Hispanics are on track to becoming the largest ethnic minority group in the U.S. this year. Not only does this have serious implications for the presidential election, but also for brands seeking new markets to combat stagnating sales. But it’s not just Hispanics. Population growth among African American and Asian American consumers continues to rise, as the population of Non-Hispanic Whites flatline.
In downtown Atlanta last week, a conference convened in which the companies represented affect all aspects of survey data, a fact that is significant as most marketers now rely on some sort of first-party data, the majority of which is gathered through surveys. SampleCon represents the entire ecosystem of the sample industry from panel research companies to incentive companies and is the only conference focused entirely on respondent sampling.
Sample industry thought leaders, researchers, and technologists convened in Atlanta last week for SampleCon 2020, the premier market research event solely focused on respondent sampling. From breakout sessions to panel discussions, networking to product demonstrations, collectively, we all strived toward a better understanding of factors impacting the future of the sample industry and the best way to respond to them. From my seat, as both attendee and speaker, two overarching themes stood out to me: data quality and technology.
The beginning of a new year not only brings celebratory toasts and resolutions but, in politics, preparation for the State of the Union address. Dating back to 1790, the SOTU serves as a “report card” of sorts, as the president gives his or her take on the state of the nation and outlines the president’s legislative goals for the year. In the spirit of this time-honored tradition, I thought it timely to present an overview of the major changes impacting the online sample industry. I’ll focus on two key pieces of legislation – GDPR and CCPA – that have disrupted the current state of the sample industry and changed the way data aggregators handle consumer data. Europe – Updates to GDPR Facebook has become the poster child for poor mishandling of consumer data. Under intense scrutiny, Facebook founder Mark Zuckerberg has had to defend his company and its data collection practices in front of both U.S. congressional committees and the European Parliament. But Facebook isn’t alone. Many well-known companies collecting data on consumers, from cookies to search histories, emails to social posts, and everything in between, have been criticized by regulators and are subject to enhanced privacy protection laws enacted to protect consumers. The General Data Protection Regulation, or more commonly known as GDPR, is the EU’s response to European consumers’ growing concerns on how their data is being collected and used by companies. The law, created in 2016 and implemented in 2018, replaced privacy legislation enacted in 1995. While it took some time for regulators to figure out how to effectively enforce GDPR and for users and companies to understand their rights and compliance requirements, the regulations are in practice today. Sample companies are
Nearly four years later, the results of the 2016 U.S. presidential election are still shocking. Polls showed Hillary Clinton with a significant lead over Donald Trump, almost guaranteeing the win and appointment of America’s first female president. Victory parties were planned. Fist bumps and high fives were going around. But the polls were wrong. Across the pond, polls got it wrong again in the UK with the Brexit referendum. It seemed that those tasked with gauging public sentiment couldn’t seem to find it’s pulse. However, the “USC/L.A. Times Daybreak Tracking Poll” got it right. This was one of a few Polls that predicted Trump had a lead over Hillary.
Cyber security continues to be one of the biggest threats impacting modern society, as most of our day to day experiences are played out virtually. We are hyperconnected through smart devices that have reshaped culture and transformed how we live and work. From online wallets to social media, smart speakers to drones, as consumers, we have served up a virtual smorgasbord of data points for hackers to prey on. Companies amassing these data points are especially at risk as they are the keepers of purchase behavior, transaction history, financial information, and more.
Technology is driving growth across industries, creating space for unconventional ideas and technological innovations that infiltrate traditional models and disrupt the status quo. Companies unable to pivot find themselves in the fight of their lives. Peer to peer ride-sharing services such as Uber and Lyft, for example, have wounded the taxi industry, and entertainment streaming services, like Netflix and Hulu are slowly sending linear TV to an early grave.
Increasing competition in the U.S. has some brands seeking new markets, including those south of the border. More widespread internet access in Latin America has opened a gateway to growth for companies looking to do business in LATAM. But some brands are stumbling through the learning curve of understanding the region’s consumers. One of the biggest challenges has been dealing with pre-conceived notions about Race and Socio- Economic status in LATAM, which differs from classifications done in the U.S.