Last week, I had the privilege of chairing the first day of the MRMW APAC conference in Singapore. For anyone who’s unfamiliar with MRMW (Market Research in the Mobile World), it is a massive global conference series that focuses on mobile research and marketing research technology. Chairing the summit was a truly fantastic experience. Not only did it give me the opportunity to interact with a range of marketing specialists, from researchers to brand experts, but it also fueled the global MR perspective that is so important to the work I do at Lucid.
In two days, I attended more than a dozen presentations and panel discussions. It’s safe to say I got a strong dose of the global MR expertise that MRMW APAC had to offer. One topic covered by several presenters was elevating data collection, data analysis, and subsequent engagement to the next level.
So, how can we all get the best bang for our MR buck?
1. Identify Strategies to Enrich Your Quantitative Customer Data
Whether through 3rd party data, qualitative data, or information gleaned through image analysis, one theme running through MRMW APAC was data enrichment strategies. Data enrichment, and the resulting data sets, enables researchers to find answers to deeper, more complex questions – or simply verify the information that customers self-report.
2. Ensure Appropriate ROI Measurement
How can brands and firms use data to appropriately measure return on investment? As organizations collect more and more data, we’re able to dive deeper and move beyond the metrics that have been traditionally measured. Make no mistake – measuring ROI is complex. For example, one firm quantified brand lift from celebrity endorsements for both the client and the celebrity. This shows how enriched data enables deeper ROI analysis.
3. Storytelling is Key
As brands collect more data, both proprietary and publicly-available (such as social media), these huge data sets are too unwieldy to be passed off to the end client. Storytelling has become a key component of interpreting and communicating data trends to the end client. In addition, firms are now able to employ this data to personalize individual customer interactions.
This information is so important because it shows the value that MR technology can offer. Data enrichment can improve the quality of our data. Accurate ROI metrics can help to determine if data is accurate (and if campaigns are working). And utilizing creative methods, like storytelling, to analyze and convey data insights proves that ingenuity is a force that will keep our industry thriving.