It’s been a busy couple of days between talking to clients about my views on social market research, getting comments on the blog and through Twitter about listening, and delivering a teleconference on the topics as well. All in all, it’s been good affirmation that this is an area worth spending some time exploring even further.
To close out the week on this theme, I’d like to direct you to a podcast interview I did with a publication called Research in the UK. It highlights the three main trends I’m seeing with regard to using social tools in market research, and it speaks to some of the points I raised this week around the interest in and challenges around using listening technologies.
This is a publication that I recommend market researchers follow in general. It’s a good resource for keeping up with market research news on both sides of the pond, and there are always a variety of compelling opinion columns on the current and future state of the industry.
What matters to financial buyers depends on who they are and what they are buying. Our Technographics data shows that European customers with different profiles — for example, different sociodemographic or attitudinal profiles — care about different things when selecting financial services firms.
The report 'Why Europeans Choose Financial Firms' also shows that the influence of word of mouth on a customer's decision to select a financial services firm declines sharply with age. A striking 37% of customers ages 16 to 24 and 18% of customers ages 25 to 34 were influenced by their friends' or family's recommendations. On the other hand, nearly half of European financial buyers ages 65 or older chose a company for their most recent financial purchase partly because they already had a product or account there.
Whenever I talk to clients about social market research, the conversation inevitably and quickly turns to listening platforms and how/if market researchers can use them. Platforms like those from Radian6 and Alterian are attracting a lot of attention right now due to the fact that social media have become so mainstream among online consumers in the US and increasingly so in Europe. And the hope among researchers is that these conversations, when tracked and analyzed appropriately, will yield meaningful insights that would have been hard to come by through other means.
The reality is that listening platforms require a significant human touch in order to sift through mountains of data and extract golden nuggets of insight. I truly believe that it’s not too much of a stretch for market researchers to get comfortable with the methodological challenges of this kind of research, such as the fact that you never know the true demographics of the sample. Instead, what’s holding market researchers back is that it’s hard to do this research in an efficient and meaningful (read: insightful) way using just a platform alone.