For the past few years, everyone in our industry has been talking about the “big data”. Businesses that understand how to collect, overlay and interpret their data have made significant breakthroughs in terms of understanding their consumers. But while the data tells stories regarding “who” is doing “what”, it most often does not explain “why”.
This is where qualitative insights get to shine. By analysing the data and further speaking to consumers to understand the “why” behind the trends, companies are able to make much more informed decisions regarding how to maximise on the opportunities presented.
We work with companies that have a lot of data. Before we conduct any further research, we first look at ways of how to help them utilise the data that they already have.
Once we see the story that their current data is telling, we further enrich the details by overlaying available information with further quantitative research and analysis. Further exploring correlations between patterns and trends creates an opportunity to make discoveries that we would not have hypothesised about at a first glance.
Finally, once we get a thorough understanding of “what” is happening in the business, we speak to the consumers and observe their behaviour to find out “why” they interact with these specific brands and companies in a certain way. “Why” does the rate of consumption drop during particular times? “Why” did over half of the regular shoppers move to a different store? The power of big data is unquestionable, but a combination of data with qualitative insights takes research findings to a whole new level.
Written by:
Lana Bruskina – Strategy and Insight Manager
For further information on THINK Global Research, please contact Kristy Ihle (Managing Director) at info@thinkglobalresearch.com.
