Report of the IIEX Europe 2020 conference on 25 and 26 February the Beurs van Berlage in Amsterdam
New technological applications in market research have matured. Many really useful applications are available on the market nowadays. But market researchers still seem unable to get a hold of their own target group, the marketers. In a nutshell, these are the conclusions I drew after 2 days of walking around IIEX in Amsterdam (25 and 26 February). The fair is the annual innovation party of the market research world.
Consumer Insights are KEY to strategic product and business decisions. However, consumer insights departments are disappearing. This article looks into why that trend is occurring and how they can overcome this in an “augmented intelligence” driven organization.
Research departments are under pressure. They are expected to deliver faster, cheaper and more impactful insights than ever before. Instead of doing more and faster research, insight departments are also able to revisit existing data sources. Often, companies have plenty of valuable data sources at their disposable, without being aware of their full potential. Moreover, relevant databases are often publicly available via APIs or sold via data brokers. Yet, the biggest hurdle lies in making sense of this abundance of data. Companies are struggling to connect different sources due to different structures, missing values and other complexities. In the last years enormous advancements have been made in machine learning and data science. Although demystifying is needed in order to better understand this discipline in context. With a creative and pragmatic mind-set, the problem can be solved by borrowing techniques from this field of data science. We show a case – in the beverage industry – where we exploited existing data sources to uncover a hidden layer of insights.