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Are you embracing new market research paradigms?

We write for Greenbook about New Paradigms in Market Research. In an industry that is changing tremendously, traditional ways of doing things will no longer suffice.

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Market researchers must address ongoing challenges and meet ever-increasing demands in our industry. Our Director, Geoff Lowe, writes more about what some of these issues mean for the researcher and how we can start to think differently about the future in his latest article for Greenbook. Technology and new methodologies are two obvious answers in assisting us as we try to meet the new paradigm shift, but with these approaches, challenges can ensue. 

First, Geoff addresses the elephant in the room: the evolving relationship between machines and humans. He writes, “In the past, human-based analysis only allowed us to skim the text, use a small sample and analyze it with subjective bias. This kind of generalized approach is being replaced by a computational methodology that incorporates all the text, while throwing away what the computer views as non-essential information.” We can manipulate machines in order to do the time-consuming heavy lifting relating to data, and then humans can “add color and apply sensible intelligence to the data.”. The key to success in this human-technology relationship is finding the balance of both efficiency and effectiveness.

He also dives into one emerging methodology shift, specifically regarding advanced statistical analysis. In the past, we have relied on the crosstabs (and more crosstabs) but technology now gives us the opportunity to tap into new approaches such as using Bayesian statistics. Analysis based on this theorem “allows researchers to test a hypothesis and see if it holds given the data, rather than the more commonly used tests for significance which test that the data is right in the face of a given hypothesis.” To put it briefly, new approaches like this are forcing researchers to learn to adapt to the new conditions. 

Geoff concludes his article by saying the time is now to change our processes, as things are moving full-force ahead. “Doing things in new ways can lead us to better, faster insights.” It is important for researchers to try new tools that are now, for the first time, at our fingertips and can catapult us forward in this new paradigm. 

For the complete article visit: https://greenbookblog.org/brand-impact/why-are-we-talking-about-new-paradigms-in-market-research/

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