insights Industry Predictions of 2015

In 2014, there were a lot of predictions about where the insights industry would go this year. So, we are taking a look at some predictions that came from our insights social media communities as we look into how the insights industry will evolve throughout 2015.

While Big Data has been trending for some time, it’s more relevant than ever at the end of 2014 and moving into 2015. Consumers are increasingly connected, and this causes a huge amount of data that can hide key user insights that can decide the success of a marketing campaigns.  In 2015, data will remain a priority, but marketers will move from "big" to "smart" data, using more hypothesis-driven and creative analytical approaches to simplify the complexity that data brings.

Further, Big Data analytics continue to be a rarity practiced by a few select individuals and companies, according to Andrew M. Appel President and CEO IRI. However, the domain for some market researchers is widening as a greater number of us work with ‘Mid Data’ and think of ourselves as data analysts rather than marketing researchers. As we emerge into a more global industry with more powerful software, there will continue to be a big need for market research experts and data scientists.

This year will also separate companies that integrate consumer and shopper insights across their organization to drive shopper-centric strategy from those that operate in traditional functional silos, according to Bob Lederer, RFL Communications Editor and Producer. He says this year research must evolve to respond to the need for integrated learning and facilitate its translation into actionable retail strategy.

According to Tom H. C. Anderson Managing Partner Anderson Analytics – OdinText, the most insane predictions in the past few years have involved the end for traditional research methods, especially survey research. Specifically, innovation in the insights industry has been very necessary to provide speed and management of a greater variety and size of data.

In addition, CPG manufacturers must focus on consumer activation, according to Appel. In a world of greater competition, a more complex path to purchase, shifting consumer attitudes and a continuing soft economy, it’s all about micro-segmentation and leveraging Big Data and new technologies to dramatically accelerate decision making at very granular levels across sales and marketing disciplines. 

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