I’ve often been asked by friends, “What exactly is new market research?”, so here’s a quick blog post to explain what new market research is in the best way I know how … by having other people answer for me.
Traditional market research could simply be defined as a process that generally gathers and analyzes information about the moving of good or services from producer to consumer.
What is “new market research” in 140 characters or less (or sometimes more):
A short list of the tweets I received from the first ten #MRX experts on Twitter to respond to my question.
TomHCAnderson – “2 me #NGMR is realizing that there’s more 2 research than surveys & fgroups. In one single word, it’s ANALYTICS!” … “I’ll add to ANALYTICS, Strategy+Engagement+Technology+Deeper and more data = NGMR”
adricrocha – “#newmr=cross-research,data integration,engagement,interactivity,analytics,strategy,consulting,multi touch-points”
fichtnerbass – “how to define #newmr? everything old is new again”
tomewing – “#newMR is all the stuff that made you think “that’ll never work” when you first heard about it.”
RayPoynter – “NewMR, IMO, is the research that emerges when the old positivist, objective, pseudo-science approach is superseded”
tomderuyck – “it’s about listening, co-creation, participants vs. respondents, interactive tools & researcher = peer”
JHenning – “21st century MR. MR that uses emerging technology (from neuroscience to SMR).”
My Definition of New Market Research:
To try and summarize for everyone what new market research is, I would say it is the following:
1. Better research strategies
2. Better respondent or participant engagement
3. Better and new research technologies
4. More data for analysis
5. The use of advanced text analytics
6. More integration of data, research tools, media and methods
7. Old research methods using new tools or media
8. Research that goes beyond the science
Please feel free to comment below, or on Twitter, with your ideas of what new market research is.
Thanks again for reading Sean Copeland’s New Market Research Blog!
* Interested in reading more opinions on new market research, but can’t find what you’re looking for on this site? Look through my list of Top 25 Market Research Blogs of 2011 for some ideas of where else you can look.
I like your post! Thanks for the useful information! Hope you can post more valuable posts in the future! Thank you again! Keep it up
New methods are needed as data and technology change. Those who can leverage the two latter and design best in class methodology based on scientific method have an edge. To get there (ahead) though you really need to have a cross disciplinary team/approach. Otherwise you won't have the new skills and ideas needed.
It is often necessary to commission marketing research to estimate total market size and calculate a company’s market share. Share often is associated with profitability…..
For a definition of New Market Research I believe we need to look beyond a mere list of what it might include to a broader framework. So we need to see 'new MR' as a coin with two sides: what we research (influence of social media on consumer attitudes/choices, rational versus emotional drivers of choice, etc) and how we research (the web as a research medium, neuroscience, online research using computers, smart phones etc). And critically, as we evolve as an industry we need to become more integrative/holistic/multi-source and less positivist/reductionist/single source.
Not to be a deemed a relic – to me the basis of powerful and meaningful market research has not changed – the technologies have evolved; however, the determination of the intent, questioning, analysis /interpretation and recommendations still remain in the art and science of skilled sociology and anthropology.
I like it! its a very informative post.thanks for the helpful information.i think new methods are needed as data and technology change.