Categories
Insights Industry News
September 1, 2020
“Insights” and “Market Research” are used interchangeably in our industry, but what are their true definitions and which should you focus on?
0
It’s a common question: What’s the difference between market research and consumer insights? Join us in taking a look at the gap between the two.
Market Research is the practice of collecting and analyzing data to answer discrete business questions. It is an all-purpose term that people will use when referring to research, consumer insights, data, and analytics.
Consumer Insights is the practice of using available data to derive broader business insights for effective business decision-making. It’s an industry term used to refer to data and analytics as they are used in business decision-making. Consumer insights teams support and guide brand team to be consumer-centric, looking to answer Why and not just What.
Those that consider live in the world of market research look to:
Insights professionals often look to:
Data formatting | Purpose of data | Geographic popularity | Relationship to marketing | |
Market Research | Delivers data that can be summarized and forms the basis of a recommendation | Delivers on research objectives; used to answer specific questions | More popular in economies heavily reliant on manufacturing (e.g., China, Germany, Japan, Taiwan, Indonesia, Poland, and South Korea) | Delivers data to marketing |
Consumer Insights | Delivers data as a narrative, focuses on storytelling | Delivers on research objectives and knowledge needs; strives to recommend actions for effective decision making | More commonly used in service-based economies (e.g., United States, Brazil, Bermuda, UK, Greece, Australia, and Singapore) | Marketing is a business partner. When marketing and consumer insights are well aligned, they work together seamlessly. A best practice is to include marketing in the process of synthesizing the learning from consumer insights projects to gain applicable insights and build deeper knowledge in the organization. |
Interested in learning more about consumer insights? Consider the following GreenBook resources:
Disclaimer
The views, opinions, data, and methodologies expressed above are those of the contributor(s) and do not necessarily reflect or represent the official policies, positions, or beliefs of Greenbook.
Comments
Comments are moderated to ensure respect towards the author and to prevent spam or self-promotion. Your comment may be edited, rejected, or approved based on these criteria. By commenting, you accept these terms and take responsibility for your contributions.
More from Molly Purcell
Which advertising tracking strategy is right for your company?
Learn more about brand tracking. Plus resources to start your brand tracking study.
All the information you need to get an effective VOC program started
Consumer Insights 101. What are they and how do you use them?
Top in Quantitative Research
Why are we still measuring brand loyalty? It isn’t something that naturally comes up with consumers, who rarely think about brand first, if at all. Ma...
Sign Up for
Updates
Get what matters, straight to your inbox.
Curated by top Insight Market experts.
67k+ subscribers