Missing: Why Fractured Data Is Killing Market Research

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Missing: Why Fractured Data Is Killing Market Research
Missing: Why Fractured Data Is Killing Market Research

Picture this.

You’re standing in front of the CEO. He pulls off a pair of black-rimmed glasses, rubs his eyes where they once framed his face, and asks: “Why is our foot traffic down?”

Uh oh.

You need to answer that. Fast.

But you’re stumped. The survey data and foot traffic you’re looking at clearly contradict. Ugh, this is going to be a wild goose chase. You’ll need to need to sort through six different data platforms to figure out what’s really going on. Right now, you can’t trust what you’re seeing.

Yuck.

This sticky situation sounds all-too-familiar. Marketing attribution is hard, and it gets a whole lot harder once it’s mixed with fractured data. Yet, that’s just how it’s been. Market research has been so niche for so long, it’s forgotten the value of a single-source platform.

Until now.

You can see it too, I bet. In the past four years, there’s been a massive consolidation, and that can only mean one thing. The market is finally demanding suppliers take a holistic approach to measure the consumer experience, and without silos or “islands of information”.

Phew.

It’s about time.

 

Here’s the back story

I’ll show you what’s happening.

But, before I do, you’ll want to know where the problem began. See, companies have always used stated surveys to talk about trends. They tell you what people are saying. But, with the onset of fraud, researchers began to wonder if consumers said what was actually happening.

So, then data came into play.

Suddenly, you could capture insights on apps, sites, and stores. But there’s no life behind this data. It can show you some trends, which are nice to see, but it can’t tell you why people are taking certain actions. For that, you need a consumer panel that combines behaviors and opinions from the same person, because context is everything.

 

Now is the time

Related

Market Research Predictions for 2022 (Part One)

This is it.

Together, data and surveys finally paint a complete picture of the consumer experience. It’s the piece we’ve been missing for 100 years, since the roaring ’20s when research started.1 At last, we’re seeing the industry embrace the value of a single platform where every behavior resides.

Need proof?

Take a look at these M&As:

  1. December 2017: Research Now and SSI merge to become Dynata.2 Then, Dynata acquires Reimagine Holdings in February 2019 to visualize a holistic view of the consumer.3
  2. July 2019: Bain buys Kantar,4 then, Kantar acquires Numerator in July 2021 to measure purchase data for attribution.5
  3. September 2020: Medalia acquires Sense 360 in an effort to add behavioral data to their customer experience feedback.6
  4. October 2021: Zendesk agrees to buy Momentive (formerly SurveyMonkey) to add customer experience management and feedback into their service offerings.7
  5. November 2021: SimilarWeb acquires Embee to add surveys and mobile insights for understanding consumer behavior and attitudes in one source.8

 

What’s next?

Well, it’s a bit of an arms race.

Every research firm wants to be the first to the finish line. So, we’ll have to see who wins the race over time. The good news is, our industry will prevail, no matter what. Regardless of who wins, research will be better off with a more complete view of the consumer.

 

References

  1. 20 December 2017. “Research Now and SSI Merger Successfully Completed”. Dynata. Online. Accessed January 12, 2022.
  2. 19 February 2019. “Dynata Acquisition of Reimagine Holdings Group Successfully Completed”. Dynata. Online. Accessed January 12, 2022.
  3. 14 September 2020. “Experience Management Leader Medallia Acquires Behavioral Consumer Intelligence & Benchmarking Leader, Sense360”. Medallia. Online. Accessed January 12, 2o22.
  4. 6 July 2021. “Kantar acquisition of Numerator completes, creating a global leader in shopper behaviour. (via Kantar)”. Numerator. Online. Accessed January 12, 2022.
  5. 28 October 2021. “Zendesk To Acquire Momentive And Its Iconic SurveyMonkey Platform”. Zendesk. Online. Accessed January 12, 2022.
  6. 10 November 2021. “Similarweb Acquires Leading Mobile-Insights Provider Embee Mobile”. Similarweb. Online. Accessed January 12, 2022.
  7. Kierlanczyk, Kuba. 4 February 2016. “A Brief History of Market Research”. Kelton. Online. Accessed January 12, 2022.
  8. Spanier, Gideon. “Kantar and Bain on their $4bn deal: Now we can invest and acquire more”. PRWeek. Online. Accessed January 12, 2022

 

A version of the preceding article was published on MFour’s blog.

The post Missing: Why Fractured Data Is Killing Market Research first appeared on GreenBook.