It is coming to the point when Big Data at long last turns into a reality. Have you thought how it will impact on market research? Will market research be surplus to requirements? Will your surveys, focus groups and interviews be a thing of the past then?
Although some may say it is becoming true, they claim that we already have the answers to most questions at out fingertips. They are residing on the web and in our servers. We just need to dig the data to divulge the insights. Having said that, why bother asking clients’ themselves, particularly when people say they do, that does not mean what they actually do.
They certainly have a point. No one’s doubting Big Data’s huge potential to unearth hidden insights. But it should be used as complementary to market research and not as a replacement. Mining vast Big Data can reveal patterns in how the clients act and even forecasts their future behavior. But it can also reveal anything and everything like few scenarios given in the below diagram:-
So it’s not a contrast as such. Big Data and market research can act as complementary to each other. They are both just ways of gaining insights and we should combine the two together to create a holistic vision.
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