Time does not stand still. Past problems were solved using the tools and technology available at the time and place. Market research is no exception. When this discipline began several decades ago, we lived in a time when technological innovations were limited to the telephone and the first artificial satellite flights. Today, we have a range of possibilities that our predecessors could surely not have imagined.
To properly value and appreciate new solutions in the field, it is always necessary and worthwhile to look back and evaluate the path traveled. Only in this way is it possible to list the steps taken and put future plans into perspective. This week, we want to take the opportunity to list a few of the paradigms we have faced in the sector, which can serve as a basis for recognizing and assimilating those that will come tomorrow.
Big Data. At the beginning of our area of expertise, we suffered from a scarcity of data and information on almost any phenomenon of interest. Taking the development of public sector modules and surveys as an example, previously, there was a reliance on a few studies that could reach most or nearly all members of a given population. Similarly, in the past, accessing these databases involved capturing records kept in ink-and-paper ledgers. Today, however, the challenge is selecting the most useful and reliable databases.
Neuromarketing. At the beginning of the 21st century, the possibility of combining the objectivity of the exact sciences with consumer knowledge became fashionable. Initially, it seemed to be the next big step that would revolutionize the sector. However, the limitations of this relationship soon emerged. Although certain parameters of our brain’s physiological function can provide clues to a particular mental process, they are limited to that: clues, not proof. Much more research is still needed to find a practical and irrefutable application for this innovation.
Market Geography. It’s almost common knowledge that place (or site) is one of the four Ps of Marketing. For this reason, Geography and Market Research have been intertwined almost from the beginning of the latter. However, the geographical science itself has undergone a series of revolutions in how it generates findings. In the second half of the 20th century, Geographic Information Systems (GIS) simplified and shortened the analysis time for large sets of georeferenced data. Unlike other developments, this one is here to stay and its relevance is being reaffirmed every day.
Artificial Intelligence. In this overview, it would have been almost a mistake not to address the elephant in the room. In recent years, the various online search options have revolutionized how we interact with the internet. This revolution has reached such a point that brands and individuals have begun to relinquish some of their judgment and creative capacity to this tool. It is still too early to know its full scope, although it is also true that we cannot ignore it and it will be essential to integrate it into our work.
While other innovations have forever transformed the work of market analysts, it’s also true that not all have left such an indelible mark as the four we’ve outlined in this blog post. Perhaps a second part of this overview is necessary to fully understand all the shifts that have made it possible to conduct market research as we know it today.
At Acertiva, we understand the value of staying ahead of the curve when it comes to changes that promise advancements in productivity and the quality of the results we deliver every day. We are aware of these developments and actively integrate them into our service portfolio to ensure the satisfaction of our clients and strategic partners. With a presence in the main Latin American countries, we can be your trusted provider to help you achieve your objectives in the region. Let’s write your next success story together today.
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