“Data! Data! Data! I can’t make bricks without clay” remarked Sir Arthur Conan Doyle, the man behind Sherlock Holmes who showed us how important the data is to draw conclusions. When every company was investing in evaluating the data, the era of “Big Data” arrived. The rise of data science and the continuous evolution of social media and internet has made the Big Data really BIG! The data gurus said that “big data has every answer you’ve ever wanted” and now it is not just the part of IT but has become a part of many organizations’ business strategies.
Big Data has straightaway challenged the traditional market research and their data collection methodologies which market researchers have been practicing since a decade. The tough task big data presents to the market researchers is not data collection, instead it is to manage the huge data which is captured daily and to connect all the illogical dots and make logic out of them.
In today’s competitive times, strategic decisions have to be quick and market research is just too slow to match this new tempo, whereas big data has brought high velocity and a variety of information with it. Technology has increased the availability of big data which brings an opportunity for market researchers to provide the power needed to derive insights from a variety of information.
Why is it a bumpy ride for market research?
It might be an uncomfortable ride for the market researchers as they have to change what they had been doing for a decade, but this is an insight driven world and market researchers have to hone their skills and think like a data scientist than data collectors. They should know what has to be done with the huge data. Big data is all about the machines but logical insights need the human understanding and here is the opportunity for the market researchers to leave the comfortable position, take the bumpy ride and have the will to change.
We know that the big data has made the data look huge and smarter than before but it’s what a market researcher will do with it, that will make the difference.
This article is written by Manan Sethi and published by Varun Mishra.