Embracing the Future: Insights from Crispin’s IIEX Europe 2024 Session

Last week at Greenbook's IIEX Europe , Behaviorally’s Group President and CEO of Insight250, Crispin Beale, shared invaluable insights on emerging trends in market research. His session, titled "Revealing the Top 12 MRX Trends to be a Leader & Innovator," provided a global perspective on what leaders and innovators in our profession see as crucial for the future. Below is a summary of his presentation.

The Rise of AI in Market Research

AI is undoubtedly the most discussed topic in the industry today. Crispin emphasized that while AI will not take our jobs, those who understand and leverage AI effectively might. He highlighted the importance of understanding AI, synthetic data, and generative AI, and their transformative potential in market research.

• AI Integration: 89% of industry professionals recognize AI's impact, with 37% already integrating AI into their operations, and 15% planning to do so within three months.

• Applications of AI: AI can be utilized for data analysis, pattern recognition, predictive modeling, insight generation, and decision-making, allowing for the processing of enormous data quantities and automation of repetitive tasks.

Synthetic Data and Its Implications

Crispin discussed the exciting yet potentially risky world of synthetic data, which mimics real-world data without containing personal information. While synthetic data can address data scarcity issues, it poses risks if not managed properly, potentially "polluting" data lakes much like microplastics from synthetic fibers have impacted our oceans.

Key Trends Shaping Market Research

Crispin outlined 12 essential trends identified by global leaders that we should all be mindful of:

1. Synthetic Data and Generative AI: Carefully leveraging synthetic data to overcome data limitations and generate faster insights.
   

2. Big Data Convergence: Integrating diverse data sources for a comprehensive understanding of consumer behavior. Not just quantity but quality of data.

3. Automation: Enhancing efficiency, accuracy, and scalability of market research activities through automation.

4. Storytelling and Detective Work: Using the skills of detectives and journalists to compelling communicate relevant insights to different audiences and ensure they are.

5. Virtual and Augmented Reality: Utilizing new platforms for immersive and impactful research.

6. Economic Impacts: Understanding the influence of economic factors on consumer behavior.

7. Qualitative Research Evolution: Embracing digital solutions and evolving methodologies for qualitative research to support the “whats” with the “whys”.

8. Collaboration and Optimal Agency Sizes: Fostering collaboration and finding the right agency fit.

9. Regulatory Compliance: Navigating regulations such as GDPR to ensure data privacy and compliance.

10. Behavioral Science: Grounding insights in behavioral science for a strategic advantage.

11. E-Commerce: Optimizing the research experience for e-commerce.

12. Marketing Metrics Evolution: Shifting from traditional metrics like share of voice to share of experience.

Insights from Industry Leaders

Crispin included within his presentation quotations from industry leaders, providing diverse perspectives on the discussed trends. These included:

• Nick Graham, Mondelez: Emphasized the integration of AI and human intelligence to harness data's power.

• Justin Clement, Samsung: Highlighted the unparalleled opportunities offered by big data and predictive analytics.

• Dr. Nick Baker, Savanta: Stressed the significance of understanding emergent spaces like the metaverse.

Future-Focused Insights

Crispin concluded with a powerful message: staying abreast of these trends and embracing AI and other technological advancements will be crucial for maintaining relevance and competitiveness in the market research industry. He encouraged professionals to integrate these tools, but to do so mindfully, leveraging both AI and human intelligence to unlock the full potential of market insights but while avoiding business and commercial risk.

Our team at Behaviorally is here to help you leverage innovative AI solutions for shopper marketing.

Contact us today to learn more about how our tech-enabled product stack can help you own the most valuable moment in marketing: the purchase transaction. 

THE AUTHOR

Lonneke de Roo is Senior Vice President, Customer Success at Behaviorally and is head of the Swiss team. She is an experienced and energetic consumer insight professional with more than 20 years of expertise in behavorial shopper, packaging, retail, and e-com research. Lonneke is passionate about developing global partnerships with clients around the world and driving the right business decisions in today’s more and more digital retail context.

Connect with her on LinkedIn!