Let’s rewind to the early 2000s, where the world of research was a thrilling adventure. Picture this: researchers armed with survey forms, navigating the nooks and crannies of local neighborhoods, accompanied by colleagues who felt more like comrades than coworkers. They’d approach folks, chatting over cups of tea, collecting precious data with the classic Reynolds pen.

Then came the next stage, transferring this treasure trove of information onto sluggish floppy disks, a painstaking ordeal that demanded patience. Crafting Excel spreadsheets, melding both qualitative and quantitative insights, was the defining feat of the era. Those who could wield Excel formulae were hailed as geniuses, but those who dared to tinker with macros were nothing short of brilliant magicians. It was a time of sweat, camaraderie, and sheer determination, transforming the mundane into the extraordinary.

Although these methods did yield valuable and practical insights, they frequently proved to be time-consuming, resource-intensive, and insufficient in their capacity to encompass the intricacies of consumer behaviour.

And soon after came the era of pivot tables, tableau, dashboards, business intelligence tools, etc etc, which helped turn around the data into meaningful insights. The black and white, vintage looking presentations transformed into colourful, picturesque, dynamic ones, where animations brought them to life, and those who knew how to run them were viewed with utmost respect.

The recent years have marked a pivotal transformation in the world of research, ushering in a new era of speed and precision. Online communities and focus groups have revolutionized the research landscape, offering a nimble and accurate approach that fuels swift decision-making. This modern method of research not only fosters stronger and faster connections with brands but has also become a cornerstone of both research firms and brand strategies. These communities are curated with a specific audience in mind, aligned with a well-defined research objective. In essence, building the right community is more than half the battle won. It’s about soliciting insights from those who truly matter – the potential consumers themselves. After all, when it comes to something as intricate as a cryptocurrency platform, it’s the individuals who use or possess knowledge about these platforms that provide the most valuable opinions.

With the advent of Artificial Intelligence, tech lovers have been rightly advocating its use in data collection, analysis and interpretation. They are of the firm belief that through AI, researchers can unlock hidden patterns and gain deeper and richer insights into consumer preferences and market insights, leading to faster, more accurate decisions that could drive business success. Facial coding, that can analyze micro-expressions and emotional responses, is said to be quite valuable in providing valuable insights into consumer behavior and preferences. Similarly, sentiment analysis can help researchers identify the sentiment behind the responses, enabling them to understand the emotional impact of campaigns, products or services on consumers. Through confidence metrics, which measures the level of certainty or conviction in answers, researchers can get a deeper understanding of consumer behavior.

In summary, as technological advancements continue to reshape the landscape of research, they also drive ongoing evolution in consumer behavior. This dynamic interplay between technology and human adaptability forms a perpetual cat-and-mouse game. Ultimately, it underscores that while technology enhances human intelligence, it consistently lags behind our capacity for innovation and adaptation.

Coming up next…

October 5, 2023: Will AI disrupt Quantitative and Qualitative Research?

October 9, 2023: “Unlocking Diversity, Connecting Desires: Know the Indian Consumer’s Heart.”