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Location:Room 69 TH Köln – University of Applied Sciences
The Future of Consumer Insight in the Digital Era
data IQ AG, Switzerland
The phenomenon of “Big Data” is undisputed. More and more aspects of our day to day life will leave a digital trace. In parallel, new techniques that allow to store and analyze increasingly large amounts of data are emerging. However, pundits project different, sometimes contradicting views on the future of the consumer insights business. Some predict an accelerating substitution of surveys by Big Data in combination with powerful analytical tools. Others express a critical view on the quality and validity of Big Data and see a revival of “classic”, survey-based approaches.
The current practice of consumer research shows a pragmatic approach, aiming at an integrated view on various data sources. Amongst others, relevant challenges must be addressed:
Consensus is needed on a scientifically founded new research paradigm for consumer insight.
Solutions are required that ensure transparency with regard to the origin and quality of all data sources used to create insight.
Specific ethics need to be developed with regard to data collection and, in particular, data linking as the probably most important future approach to relevant consumer insight.
Successful case studies endorse the business value created by the new paradigm:
Combining mobile sensor data with transaction data has helped retail stores to significantly increase the conversion rate of customers.
Integrating survey-based typologies with Big Data patterns opens up new opportunities for effective content marketing for a multi-channel commerce.
Digitizing the customer journey on a consistent “ground truth” allows unprecedented insights into the decision process.
Building on these case studies, the presentation will examine the challenges of the consumer insight business in the digital era.
Dr. Stefan Oglesby, MBA IMD, is founder of data IQ AG, a company specializing in customer insights and data analytics services, and lecturer for consumer research at the University of Lucerne. In his role as member of the Presidium of the Swiss Association of Market Research, he is contributing to the association's transition into the digital era and advocates its new positioning as a representative of all insights specialists - also beyond classical survey research. He has more than 20 years of experience in marketing and social research, including roles as research director and CEO at a leading Swiss market research agency.