Adapting to the Changing Face of Market Research with Todd Horvitz

This episode of the "Now that's Significant" podcast features a conversation with Todd Horvitz, Head of Customer Insights at HP, who reflects on the significant changes in market research over his 25-year career. The discussion explores how technological advancements, evolving work culture, and the rise of AI have impacted the insights industry, requiring researchers to adapt and embrace new approaches to remain relevant and valuable.

Key takeaways from this discussion include:

• Democratization of Research: The rise of DIY survey tools and agile methodologies has made research more accessible and faster, enabling a constant flow of insights.
• Data Explosion: The abundance of data from various sources, including big data, social media, and quick surveys, presents both opportunities and challenges for researchers.
• Engagement Concerns: Declining respondent engagement with traditional surveys necessitates a shift towards more engaging and natural research methods.
• The Role of AI: AI is transforming market research by automating tasks, uncovering deeper insights, and potentially even conducting interviews in the future.
• Importance of Nimbleness: The fast-paced business environment demands agility and adaptability from researchers to keep up with changing consumer behaviors and market trends.

Diving deeper into how we need to adapt for the future

Democratization of Research

The availability of DIY survey tools and agile methodologies has democratized research, making it more accessible and faster for organizations of all sizes. This shift has empowered stakeholders to gather insights quickly and iterate on ideas through a test-and-learn approach. However, it also presents challenges in ensuring data quality and avoiding biased or poorly designed research.

Data Explosion

The exponential growth of data from various sources, including big data, social media, and quick surveys, presents both opportunities and challenges for researchers. While this abundance of data offers a wealth of insights, it also requires sophisticated tools and analytical skills to extract meaningful patterns and avoid information overload. Researchers need to be adept at integrating data from multiple sources to create a holistic view of the customer.

Engagement Concerns

Declining respondent engagement with traditional surveys is a growing concern for the industry. Lengthy surveys and impersonal questioning methods often lead to respondent fatigue and inaccurate data. To address this challenge, researchers need to explore more engaging and natural research methods, such as mobile-friendly surveys, gamified experiences, and conversational approaches that mimic real-life interactions.

The Role of AI

AI is playing an increasingly significant role in market research, automating tasks such as data cleaning, analysis, and report generation. AI-powered tools can also uncover hidden patterns in data and generate insights that might be missed by human analysts. Looking ahead, AI has the potential to revolutionize the industry by conducting interviews, personalizing research experiences, and even predicting future trends.

Importance of Nimbleness

The fast-paced business environment demands agility and adaptability from researchers. Consumer behaviors and market trends are constantly evolving, requiring researchers to be nimble in their approach and embrace new methodologies to keep up with the pace of change. Agile research methods, such as quick surveys, online communities, and iterative testing, enable researchers to gather insights quickly and respond to emerging trends in real-time.

In conclusion, the market research industry is undergoing a significant transformation, which is an exciting prospect when you stand back and view from afar. This change is driven by technological advancements, evolving work culture, and the rise of AI. Importantly, researchers who embrace these changes and adapt their skillsets will be well-positioned to thrive in this dynamic environment and continue delivering valuable insights to organizations. We’re already seeing some of the fruit from those who have changed, which leads us to ask an important question: Have you taken the first step?