We know that, with time, everything changes. Even market research. During 2022, the world of marketing and research experienced a great deal of change. One change was focused on the search for innovative technologies and methods to collect high-quality data that helps to develop highly effective strategies.
In this post, we’ll analyze the main lessons learned in marketing and market research in 2022, the main challenges that lie ahead in 2023 related to obtaining high-quality data, and the solution to “knock it out of the park” this year and make 2023 a resounding success.
Obtaining high-quality data: Lessons from market research in 2022
In the first post-pandemic year, we learned a lot about how digital and in-person life are connected. Over the last three years, we assumed that life would be primarily based on the digital realm. However, 2022 showed us that social interaction and physically spending time together are highly valuable aspects for us as humans.
For example, many believed that online shopping had come to stay as the main form of consumption, but 2022 showed us again the importance of an omnichannel approach.
This means that the knowledge we have about our consumers cannot be taken for granted. It is extremely important to keep exploring and learning about them so we are constantly up-to-date on their preferences and behaviors.
To do so, we should take advantage of today’s access to high-quality data, ensuring that this data is accurate and relevant for making informed decisions. Nevertheless, this comes with a series of challenges, which we will explain below.
Main challenges marketing directors will face in obtaining high-quality data
Undeniably, major challenges in market research are coming—and, with that, the development of effective marketing strategies. The main challenge lies in finding new ways to obtain high-quality data, with support from specialized companies.
The second is the global economic crisis. Creating effective marketing strategies during an economic crisis and in an environment of uncertainty is difficult, especially when the cost of living is high. As a result, marketing directors will need to carefully analyze their short-, medium-, and long-term planning, preventing potential risks or changes in markets.
Third, there is fragmentation of audiences. Factors such as politics, identity, and age can complicate marketing strategies’ approach. Therefore, these strategies should be designed according to the needs and preferences of different groups of consumers.
Fourth, we have the example of the “changes in direction” of big tech companies, such as Apple and Microsoft. These companies have had to adapt their strategies due to competition from smaller companies, which have been gaining importance—underscoring that we shouldn’t underestimate the strength of any competitor.
Now, while all these challenges may seem intimidating at some point, the good news is that they can be overcome with a well-designed market research strategy. That is, one that takes into account the consumer context and understands the other actors involved: data providers, creatives, and data analysts. The goal? Interpreting data in light of the context.
Technology at the service of marketing directors to achieve success in 2023
Having analyzed the state of affairs and its challenges, it’s time to talk about the tools to “knock it out of the park” this year. We want to introduce you to the “Symphony of Data.”
At Netquest, the Symphony of Data is what we call the collection and combination of different types of data on consumers, their purchasing habits, tastes, and needs. This data allows companies to obtain a much deeper understanding of their consumers, resulting in greater precision in their marketing decisions.
In a nutshell, our Symphony of Data makes it possible to obtain a 360° view of the consumer through five key components:
Profiling, to identify who they are
Our advanced profiling system allows companies to choose from more than 1,000 profiling variables to accurately segment the sample they wish to analyze.
In this way, we help our clients find their specific target of interest, going beyond the basics such as age, socioeconomic level, and gender. At Netquest, we provide the possibility of profiling samples with a high level of detail, using, for example, variables focused on health, travel, financial products, sports, driving, and much more.
With our profiling system, you will be able to create specific profiles for your research projects.
Behavioral data, to analyze what they do
At Netquest, we also offer the ability to analyze consumers’ digital behavior to glean valuable insights about their online buying habits and journeys. Notably, although other companies may offer this, what sets us apart is that we collect this data in real time.
The advantage offered by behavioral data is that it allows us to go beyond “who” the consumer is and learn about what they do when they interact with devices and digital media.
To do so, this high-quality data is collected through various contact points, including:
- Website visits
- Individual sites
- Newsletter subscriptions
- App usage time
- Search terms
Geolocation, to learn about the places they visit
This tool is focused on collecting data on consumers’ offline behavior, enabling companies to:
- Measure the effectiveness of their outdoor advertising
- Understand the physical route that consumers take during a offline purchase
- Identify users’ patterns as well as their routines and hobbies
By using geolocation data, organizations can improve the effectiveness of their marketing and advertising strategies, thanks to the information obtained directly from our panelists’ mobile phones. Of course, as with all our services, it’s important to clarify that panelists have given full consent for the data we collect.
Audio matching, to know what they’re hearing
At Netquest, with the technology of our specialized partner Fluzo, we offer the possibility of analyzing different audiences’ consumption of audiovisual content on television, radio, or the Internet.
Using ambient sound, audio recognition technology makes it possible to identify which advertisements a consumer hears, whether on the street or in their home.
Our audio-matching solution thus facilitates:
- Comparative analysis across media and channels, evaluating their reach and effectiveness
- Content audits
- An understanding of audience overlapping across different media
- Optimization of advertising campaigns
Ultimately, this is one of the best ways to obtain high-quality data for audience measurement today.
Opinion, to learn about their reasons “why”
Finally, we can’t leave out classic opinion studies, such as surveys, interviews, product tests, etc. These help to better understand both brand awareness and customer satisfaction, as well as purchase intentions and product perceptions: in a nutshell, the “why” behind consumers’ decisions.
Opinion studies make it possible to perfect marketing strategies, thanks to the in-depth analysis of the target audience that is carried out.
Having said that, our panelists are undoubtedly the key to the success of each of these five components. Thanks to our fair rewards program and our high standards of data protection, we maintain a loyal relationship with this group of over 1.3 million people willing to genuinely provide information about their lives, actions, and opinions.
How do these services optimize the effectiveness of marketing strategies?
Every year, we learn that innovation is crucial to keep up. In that context, using the right research technologies will allow us to learn not only who our consumers are and what they buy, but also the reasons behind their purchasing decisions. It’s a reality that, for brands to communicate more effectively with their target audience, they need to draw closer. Only then will they be able to offer what this audience wants and how they want it.
Remember, as has been said in recent years, keeping the focus on the consumer over the products or services will always result in a huge competitive advantage.
So, in these times of uncertainty and high complexity, working with reliable and genuine data, such as the data we have for you at Netquest, will be a beacon of light illuminating the path toward successful and outstanding results. Contact us today and “knock it out of the park” this 2023 with our high-quality data!