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Big Data vs. Market Research: Do we still need market research?

In the era of Big Data analysis, it has been long debated whether market research still represents an effective means of data collection. The question is a justifiable one, especially since comprehensive consumer profiles can be drawn up quickly based on online behaviour patterns, and we know that consumers find it difficult to describe their motives or triggers for purchasing choices when questioned directly. Although Big Data can answer many questions, the crucial information needed to be able to completely turn away from “conventional” market research is still missing.


How does Big Data in market research work?
In “Big Data”, large volumes of customer/financial/scanner or web data is analysed to find out what, when, where, by whom and how often products or services are looked at or used, and which products are rejected or returned and where complaints occur. A clever example of early scanner data analysis is the one by the English retail trader TESCO, who targeted discounted nappy/six-pack offers at young parents way back in the Noughties, since they now had to drink their beer at home and not in the pub. Big Data can be a real gold mine for food retailers, but not necessarily for others who hold large amounts of data.

The undisciplined customer as an obstacle
The crux of the matter in this process again lies with the customer here. This is because, if you want to exhaustively ascertain the needs of customers using Big Data, you need a complete picture in the form of data. However, since “undisciplined” customers rarely purchase through one channel alone, and conduct their purchases using credit cards, debit cards, PayPal or cash, the Big Data analysis of credit card data only paints a limited picture of the card user. No doubt hypotheses on potential customer desires can be derived from this, but if you want to derive the real potential of a new offering, it is predestined to flop if you lack crucial information from other payment channels.

This is where market research in the traditional sense comes into the picture again by closing the still broad gap in Big Data and helping to compile a comprehensive value potential based on an overall picture of the consumer.

The team from MARKETAGENT.com is here to support you in developing and implementing your online market research: Call +43 (0)43 555 06 50 or write to j.gujan@marketagent.com to find out more.

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