How Market Research Can Leverage the Data Explosion
- June 23, 2014
The market research industry must leverage the “data explosion” in order to “be the voice of the market place for our clients,” said LRW President Jeff Reynolds during an interview at the Insights & Innovation Exchange last week.
Answering the hairiest questions currently facing the industry, he advises market research practitioners to:
- Recognize unstructured social media data for what it is: let it inform trends, but understand its limitations.
- Maintain an orientation of curiosity toward problem solving that incorporates the best of both new and traditional market research technologies and methodologies.
Speaking with interviewer Ben Smithee, Jeff identifies the outlooks and capabilities that will allow market researchers to keep pace with the industry’s full-gallop trajectory, specifically addressing the explosion of data in multiple forms, and the challenge of reigning in and taming wild social intelligence.