Larry Friedman of TNS spoke on Big Data, Little Data, New Data and the Future of Market Research.
Marketing research came about because the data needed to make decisions were rare. So the expertise of the industry developed around creating that data. Now, it is more important to find the data that are already out there and learn to use it effectively, by linking it and analyzing it.
Kantar (parent company of TNS) has compared typical survey data measures (such as brand awareness, purchase intent, and purchase in the last three months) with actual retail scanner results. Turns out that the correlation between some of these measures is close to zero.
However, this company now has methods to measure ACTUAL ad exposure, ACTUAL purchase, and similar, by utilizing "tracking" capabilities with their panelists.
New realities:
- Assuming what people tell us is true, is often wrong
- Market Research's role in Marketing needs to be broader than it has ever been.
- Someone has to do something....it's just incredibly pathetic that it has to be us. (Quoting Jerry Garcia)
Friedman has written a post on the Greenbook blog about this topic, which has a ton more information than I captured here.
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