Machine Learning: Top takeaways from MRS Data Analytics Conference

By Tommaso Gennari on July 02, 2019

Exploring expert views on AI and the role of ‘stats’ in market research

Machine Learning (ML) is everywhere, from social media and virtual assistants to financial services and data security. For sales and marketing professionals, machine learning offers unprecedented analysis of big data. It holds the potential to decode increasingly layered buyer journeys. However, does machine learning truly have a role in market research, a field where we rely on analytical methods to understand nuanced and complex decision-making? Or, is statistical thinking still the essential analytical element behind the insights we deliver today?

These were the questions posed during the 2019 MRS Data Analytics conference held in London. I joined peers from Sky, Boxclever and Honeycomb to explore this topic during the “The Role of Statistics and Machine Learning in market research” panel.

Here’s what we had to say and what you need to know about the future of market research.

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Achieving big impact with small HCP samples

By Daisy Lau on April 02, 2019

How to unlock the numbers in niche indications by using Multi-Criteria Decision Analysis

If you’re in a highly specialized area, such as MedTech or rare diseases, you’ll be only too familiar with the challenges of working with small sample sizes. Qualitative insights are important but when go/no go decisions are at stake, you may need a more data-driven approach. But, how can you obtain robust market data for decision-making when your target population and treating physicians are limited?

Having worked with leading pharma companies over the years, our team recognizes the issues that small samples present. Since we never want to sacrifice analytical rigor, especially when key milestones in product development are involved, we realized this was a dilemma we wanted to tackle. Always keen to explore (and validate) new research techniques, we’re recommending a creative approach that addresses small HCP samples and delivers big value. Here, I’ll explain how leveraging a little used tool in pharma market research – Multi-Criteria Decision Analysis (MCDA) – can reap a big impact. 

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How pricing research is helping FMCG brands fight inflation in developing countries

By Robin de Rooij on February 25, 2019

When inflation hits, your pricing strategy inevitably feels the pressure. On the one hand, raising product prices will protect margins. On the other, you can’t risk pricing yourself out of the market. When consumers feel this pressure, their spending habits are likely to change, especially in developing countries and high-inflation regions.

In Asia, the introduction of a sugar tax aimed at improving public health has added extra tension, affecting FMCG brands - from raw materials to the point of sale. For instance, in the Philippines, the sugar tax now mandates a tax of PHP10/ USD 20 cents per liter of sugar-sweetened beverages such as juices and soft drinks. The rate will increase by 4% each year, with other countries, including Thailand, Vietnam and Malaysia, phasing in a similar tax over the next five years.

So how do you set prices in different countries when market changes like inflation and regulatory developments hit?

Taking the guesswork out of your pricing strategy is the first step to protecting your revenue. How well

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Why it's time to optimize your approach to brand trackers

By Giacomo Sartori on February 20, 2019

Explore a driver analysis solution for analyzing stated and unstated factors

Tracking studies provide extensive information on brand perceptions over time. They play an important role in understanding what influences consumers and professionals to make decisions. However, as these groups become more empowered and have more choices to consider, your approach to brand trackers needs to evolve as well.

Unfortunately, current research methods used to measure brand health don’t uncover what causes perceptions to change. Only by unlocking these specific insights can you truly understand what drives value in your market. Armed with the brand drivers, you can focus on the marketing strategies needed to optimize your brand perception.

We recommend brand driver analysis to gain these important insights. Here are some of the reasons

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How a subscription meal-kit company plans successful recipes each week

By Mike Mabey on January 08, 2019

Cooking up consumer insights for the creative masterminds

Consumers around the world are eating up the convenience, choice and personalization that online meal-kit delivery services offer. Today subscription boxes offer a variety of options for online shoppers and a host of challenges for brands. To stay ahead in this competitive online space, you must delight your customers with every box that hits their doorstep. But what type of consumer insights are needed to inform the creative masterminds behind what goes in that box every week or month?

We recently set out to help a leading meal-kit delivery company answer just that. 

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Introducing the Habitual-Deliberate Loop of consumer decision behavior

By Christina Liao on November 26, 2018

How a new view on the purchase decision spectrum can drive better market research outcomes

I recently got in a taxi cab with a few colleagues and we were so engaged in conversation that we didn’t realize we weren’t moving until the driver asked: “So, where are you headed?” As heavy Uber customers, all of us were in the habit of not specifying a destination verbally since the app conveys all the pertinent details to the driver. We assumed that upon entering the car, the driver should know where to go!

On that taxi ride, we reflected how consumer behavior, and our habits, changed so drastically in a few short years thanks to new technology. Uber disrupted consumers’ traditional routine (hailing a taxi on the street) to form a new habit (grabbing your smartphone to “call” one). What started out as a deliberate new choice to use a rideshare app, quickly turned into an automatic, or habitual, behavior.

This scenario perfectly illustrates our view of the consumer decision behavior spectrum: The Habitual-Deliberate Decision Loop. Disruption of consumer behavior seems to be happening at a faster and 

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