Considered to be one of the most innovative consumer insights events in the world, IIEX North America in Atlanta just now catered to over 1,000 consumer insight and market research experts. As speakers and attendants to the event the Revuze team got a good run down of the tracks, vendors and overall vibe and wanted to share the top 3 insights with you all.
1. Market research is evolving VERY slowly
With lots of pockets of innovation, market research tries to move forward and have researchers better understand consumers across a number of areas, however it seems its mostly small steps forward and not leaps and bounds.
Some highlights of innovation areas were:
• Understanding emotions and behaviors
• Video insights
• Share economy for cost reduction
However, in parallel, a lot of the market research basic questions were left open. Several panels and lectures discussed concept testing, higher precision in research and ways to automate the lengthy research process. To us it felt like the fundamental issues were still in place – how do you know what to ask, who to ask, and do it in a timely manner and with good enough statistical coverage. More of the same. What does it matter if you can add a little more data into your research from video or emotions if you’re still not sure your asking or answering the right questions that are on top of your audience mind and if you can’t do this quickly and with data that is granular enough to take action on?
2. Hype cycles – AI down, Blockchain up
While AI (Artificial Intelligence) is still going strong and was well represented, it seems the hype cycle for it was scaling down. Blockchain on the other end was on the rise with some prominent lectures and panels. While there were no demonstrations of specific applications for Blockchain in research or insights enthusiasm was high but not translated into actual offerings yet, so still a bit premature
3. Research is still heavily reliant on humans
With so many of the speakers, panelists, attendants and exhibitors being with research companies or research consultants, it felt like the overall theme is that this is a market that is still hung on manual labor, intuition and talent. We at Revuze believe the future is with automated market research that humans can leverage to make business decisions off. It seems like the market is way behind on this one.