Big data and advanced analytics are hot. Voluminous sets of data can be processed automatically using technology. But the data becomes useful only when it is converted into meaningful information. While Big Data has become the buzzword today, it is of little use if it’s not profitably analysed.

The global Big Data and Analytics market is worth USD 274 billion. Around 2.5 quintillion bytes worth of data is generated each day. There are currently over 44 zettabytes of data in the entire digital universe.

So what is big data exactly, and how does it impact companies?

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Big data refers to large sets of data obtained from multiple sources, like medical records, government records, customer databases, mobile applications, search engines, business transactions, social networks, and other massive data sources. Big data may be structured or unstructured, allowing brands to manage large amounts of data more efficiently. Many organizations are moving away from legacy systems and consolidating data to make the research process seamless, cost-effective, and efficient. 

Technologies like text analytics help market researchers examine large amounts of information and data in real-time to track consumers’ sentiments and detect potential brand reputation issues before they become serious. 

Big data market research is invaluable for brands as it combines consumer and behavioural data with advanced analytics to enable faster decision-making that yields improved business outcomes. When big data and market research converge, everyone wins because it results in better, more relevant products and services for the consumer and a competitive advantage for the brand.

Big data and market research convergence allow brands to dig into data to uncover the “why” behind the numbers. Let’s say, for instance, a brand uses data mining to discover a sudden decline in the market share for a high-end product in a specific market. Using market research methodologies, it studies a sample of consumers that have exhibited a change in buying behaviour to unearth what led to the change. Was it a new product that entered the market, or did they reduce spending due to the economic climate?

These reasons are not presented in the data, and market research can help uncover the “why” behind a data set. 

Today, the digital consumption of information, products, and media makes everything measurable on a large scale. Social media analytics is an example of big data used on a massive scale globally. 

How does big data impact business?

A 2020 study showed that around 94 percent of organizations believe data and analytics are essential to growing their brand and supporting digital transformation. The study also found that the financial, hospitality, telecoms, and retail industries invest the most in big data and analytics. 

Big data in the Banking and Financial Services sector

The application of big data analytics has allowed financial services companies and banks to become more efficient, customer-centric, and competitive. This industry utilises big data to make transactions, trading, and financial activities seamless for their employees and customers.

Retail and eCommerce

The eCommerce and retail industries collect data through their Point of Sale (POS) systems, loyalty programs, and website browsing behaviour. It also helps with inventory replenishments. 

In the eCommerce industry, knowing your customers can unlock conversions and profits. Big data on real-time consumer behaviour, purchase history, and consumer preferences can help online stores recommend the most relevant products and offer them to consumers at the right time. Big data enables e-stores to conduct competitive analyses and pricing to lure consumers. Above all, technology allows online retailers to offer personalization, superior customer service, and experience.

While these industries invest heavily in big data, they are not the only ones. Many sectors like manufacturing, logistics, media, oil and gas, and healthcare are investing large sums of money in adopting this technology to manage their data efficiently. 

Big Data analytics for the healthcare industry is expected to reach USD79.23 billion by 2028. 

For most companies, data is fragmented, and brands are looking for people who can analyze and use data to optimise all business processes and functions. 

Big data impacts not only the private sector but also the public sector. For governments, big data has many applications, including health-related research, financial markets research, fraud detection, public safety, transportation, and environmental protection, to name a few. 

Advantages of Big Data 

Massive organizations like Google, Facebook, and Amazon have proved how big data can build big brands. These organizations have capitalised on big data mining and analytics to grow their brands and boost market valuations. 

One of the most significant advantages of big data is the ability to make informed decisions based on hard data and facts. 

Big data is valuable for consumers too. In the information age, the consumer can access ratings, product reviews, and an easier means of providing instant real-time feedback. This allows consumers to make informed choices. 

What are the challenges with big data and analytics?

As recently as last year, Facebook’s Mark Zuckerberg, Google’s Sundar Pichai, and Jack Dorsey of Twitter had to testify before Congress about the steps they have taken to deal with data privacy. 

Consumers have become more data savvy and are concerned with privacy issues and breaches. <add stats on #s ready to share data for more relevant messaging)

Business outcomes are only as good as the data; high-quality data (link) is of utmost importance. Researchers and brands must be cautious about the data sources and methodologies to obtain the most accurate, reliable, and relevant data. 

The big data market is poised for phenomenal growth in the coming years. With the development of technology penetration across all areas of life, digitization, and the widespread use of smartphones globally, large amounts of data are produced every second. This has led to the need for data analysis and big data. 

As brands apply big data, they make data-driven decisions faster and can respond quickly to market changes. This has a direct impact on their bottom line. But data is not enough; there has to be a fusion of data science with marketing science to help market research become more effective.

Kadence International helps leading brands make game-changing decisions. If you are looking for a research partner to help better understand your customers, we would love to help. Fill out our Request for a Proposal here.

According to the Global Research Business Network (GRBN), confidence in the market research industry has remained stable, and trust in data analytics has increased in 2022 compared with 2020. 

Still, market research as an industry needs to constantly work to improve the perceived value of research. The way to ensure this happens is by addressing the main challenges of obtaining high-quality data. 

The importance of data collection in market research cannot be emphasised enough. This blog post will analyze the main obstacles brands face in this area and provide guidance on how market researchers can tackle these challenges with the help of technology. 

The methods you use to collect and analyze data will significantly impact the quality of your market research report and its value in decision-making. The five best data collection tools for market research are surveys, interviews, focus groups, observation, and secondary sources. 

Understanding the best methodology to get the most accurate, error-free, and reliable data is essential. 

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What is data quality?

Data quality is a complex, multi-faceted construct. Quality data is data that is fit for its purpose and closely relates to the construct they are intended to measure. 

Let’s take the example of a brand like Amazon’s Audible and try to predict what type of books a person would be interested in based on his previous listening history. The data is likely high quality because the books subscribers have listened to in the past are a good predictor of what they would like to consume in the future. The books they have listened to in the past also have a close relationship with what you are trying to measure, in this case, book preferences, which makes the data high quality. 

Reliable data requires a high-quality sample with enough information to make conclusions that inform business decisions. For instance, in the same example of Audible, if a subscriber uses it only once in a while and has only listened to one book in six months, it fails to present a complete picture of the user’s preferences due to limited data or information available. 

In the example used above, the data is available in the app and is much easier to collect. However, this is not always the case. Many instances of market research involve collecting data from people taking surveys, user testing, or recollecting past experiences and feedback, which are much more challenging to measure. 

So how do you ensure you collect high-quality data that informs decision-making at every step of the organization? 

Utilise technology 

As the world has moved online, so have many market research methodologies. Many companies have been forced to move online quickly, which has been a blessing in disguise for them. Technologies like automation and Artificial Intelligence (A.I.) have allowed brands to obtain transparent, reliable, and accurate data more efficiently.

Technology can also be beneficial in identifying bad data. Automation helps select the best pool of candidates for a study and helps achieve a more balanced view of the respondents. It can help reduce subjectivity and bias, scale costs, and improve project speed and efficiency. 

Advanced profiling

To yield high-quality data, you must obtain a 360-degree view of the user or consumer. A good data scientist will study the consumer using all critical data points, like browsing history, purchase history, online behaviour, cart abandonment, geolocation, and other relevant data.

Proper Planning

Excellent outcomes need proper planning, which is valid for everything, including market research. The entire team must understand the research study’s objectives before doing anything else, including all the early actions, like identifying the right participants for the study. Researchers can then create a sample plan based on key objectives and participants. This will become the basis of the methodologies used and the survey designs. A good market research study also employs a screener to ensure they only include participants relevant to the study. 

Recruit the right people

At Kadence, we firmly believe your research is only as good as the people participating in your study. When carrying out a virtual study or focus group, it is vital to make sure people doing the testing or surveys are genuine and suitable for the particular study. Researchers must hunt down even the most difficult-to-reach audiences, as you need the right people for the research to yield unvarnished results. 

Ensure complete and active participation

Making surveys more engaging will always lead to higher participation in online surveys. A well-designed survey with clear instructions will ensure higher participation and more honest responses.

Throughout the survey, researchers can include questions to ensure participants are paying attention and potentially weed out those who are off-track and disengaged.

Screening dishonest participants

Researchers can go a step ahead to eliminate dishonest survey participants. Online surveys can identify potential red flags where people provide false demographic information so they can qualify for studies with high rewards. 

Researchers can selectively target participants who have been profiled in the past to avoid participants with false demographic information. 

Develop a system of efficient, consistent data quality checks throughout the process

Market researchers should always have an effective and efficient plan for weeding out bad data throughout the study. Automating and utilizing suitable technology can ensure you safely streamline the quality check process in real time.

A critical challenge with market research is the ethical collection and use of data. Discover why ethics are vital in data collection and how to ensure your data collection is always on the right side of law and ethics here:

The ultimate goal of market research is to obtain high-quality data that is accurate, relevant, and reliable. While well-planned and thoughtfully designed studies can yield effective results to inform decision-making, poorly planned and designed ones can lead to poor business outcomes.

The stakes are always high, so it is crucial for brands and researchers to constantly improve data quality and reliability to save time, money, effort, and resources and lead to better, more informed business decisions. 

Kadence International helps leading brands make game-changing decisions. If you are looking for a research partner to help better understand your customers, we would love to help. Simply fill out our Request for a Proposal here.

Clean eating profoundly impacts food production as consumers worldwide gravitate toward healthier, cleaner foods.

In 2022, the global health and wellness food market was valued at USD 841 billion and is projected to increase to one trillion U.S. dollars by 2026.

What is clean eating?

Clean eating might have various interpretations for consumers, but it generally refers to eating whole foods as close to their natural state. Consumers that opt for clean eating usually prefer making their meals from scratch. For food and beverage companies, this means using suppliers who cultivate high-quality ingredients and organic farming. These typically come from smaller productions, which means higher prices for consumers.

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Consumers want to eat healthily, but the price is an obstacle.

The pandemic has put health at the forefront and changed our relationship with food. Consumers want to eat healthier, and this has been the most significant lifestyle change in recent years, followed by working out more often.

With the impending recession and high inflation rates, spending less money is also a priority. 

Consumers are looking for “farm-to-table” foods, and the buzzwords are healthy foods that are accessible. These consumers want to know what is in their food and where it comes from. 

Health and wellness factor heavily in purchasing decisions, and food production brands adapt to the trend. Protein-rich foods and superfoods with high antioxidant values are foods that more health-conscious consumers prefer today.

Superfoods refer to nutritionally dense foods or foods that are exceptionally high in vital nutrients. Some commonly regarded superfoods are salmon, kale, blueberries, chia seeds, acai, and quinoa. 

Statista states that between 2016 and 2017, retail sales of quinoa grew by 15.6 percent in the United States as its health benefits became more well-known. Chia seeds witnessed a 14.7 percent increase in retail sales during the same time. 

Consumers are discerning what foods they put in their bodies with increasing awareness about the harmful effects of preservatives and rampant chronic diseases. While there was already a slow rise in this awareness, the pandemic accelerated the shift. For today’s consumers, it is also essential to trace where the product is from. In terms of dairy, vegetables, meat, and fruits, “locally grown or sourced” is gaining significance. 

According to a survey, in 2022, 52 percent of respondents surveyed reported following a specific diet, a sharp increase from 39 percent in the previous year. Amongst those who followed a diet or plan, clean eating (16 percent) was the most popular, followed closely by mindful eating (being intentional and aware when eating) and calorie counting. 

Superior quality, organic foods, and ethical farming practices

From farm-raised over wild-caught seafood to cage-free eggs and non-GMO grass-fed beef, consumers are looking for high-quality ingredients and slowly moving away from pesticide-ridden, low-quality GMO foods. 

The global sales of organic food have risen between 2000 and 2020. In 2020, organic food sales amounted to about USD 120.65 billion, up from nearly USD 18 billion in 2000.

Organic food can vary wildly depending on the nation and certifying agency, but it frequently means crops grown without genetic modifications, artificial pesticides, or harmful fertilizers. Organic meat, dairy, and eggs require animals to be provided organic feed, given sufficient time outdoors, and not be fed growth hormones or fillers. 

In 2019, organic food sales amounted to USD 106 billion, up from nearly USD 15 billion in 1999. The United States accounts for over 40 percent of the retail sales of organic food worldwide, followed by Germany. 

According to the same report, in 2019, there were approximately 72 million hectares of organic farmland worldwide. There were more than one million organic food producers in India, which amounts to at least five times more producers than in any other country.

Ethical farming, manufacturing/ production, and distribution practices are essential to purchase considerations for many buyers. Slave trade, animal cruelty, and environmentally safe farming practices are encouraged. Many consumers won’t buy products that they know follow these inhumane and anti-environment practices.

All this comes at a high cost, and most consumers won’t pay the higher prices for organic foods, even though they would like to. 

Plant-based foods

While veganism, a diet that eliminates all meat and animal-derived foods, is still a lifestyle followed by very few consumers, there is continued demand for plant-based foods worldwide. 

Plant-based meat alternatives include food products from vegetarian or vegan sources, such as soy, vegetables, seitan, tempeh, or pea proteins. 

The percentage of vegans differs by country. With a 9 percent vegan population, India is the leading nation by share of vegans. In the U.K., their percentage is less than 2 percent, but in the U.S., it is closer to 6 percent.

In 2021, Beyond Meat was the leading company producing alternative protein products, such as plant-based meat, with an estimated market value of USD 9 billion. The company offers burger patties, among other alternative meat products. Impossible Foods, which ranks second, is a direct competitor in this market. Brands with plant proteins, dairy alternatives, and meat and seafood substitutes attract Venture Capitalists and are amongst the most funded start-ups in many markets. 

According to a report, in 2020, the global market value of plant-based meat was estimated to be around USD 6.7 billion. The market is expected to continue its growth and will reach about USD 16.7 billion in 2026. With a share of 44 percent, North America, has the largest market share in the plant-based meat market, followed by Europe, at about 34 percent. 

Vegan and plant-based foods are becoming popular with the meat-eating population as well. Non-vegans regularly consume many types of meat and dairy substitutes. Impossible Foods is one of the world’s most prominent alternative protein companies. The global vegan market is valued at USD 15.8 billion, and the global plant-based food market is valued at USD 35.6 billion. The milk substitute market alone is valued at USD 19.5 billion. China and the U.S. are the largest milk alternatives markets and together account for USD 12 billion of the total global revenue. 

The global plant-based food market will reach USD 77.8 billion in 2025, and the forecast projects that by 2030 the market will have more than doubled. 

Contribution to a greener, more sustainable world

Consumers are looking to make more significant contributions toward a sustainable and green future, especially for younger generations, like Millennials and Zoomers. 

Today’s consumers are more conscious of how they consume products and are more aware of enterprises’ impact on the ecosystem. Many consumers will stop using brands that are not environmentally friendly and will favour those that are and move their loyalty toward them. Sustainability is not restricted to just the environment and includes ethical practices and humane conditions. Packaging and reducing carbon emissions are a huge part of sustainability. 

Numerous big brands have incorporated sustainability into their corporate social responsibility frameworks. Many large fast-food chains have joined the climate movement, and Chipotle Mexican Grill, a US-based fast-casual chain, is an excellent example. Besides introducing eco-friendly packaging and measures to reduce waste, the brand went a step ahead. It launched a ‘sustainability tracker’ to provide data on the environmental impact of all its ingredients. Chipotle diners now receive data on five environmental metrics on their order confirmation screen, showing carbon in the atmosphere, gallons of water saved, improved soil health, organic land supported, and antibiotics avoided. 

For sustainability to happen, technology is a critical piece that can allow companies to forecast, monitor quality, and improve processes and packaging, to name a few. Factors like natural resources, labour, climate, and air quality are also important. 

With this new wave of the conscious shopper, many brands need to rethink their business operations for a complete rehaul. 

It is worth noting that it is a challenging change as brands grapple with offering better, cleaner foods at affordable prices.  

While consumers are more aware now, can they eat as healthy as they would like, given the inflation rate and higher prices for organic, clean foods?

With the current inflation rates, consumers find even regular food choices expensive. So everything comes down to value for the consumers. If your brand fails to show the consumer enough value, they will move to a less expensive option. So brands must be proactive in delivering value to the consumers to retain them. The good news is that even though we are in a supply-driven inflationary market, employment levels remain healthy. Currently, consumers absorb rising prices by reallocating their budgets toward priority areas. However, the imminent recession will impact purchasing power, so brands need to think ahead.  

For a more in-depth look at the Food and Beverage industry, download our report, “Food and Beverage Trends to Watch in 2022.”

At Kadence, we pride ourselves on being at the forefront of research innovation. We identify and explore how emerging technologies will reshape the research landscape- and share findings with the industry.

Our primary focus is identifying developments that will enhance the richness and depth of insights we deliver to our clients.

In recent years we have partnered with clients to pilot a range of new methodologies:

● Artificial Intelligence in qualitative research with Starbucks
● Blockchain survey sampling with Unilever
● Augmented Reality pack-testing with Asahi

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In late 2021 it was hard to avoid talk of the Metaverse, including Facebook’s repositioning to focus on virtual reality and augmented reality and the change of company name to ‘Meta’. Alongside Meta, there were vast inflows of investment into the metaverse infrastructure from tech giants such as Microsoft, Apple, and NVIDIA. At the same time, the falling cost of VR headsets made these accessible to many consumers (an Oculus Quest 2 VR headset fell to around £300).

As opportunities for customisation grew, our focus turned to the Metaverse and, specifically, a curiosity to understand whether the exciting developments present an opportunity for the research industry. To explore this, we partnered with a major US media brand.

Over the past few months, we have undertaken a comprehensive program of qualitative exercises in the Metaverse, an industry-first. Our pilot included focus groups, triads, and depth interviews.

All respondents and moderators participated using VR headsets. We tested a range of qualitative exercises (including co-creation), seeking to make the most of the tools available within the metaverse environment.

As well as assessing the quality and depth of insights gathered, we also examined the nature and quality of interactions between participants. Additionally, we investigated respondents’ ease of use and technical challenges that could inform future use.

The pilot has now concluded, and we are excited to share and discuss our groundbreaking learnings with the industry over the coming months at various conferences. 

 We will be sharing our conclusions on the following topics:

● Can we successfully harness this infrastructure to conduct qualitative research?

● What benefits does this offer over face-to-face and online methods?

● What opportunities exist for market research in the short-term and medium term?

● Will the Metaverse reshape our industry?

Please get in touch to learn more about our work in the Metaverse.

Contact Name: Rupert Sinclair, Head of Insight, UK

Email: [email protected] 

A Summary of our latest report —Feeling Good: Powering the Next Generation of Fitness and Medtech.

Today’s consumer is spending less on acquiring things and more on doing things, and this trend is making its way into the fitness and medical industries.

Research shows that when consumers feel good about their fitness regimen, they are more likely to continue the program. In short, the outcome consumers are looking for is not just looking good; but also feeling good.

So what do consumers want from their fitness routines? And what do they want from their gym experience? 

Download our complete report, “Feeling Good: Powering the Next Generation of Fitness and Medtech”, to find out now.

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This report examines the top technology trends in the health, fitness, and medical industries. Download the complete report here.

Trend 1: Wearing your heart on your sleeve

You will see wearable fitness devices on professional marathon runners, casual gym-goers, and even those attempting to become more active.

The simple steps tracker has evolved into our trusted health advisor, dietician, and fitness trainer.

It is no wonder, then, that worldwide shipments of wearable devices from 2020-2021 showed an increase of 27.2 percent. 

The increased use of the Internet, 5G technologies, and constant innovations have made North America the dominant market, with a 38.6 percent market share. The Asia Pacific is the fastest-growing market.

Consumers are taking charge of their well-being with wearable technology.

Rising health awareness, a sedentary and hectic lifestyle, increasing healthcare costs, the growing prevalence of chronic diseases like diabetes and obesity, and the increasing popularity of the Internet of Things (IoT) are driving the market. As health and fitness took centre stage during the pandemic, it accelerated the adoption of wearable fitness trackers. 

Trend 2: The growing application of wearable technology in the medical device Industry

The healthcare industry has seen the growing popularity of wearables significantly impacting the prevention and treatment of many chronic diseases.

The pandemic has changed our relationship with sleep and its therapeutic benefits. Consumers are more aware of the health benefits of quality sleep and are using sleep-tracking technology to understand their sleep patterns better.

Download the complete report to discover Oura ring’s foray into Health and Medtech

The Future of Holistic Healthcare Smart Wearable Devices. 

Wearables have many life-altering benefits that make them invaluable in the medical field.

Download our complete report to learn the various use cases of wearable devices in diagnosing, monitoring, and treating chronic diseases. 

Initially, North America led the world with the highest share of wearable device sales; however, the Asia Pacific region has recently grown leaps and bounds, becoming the fastest-growing region.

Download our complete report to learn more about the leading countries in the sector. 

Trend 3: Taking the gym home 

The trend of bringing home the gym with smart home equipment took off during the lockdown as gyms had to shut down worldwide.

Download the complete report to find out what happened to the at-home gym equipment market after the lockdown as people returned to in-person fitness centres.

Also, read an in-depth analysis of why 1.4 million users are paying a premium for the Peloton bike. 

Trend 4: Fitness apps and AI-powered personal trainers

The lockdown forced people to shift from physical gyms and fitness studios to virtual fitness classes, which led to a considerable number of apps being downloaded, giving an impetus to the fitness app market.

The increased prevalence of chronic diseases or diseases that prevail over the long term, like diabetes and obstructive pulmonary disease, is driving the growth of fitness and nutrition apps.

Download the complete report to see how these apps are proven to help people better manage their symptoms and conditions.

Trend 5: Mental health goes digital 

In 2020, we saw an uptick in downloads of mental wellness apps, as the pandemic and its repercussions propelled this growth. Developers of apps are delivering on market demand, as 20,000 mental apps are available for download today.

Many of these apps emphasise mindfulness and meditation and go beyond providing support from a traditional therapist. Mental health apps also offer professional online therapy sessions on the go.

While the number of app downloads is a good metric, returning users is the fundamental metric for an app’s success. 

Download the report to discover how the UK-based mindfulness and meditation app, Headspace increased users and retention rates using a data-driven approach. 

Trend 6: Entering the fitness metaverse

Companies are creating immersive fitness experiences by partnering with premium gaming and fitness brands.

This is bringing about a trend in fitness gamification, a new generation of immersive exercises and workouts using music, visuals, wearables, and instructors to offer users an exciting, immersive experience.

Download the full report to learn how Hong Kong-based brand, OliveX incentivises users by rewarding them for their workouts using blockchain technology.

Putting our bodies (and data) out there 

Data security risks are one of the biggest challenges we face as we move mountains in the fitness tech industry. These trackers can allow hackers to intercept personal data, and if the data is not adequately protected, it can make us vulnerable to unauthorised users accessing our information.

}The future of wearable technologies is in the health and medical sectors. Although some companies, like Apple, have tight privacy controls for users, there is not enough research on wearable tech for digital health technologies’ security, data rights, and ethics.

The ubiquitous use of the Internet and smartphones and the shifting tendency toward healthier lifestyles and increased wellbeing have sparked significant growth in the global fitness and medical device technologies market. 

Download the complete report to discover the biggest trends in the Fitness, Health, and Medtech industries. 

Consumer behaviour is shifting more rapidly and drastically than ever before. Brands are trying to keep up with massive changes in consumer behaviour and preferences in virtually every sector, from groceries and fitness to banking and finance. Consumers continue to pivot their preferences and priorities with uncertainty, inflation, and an economic downturn. 

In the early days of the pandemic, an uncertain and dismal picture caused anxiety and depression, which led to panic buying globally. Those were short-term behaviours and did not last. However, many massive shifts due to the pandemic have stuck, including online shopping and the need for speed, efficiency, and convenience. 

The pandemic has changed certain habits for the long haul, with many consumers going to stores less frequently than before. Buyers are now more comfortable shopping online, and most consumers prefer a hybrid shopping experience combining the physical and digital worlds as convenience becomes paramount.

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With the growth of online shopping and technological advancements making online shopping as personalised as a store visit, consumers are exploring options beyond traditional brick-and-mortar stores and looking for a complete experience, be it physical, online, or hybrid. Businesses must adapt quickly to these changes and shifts in consumer preferences to remain competitive in a dynamic and ever-changing market. These changes have been taking place for some time, but the pandemic accelerated the rate of change unexpectedly. 

Some of the consumer behaviours that have drastically shifted post-pandemic are food and grocery delivery services. In the U.S., consumers did not regularly use grocery delivery services. According to some reports, about 15 percent of U.S. consumers tried grocery delivery services for the first time due to the pandemic, about 80 percent of those first-timers liked the service, and 40 percent said they would continue using it post-pandemic. 

While convenience and safety were the two reasons delivery services skyrocketed during the pandemic, the price will likely supersede convenience as we enter a time of out-of-control inflation. Consumers will try to make their money stretch further because savvy consumers know the premium they pay for using delivery services like Instacart. 

In this new economy, will they still be comfortable paying a premium and missing out on discounts for fuel when they don’t shop in person? 

Food delivery services also became more popular worldwide, and the takeout and delivery trend was rising. However, as people returned to in-person dining, food delivery apps took a hit. These apps will also follow the same path as grocery delivery services because when consumers buy from DoorDash, the prices are higher, and they cannot use vouchers. 

Many big retailers like Walmart are following shifts in consumer behaviour by offering pick-up and delivery with no markup on prices. Other delivery apps are double-dipping on price, and the consumer pays more than they would in the store. 

Brands need to understand that just as convenience and safety were top priorities during the pandemic, consumers prioritise value and price over everything else, given the current economic environment. 

The fitness market is also seeing massive shifts, and consumers now want an omnichannel approach to fitness, where they use at-home gym equipment and online classes and apps in combination with in-person classes. 

Many e-commerce brands capitalised on creating connections with their consumers by using hand-written-style notes to add to the unboxing experience.

Beauty and fashion brands made it easier for consumers to shop online by using machine learning and artificial intelligence to offer personalised suggestions, experiences, and Virtual try-on sessions using Virtual Reality to mirror an in-store experience. 

Brands need access to high-quality consumer data, insights, and business Intelligence to stay in the game, meet customers’ demands, and outpace the competition.  

In any business environment, enterprises need to clearly understand the psychology behind why consumers behave the way they do. Consumer behaviour is the study of consumers and analyzes how consumers decide what to buy, when, and how to buy. It seeks to understand the psychology behind consumers’ needs, wants, and desires and how they purchase, use and dispose of products and services. 

This study is critical because it helps brands understand the motivations and influences behind their purchases. It allows brands and marketers to develop the right products for the right audiences and market the product with the right messaging to convert prospects into buyers and retain them over time. 

Several factors come into play during the purchase decision stage, and these may include personal (age, culture, values, beliefs), psychological (brand perception), or social (friends, family, influencers, social media).

There are four types of consumer behaviour:

  1. Complex buying behaviour

This type of buying behaviour is associated with big-ticket purchases, like buying a home or a car, where consumers invest a lot of time and energy. 

2. Dissonance-reducing buying behaviour

This type of consumer behaviour is often seen when a consumer is highly involved in the buying process but takes longer than usual because they do not want to regret the decision. This happens when multiple brands are very similar, and choosing one is tricky.

3. Variety-seeking behaviour

This behaviour is exhibited by consumers who opt for a different brand, even if they were happy with their previous purchases because they value variety. 

4. Habitual buying behaviour

Consumers that purchase the same brand because of habit rather than brand loyalty are in this category. 

A grasp of the type of consumers your brand attracts will allow you to segment your market based on consumer characteristics.  

Marketers also need to understand buying roles and who is the decision maker regarding their specific product. In a family, for instance, the parents make major buying decisions; however, in some cases, young children are highly influential in the decision. In fact, unlike in the past, the younger cohorts, Generation Alpha (those born after 2010) and Gen Zs (those born between 1995-2010), make many important buying decisions regarding what they wear, eat, or travel. 

There are six major buying roles brands need to take into consideration:

  1. Influencer(s): Several people may be involved in the purchase decision in many cases, but they may not all be consumers. Influencers are those who can exert influence in the final decision. These could be bloggers in today’s world or friends and family whose advice commands weightage in the purchase decision. 
  2. Gatekeepers are usually family members who control the information flow regarding a product within a household. 
  3. Initiator: This is the person who first initiates the purchase idea. 
  4. Decider: This person has the final say in the purchase decision and decides whether or not to buy the product. He also may determine how and where to buy it. 
  5. Buyer: This is the person who ends up buying the product.
  6. User: This is the person who consumes or uses the product purchased. 

Consumer behaviour helps with market segmentation, as it goes beyond the essential demographic elements like age, gender, and location to explore the behaviour patterns customers exhibit when interacting with a particular product, brand, or website. This concept is instrumental in e-commerce and online shopping environments. 

Here’s how e-commerce brands use consumer behaviour to segment customers and users based on their level of engagement with the website, app, or product page. 

They segment or group their customers by their attitude toward their brand, level of brand recognition, usage, frequency and timing of purchase, and purchasing patterns or tendencies, like special occasion buying behaviour. 

This allows them to tailor their marketing messages and create compelling campaigns to achieve their goals. 

By utilising behavioural segmentation, brands can get a complete picture of their customers and filter them by the highest levels of engagement. For instance, brands can track those who regularly open their emails or visit their product pages. Marketers can also target ads with the most appealing messaging to customers based on their needs. For instance, an online shoe store can show those interested in athletic wear more running shoes and sneaker ads, and at the same time, serve ads with formal shoes for those interested in evening shoes. 

Another significant shift in consumer behaviour is related to a demand for personalised and customised products, especially amongst the younger cohort of Gen Zs. Using behavioural segmentation, brands can provide more refined personalised experiences to win business. Brands can gain deep insights into their consumers’ needs, wants, desires, challenges, preferences, and concerns to gain a competitive advantage. Upselling and showing complementary products and replenishment reminders based on customer history and interests can reduce cart abandonment and boost brand loyalty. 

The use of behaviour segmentation beyond the purchase also helps provide a high level of customer service to cement the relationship with the customer, leading to higher retention rates, more repeat business, referrals, and brand loyalty. 

Using behavioural segmentation, brands can unearth invaluable data and insights that may otherwise never have been discovered.

Understanding consumer behaviour comprehensively helps brands improve performance across channels to diversify their marketing efforts. Brands can use these insights to adjust brand messaging, packaging, design, features, pricing, and more to stay ahead of the competition and boost brand equity. 

Kadence International helps leading brands make game-changing decisions. If you are looking for a research partner to help better understand your customers, we would love to help. Simply fill out our Request for a Proposal here.

Just like reaching an unknown destination without a map is difficult, so is building a business strategy without competitive intelligence. 

Competitive intelligence helps brands shape their product development, distribution channels, pricing, messaging, positioning, brand promotions, and features. It allows brands to identify their challenges and opportunities in the market in relation to their competition, so they can see what their competitors are doing and differentiate themselves from them. 

What is competitive intelligence (CI)?

Competitive intelligence refers to any intentional research where brands collect, analyse, and utilise data and information gathered on their competitors, customers, and other external factors, potentially providing brands with a competitive advantage.

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When brands ethically and legally collect competitive intelligence, it can help boost the organisation’s decision-making capabilities. The goal of any competitive intelligence study is to create a business plan and strategy so organisations can make well-informed decisions based on market considerations.

Competitive intelligence goes beyond knowing the competition; the process is designed to take a deep dive to unravel the finer points of the competitor’s target markets and business strategy. 

Competitive intelligence plays a vital role in all major departments of an organisation and can take on a different meaning for each department or function. For instance, for a product development team, competitive intelligence may mean new features being added to products. For a sales executive, it may be helpful to know how to create a winning proposal. For leadership, it may be understanding the competitor’s marketing strategies so they can craft a plan to gain more foothold in the market.

Competitive Intelligence studies and exercises can be tactical (shorter-term) or strategic (longer-term). The goal of tactical competitive intelligence studies, for instance, can be to obtain insights into increasing revenues or gaining market share. At the same time, strategic or longer-term reporting focuses on significant risks, threats, and opportunities, present or emerging. 

A competitive intelligence study typically includes a wealth of information and insights from various sources, like government records, online mentions, social media, trade shows and journals, customer data and interviews, and traditional news media, to name a few. These sources are easily accessible and form the starting point for the studies. More in-depth information from distributors, suppliers, competitors, and customers is needed to make truly informed decisions. 

What are the key benefits of competitive intelligence?

There is no substitute for Competitive intelligence research when it is undertaken with care and diligence. It is a powerful tool for brands to gain market share, boost revenue, and continue to build the right products at competitive prices.

Here are some key benefits of using competitive intelligence for brands:

#1. Ability to predict patterns and emerging trends

As brands excavate an enormous amount of data and insights related to their competitor’s activities, they begin to identify and foresee emerging trends in the industry. This allows brands to gain deep foresight to make informed decisions and strategic business plans. 

#2. Aids in brand positioning

As brands gather insights and data about the competitive landscape, they also gain clarity on their activities and messaging. It helps them understand what works and doesn’t and cement their marketing. 

#3. Helps make more informed decisions.

When brands unearth information, they gain critical insights into how the customers feel about their brand and the competing brands. This gives brands a better view of their customers’ wants and how their competitors are meeting the needs of the target markets. 

#4. Boosts returns and profits

When you have a good understanding of the strategies and tactics employed by your competition and how they are performing, you will be better able to invest in areas that bring the highest returns, reducing risks and boosting profits.

Going back to the definition of Competitive Intelligence, we can see three necessary steps: “collect, analyse, and use competitor and market information to make informed decisions.”

Collecting data

There are many ways of unearthing relevant competitor data legally and ethically. Searching for information online may seem rudimentary, but it can provide invaluable information about the competitors and their activities. This information is readily available and accessible on the internet and is considered low-hanging fruit. With a few simple web searches, you can find great information on what the competitor is doing and what it has done in the past. You can also learn about product features, pricing, innovations, leadership, and important news and announcements relevant to your competition. There are tools that provide insight into the competitor’s search engine optimisation activities and their online advertising efforts. 

From here, brands often go deeper and beyond the internet to analyse target markets and customer segments. Brands use quantitative and qualitative market research to gain more market insight. 

Brands use data to analyse their competition beyond the simple search process. This entails going through endless data and making sense of it all can become cumbersome. This is where data mining comes into play. Besides gathering data from third-party sources, brands also gather human intelligence by interviewing relevant people, including customers and past suppliers. This is a time-consuming process and must be undertaken by experts in market research to ensure it is done ethically and legally.  

Analyzing data

Analysis of data is a crucial step in the competitive intelligence process. Once brands collect data, it needs to be analysed carefully to provide actionable insights. This allows brands to understand the patterns and separate them from the outliers. 

The analysis aims to uncover strengths, weaknesses, opportunities, and threats as they relate to the competitive landscape. Therefore, collecting and analyzing information from disparate sources is essential in verifying their authenticity and validity. This helps us move away from making assumptions and gaining real insights from more accurate pieces of data. 

Crafting a strategy 

Once a brand has enough verified data and information on its competitors and strategies, it can utilise it to differentiate itself and make informed decisions regarding product, price, messaging, and other essential aspects. It allows brands to weigh the competitor’s strengths, weaknesses, and opportunities in relation to their own to gain a competitive advantage.

For instance, pricing is an important area for differentiation but can only be done right if everything is studied and taken into account to find the right price that is profitable and aligns with the customer’s perceived value of a brand or product offering. Therefore, a successful price is not about pricing your product at the same or lower price than your competitor but positioning your brand as the choice that provides the greatest value. And to make that happen, you need to know the price of competing products and their perceived value in the buyer’s mind. This calls for a thorough study and analysis of the competing products, markets, and consumers. 

Today, e-commerce companies use sophisticated software for competitive pricing due to the market’s highly competitive and dynamic nature. Read more on how e-commerce brands utilise price monitoring software technology to track competitor pricing here.

To get the complete picture, brands may conduct competitive intelligence surveys. They can define their target audience and use various demographic and psychographic questions to identify consumer behaviour. These also include questions about competing products and services. You may also use ranking and rating type questions and identify any unmet needs or gaps in the marketplace or use open-ended questions to get a more in-depth view of the consumer’s mind. Brand recall and recognition surveys are also helpful in gaining consumer perception of various brands. For instance, a sparkling water brand may ask: “When you think of bottled sparkling water, what brand comes to mind first?” This can help brands discover how frequently their brand is mentioned compared to competing brands in the category.

When armed with the powerful insights gained through competitive intelligence, brands can be more strategic in all aspects of business, from product development to pricing and distribution. By differentiating themselves from competitors, they can gain valuable market share, grow brand value, and brand equity, and boost their return on investment (ROI).