In Market Research or Marketing Research, the producers and marketers have to figure out what market wants currently and in future. This requires data and interpretation of data. Interpretation is 60% and data collection is 40% of marketing research according to a marketing research expert. The emergence of social media is making data available in real time about brands and their shortcoming. It also has desires of customers for future products. So emergence of Big Data that has the capability to analyze social media conversations and posts has made data available to data interpreters and thereby reduced the need for data collectors in marketing research activity.
Whereas earlier marketing research was based on small samples, Big Data based marketing research is able to take in millions of potential customers and buid insights on their conversations. The advantage is that marketing communications can be targeted to them and a better response rate can be achieved for products and services created according to their stated needs.
Big Data Use 2015
Analyzing customer behavior 65%
Bringing together different data sources 63%
Improving customer perception 59%
Enhancing responsiveness to market dynamics 51%
Generating reports faster 41%
Enhancing customer relationshipss 37%
Developing new products and services 33%
Identifying cost reduction opportunities 14%.
Article in Corporate Dossier on 15 May 2015
Interview with Richard Ingleton, CEO, TNS, Subsidiary of WPP Group and one of the largest market research firms in the world.