CUBE Congress v2.0
End of February, 230 interesting and interested people came together to share insights and learnings with respect to modern-day consumer understanding.
The topic of the event: Humanizing Data in a Digital World.We would like to take a moment to review the things we learned. To do so, we will look back at each session one-by-one and provide a short summary of the things that stuck with us. We also invite you to share your personal key-insights and the things that stuck with you! And of course, please let us know if we missed anything or if you feel like some of the points deserve some extra highlighting 😊.
The event started with a fireside chat with the new president of ESOMAR: Joaquim Bretcha. He mentioned three main topics that are currently of high relevance for the industry:
- Increasingly blurring lines between market research & data analytics.
Traditionally, the two stand for different approaches to answer questions about consumers. Market researchers ask people questions while data analysts use data that becomes available through the behavior of people.
We are in the process of an industry disruption, since the market becomes increasingly consumer centric, there are more investors than ever and the quest for “better, faster, cheaper” makes it necessary to work together.
- The role of humans vs. machines in the understanding of consumers
Even with machine power, humans still have to bring their experience-based understanding and interpretation to the table. People who work with data know that if you use data from even just slightly different sources, they mostly won’t match. What is then needed is the experience to decipher these differences; not just on the data/methodology side but also on the consumer side and the interaction between these two.
- The speed of change that happened during the last 5 years and that won’t slow down any time soon.
Criticism has been voiced that market research was/is slow to adapt to this new reality of disruption by big data & digitalization. However, a lot has happened in the last 5 years and it already became clear that these changes create immense opportunities to develop and learn from and with each other.
An interesting trend is the ongoing democratization of research: companies do more of it directly in-house. That development happens for good reasons and holds lots of potential but there are also challenges associated with it. For example, the more companies in-source, the more problems they have with data management and legislations associated with data management.
In the end, we have to work together and break down silos; Between the different approaches as well as between companies and agencies. The future will anyway bring an increased blending of all of these. It’s our choice how to best deal with it.
pictures by Momentuum photography http://momentuum.eu/