Trends in market research: Analyzing the hype
8/15/13 / David Kennedy
We’re surrounded by hype about products and services every day, whether it’s technology, entertainment, political, or even business practices. The next big thing promises to change our lives and make the old thing irrelevant.
Market research is at the intersection of many industries and trends so it’s no surprise that we see plenty of big promises, but how do we tell when it’s more hype than fact? As Jeff Foxworthy may put it…
- If the person doing the hyping has something to gain from its success, then it’s probably hype.
- If the person doing the hyping is saying market research is dead, then it’s probably hype.
- If their claim is too good to be true, then it’s probably hype.
- And if their claims don’t stand up to scrutiny, then it’s most definitely hype.
Most importantly though, does it actually deliver…Better data? Quicker? Cheaper? If it’s only providing one of the three at great expense of the others, then it’s probably not worth the hype.
Market research is in a state of constant change and the new tools offer exciting possibilities, but be sure to ask a lot of questions and fully understand if you’re being sold hype, or something of real value.
New tools that truly improve what market research can do are great – and sometimes hype-worthy – but as with any purchase, be an educated consumer.