The Insight Economy Report 2019 will be published with The Times newspaper on Monday 29th of July. The report highlights major trends and the latest developments of the growing market research sector.
Here is a preview of Emotional Logic’s article:
Faced with an ever-increasing deluge of data, marketing professionals are challenged with extracting insights that deliver commercial success. Marketing success is about changing consumer behaviour – and we can only change behaviour if we know what drives it in the first place. Big data explains what consumers are doing, but has difficulty explaining why. Traditional market research that simply asks consumers why they do what they do will inevitably get the wrong answer as consumers don’t know.
Behavioural science-based market research gets closer to real consumer behaviour than any other approach. In this sphere, Emotional Logic is one of the leading providers of behavioural science-based consumer research and has conducted a study with a major UK retailer that proves simply asking consumers is ineffective.
A behavioural economics-based methodology was used alongside traditional focus group research to identify the drivers of loyalty, in this case, repeat purchasing transactions. In focus groups, consumers explained why they repeatedly came back to the retailer, citing factors such as value for money and staff expertise. The behavioural science method then identified several other factors around how consumers felt during and after the transaction. When the identified factors were tracked against repeat purchasing, all aspects that consumers had said they wanted in the focus groups showed a much lower link with sales than the factors identified using a behavioural science approach. On average, factors derived through behavioural science had a 44 per cent stronger impact on repeat sales transactions, proving this approach gets us closer to real behaviour and results.
The full article can be found in the Insight Economy report published in The Times on Monday 29th of July. Or register here to be sent a copy of the report once it is published.
July 26, 2019
Consumer Research, Consumer Trends