Traditional market research can be dull, with its poor methodology, boring survey or biased focus group and very likely leads to predict the wrong future of your business. Meanwhile, it is a lucrative sector. In the US, brands tend to throw tons of money into it; market research industry revenue in 2018 reached USD 23 billion.
Today, a charismatic entrepreneur could walk on the stage and talk about all the flaws of traditional market research.
Her pitch is that old school market research needs drastic plastic surgery. The new solution has to be
- specifically targeted at millennial and generation Z
- fun and easy to implement
- instant feedback in real time
- at affordable price
The founder is basically building an app integrated with entertaining questions and incentivized with attractive rewards for surveyees to fulfill the purpose of market research without consciously aware of. Brands then can use its self-service research portal to design and launch highly contextualized, fully customizable survey and analyze the results in real-time.
And recently this American startup has cashed in USD 4 million from investors like Bain Capital Ventures.
Similar startups are popping up.
In the UK, another startup is working on an app-centric community-based market research methodology as well; or perhaps even more sophisticated. Its AI algorithm claims to extract insights based on image and video directly uploaded from its online community in 87 countries.
The British startup raised Series A of USD 12 million.
Above two startups hope to tackle the bottleneck of acquiring market research data in real time and automating the analysis along the way. Nevertheless, online community curation could be a daunting task in some countries, especially in China.
So in Hong Kong, another rising star in trailblazing the process of market research is on the horizon.
Instead of an app community approach, the startup relies on a wide network of research panel providers. Its proprietary AI automation technology can substantially undercut the heavy costs of traditional research mechanism.
In case you wonder the reliability of the panel data, the startup said it guarantees quality control and in the past its AI even detected the data fraud of a bunch of Chinese middle-aged women who pretend to be girls in their 20s answering the survey questions in order to get paid.
The solution also acts as your low-cost consultant to address typical puzzles like:
- Product development
- New product launch
- Market entry strategy
- Market positioning
- Advertising&campaign impact
On top of that, its final delivery report is no longer a static PPT, but a dynamic, interactive, clickable, and draggable toy.
So if you are not deep-pocked enough to spend millions of dollars on McKinsey or BCG, perhaps it is time to seek the wisdom from these three-eyed AI ravens.
By: Cecilia Wu