Multicultural marketing has created a marketing economy based on segmenting the population by ethnicity. While ethnicity segmentation has worked for the past several decades, as I pointed out in an earlier column, that foundation is starting to crack. Our industry is experiencing a paradigm shift. As we attempt to make sense of this existential crisis of marketing models, we should consider how we segment and why.
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I just returned from my first SampleCon in New Orleans today. I was asked to join a panel of thought leaders discussing Innovations in Engagement of Hard to Reach Audiences. We didn’t solve the issue of how to reach those audiences from a sample perspective, but we did have productive conversations that yielded new insights on how to address this conundrum now and in the future. Dyna Boen, UB Mobile (left), Mario X. Carrasco (center), Jim Bernier, GfK (right)
2.5 quintillion Bytes of data is created every day which would fill 10 million Blu-ray discs. These discs when stacked on one another, would measure the height of 4 Eiffel Towers, per Ben Walker of Voucher Cloud. Companies are scrambling to store all this data and data scientists are now one of the most sought after careers as we try to make sense of all of this data. The potential for big data to solve company, country, and global problems seems infinite.
Utilize non-research community platforms to harness the power of market research online communities at a lower cost. Market research online communities provide market research companies with an efficient and convenient way to reach a specific target audience. So with all the advantages they provide, why aren’t all companies investing in them?
A behind the scenes look at the importance of social media to building effective online panel communities Mario X. Carrasco (Managing Partner at ThinkNow Research) gave an interview with Online MR Magazine (July 2016 Edition) on the current state of the online panel industry, the challenges it faces, and how social media and other innovations are shaking things up. Read the full interview here.
3 Reasons Why Market Research Is An Ideal Career For Recent College Grads What does the future hold for careers in the market research industry? The ambiguity leads some to conclude that we’re experiencing an existential crisis of sorts; that our industry is struggling to exist in its current state but is as equally uncertain about how to change in the future. It’s fair to say that the industry, as a whole, is doing a little soul searching. One of the revelations revealed thus far is its need to attract fresh, young talent. Support for this sentiment has been growing, sparking new pseudo-market research positions such as data scientists, strategic planners, and the like.
As this quote from Tom Goodwin at Havas Media continues to go viral on LinkedIn…
My business partner had a meeting with the consumer insights person at a Fortune 500 Company last week and mentioned that the executive said they were not focusing efforts on Spanish speaking Hispanics because “They’ll end up speaking English anyway.” I was a bit shocked to hear that comment in 2015 and in the same week that the largest Spanish language broadcaster in the U.S., Univision Communications, announced its plan to go public.
2014 was the year Total Market took the multicultural marketing world by storm. Agencies changed their mission statements to include this relatively new term, events capitalized on the buzz through re-branding of events to a more Total Market feel, and many weighed in on the meaning of Total Market and whether it will be a lasting trend or not.