March 2021 Global Consumer Insights Pulse Survey

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A quick browse through the segala.info Blog or one of the GRIT Report publications shows that "insights" và "market research" are used interchangeably. We thought it would be helpful lớn take a closer look at these two terms.

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Market Research vs. Consumer Insights

What is it?

Market Research

Market Research is the practice of collecting và analyzing data khổng lồ answer discrete business questions. It is an all-purpose term that people will use when referring khổng lồ research, consumer insights, data, & analytics.

Consumer Insights

Consumer Insights is the practice of using available data to derive sầu broader business insights for effective sầu business decision-making. Consumer Insights is also an industry term used to refer to data & analytics when they are being used in business decision-making.

The goal of Consumer Insights is to support and guide brands khổng lồ move more into the direction of consumer-centriđô thị by looking to lớn the Why/What next? & not just the What?

What is their department’s focus?

Market Research

Recommendations for specific questionsThe cold, hard, factsBenchmark against previous periods in timePresents data to sale but is not involved in meetings with clientsAnalyze data from each stream individuallyFocus on the original question/retìm kiếm goalBuild the retìm kiếm database

Consumer Insights

Multi-disciplinary recommendationsThe story in the dataBenchmark against other organizationsParticipate in client staff meetingsUse multiple data streamsFocus on future growthGive sầu access to dashboards etc

Data formatting

Market Research

Delivers data that can be summarised và forms the basis of a recommendation

Consumer Insights

Data is delivered as a narrative

Purpose of data

Market Research

Delivers on retìm kiếm objectives. Used to answer specific questions.

Consumer Insights

Delivers on research objectives & knowledge needs but also but strives to recommend actions for effective decision making.

Their relationship lớn marketing

Market Research

Delivers data to marketing

Consumer Insights

Marketing is a business partner. When marketing and consumer insights are well aligned, they work together seamlessly. A best practice is to lớn include kinh doanh in the process of synthesizing the learning from consumer insights projects to lớn gain applicable insights và build deeper knowledge in the organization.

Geographic popularity

Market Research

More popular in economies heavily reliant on Manufacturing like Đài Loan Trung Quốc, Germany, nhật bản, Taiwan, Indonesia, Polvà, & South Korea

Consumer Insights

More commonly used in service-based economies lượt thích the USA, Brazil, Bermudomain authority, UK, Greece, Australia, Singapore

Service Providers

Path Growth

Full-Service và Field Service Market Research Firms

The typical path lớn growth involves adding data and analytics services.

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Full-Service và Field Service Consumer Research Firms

The path khổng lồ growth includes complementing their core offerings to include more complete solutions.

Revenue Sources

Full-Service và Field Service Market Research Firms

The most common revenue sources for large market research providers are quantitative data collection, nonconscious measurement tools, và brvà strategy. However, this category has a more diverse history và a less mature identity.

Full-Service & Field Service Consumer Research Firms

The most comtháng revenue source for consumer research providers is quantitative data collection.

How can providers differentiate themselves?

Full-Service và Field Service Market Research Firms

Large Full-Service providers separate themselves from smaller ones by developing data-dependent revenue streams such as unstructured data solutions, nonconscious measurement tools, và analytical services.

Unlượt thích smaller providers, larger ones focus on competing based on the more diverse use of data: new types of data, synthesizing multiple data sources, analyzing multiple data streams, and meta-analysis.

Full-Service & Field Service Consumer Retìm kiếm Firms

Large Data và Analytics providers separate themselves from smaller ones by developing “full service” as a revenue source. They are more likely khổng lồ focus on competing based on new types of data, synthesizing multiple data sources, & analyzing multiple data streams. In addition, they are more likely than smaller providers lớn focus on competing based on multi-disciplinary recommendations.

Our best resources for learning more about Consumer Insights

Blog Articles

A New Organizational Model for Highly Effective Insights Organizations – Part 1 of 2

A New Organizational Model for Highly Effective Insights Organizations – Part 2 of 2

Market Leaders Deep Dive: Data và Analytics

10 Steps For Stretching Marketing Research For More And Better Insights

Is There a Difference Between Consumer Insights & Market Research?

Should You Be Tracking Customer Insights?

The GRIT Report

Webinars

Effective Qualitative sầu Research in a Virtual World

How PepsiCo, Kraft Heinz & Unilever Are Shaping the Future of Research

Find a company that specializes in Consumer InsightsFind a Full-Service Research ProviderFind a Market Retìm kiếm company