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    • 12/18/17
    • Technology
    • Market Opportunities and Innovation
    • Global
    • English

    …of “things” to come in 2018

    As we slowly close the door on 2017, two things are quite clear in the marketplace:

       

    • Consumer confidence is at an all–time high
    • FOMO (Fear of Missing Out) is alive and well in the digital and tech space
    •  

    The proliferation of binge watching (361,000 watched the entire Stranger Things 2 on the first day, 15.8 million watched the first episode within the first three days of release), the record $5 billion spent on Black Friday and the biggest Cyber Monday ever, and even the staggering and near inexplicable growth of cryptocurrencies (Coinbase, a Bitcoin exchange, now has more users than Charles Schwab) all point to a cultural normalization of tech-led lifestyles in the US.

    Recent research from GfK Consumer Life shows that almost half of Americans see the technology they own as a form of self-expression, and nearly 70% of students claim to be technologically savvy or smart. It is now abundantly clear that the audience for the next big thing is increasingly the mainstream American.

    Looking ahead to 2018

    2017 introduced us to the smart home en masse, while artificial reality arguably gained traction over virtual reality. The connected car gained traction, and voice-assistance struck a chord. Looking forward, expect the Internet of Things to become a firmer reality in 2018. CES 2018 will undoubtedly showcase a proliferation of smart home devices, new, and cleverer ways to consume media and entertainment on the go, and even more complex algorithms to power AI towards increasingly intimate and personalized interfaces.

    2018 will also be the year of voice-activation as Siri, Alexa, Cortana, and others position themselves for popularity, and access to your wallets. As with all innovation, some will live long and endure, some will be transitional stepping stones to something better, while still others will struggle or crash and burn.

    How innovation can thrive

    Our research at GfK Consumer Life shows that US consumers are keener on innovation being easy to use (38%), and really solving a problem they have (32%) than necessarily being leading-edge (20%).

     

    So, as you innovate for the new year, or perhaps evaluate the riches at CES as I will, look beyond the marketing and take a consumer-first approach to evaluating the fit of new innovations with your technology strategies. Ask yourself:

       

    • What significant consumer need does the technology fulfill, and what recognizable benefit does it provide?
    • What is the average learning curve? How complex or intuitive will it be to adopt into their lives?
    •  

    If you can readily answer both, it’s a good bet that you’ll know which things will become a reality.

    Eric Wagatha is a Senior Vice President of the Consumer Life division of GfK. He can be reached at eric.wagatha@gfk.com or on Twitter at @ewagatha.

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  • What are the future tools of market research and how they can help you?
    • 12/11/17
    • Fashion and Lifestyle
    • Financial Services
    • Retail
    • Technology
    • Automotive
    • Consumer Goods
    • FMCG
    • Home and Living
    • Brand and Customer Experience
    • Digital Market Intelligence
    • Market Opportunities and Innovation
    • United Kingdom
    • English

    What are the future tools of market research and how they can help you?

    Traditional market research is dying. The future of research involves constant testing and developing research approaches using tools such as voice and text analysis, artificial intelligence (AI) and behavioural economics, to name a few. Read all about the future of market research in our Future of Research series!

  • Less than half say ‘children’ are part of the good life; less than a quarter say ‘college education’
    • 11/22/17
    • Market Opportunities and Innovation
    • Trends and Forecasting
    • Global Study
    • Global
    • English

    Less than half say ‘children’ are part of the good life; less than a quarter say ‘college education’

    When it comes to the factors that make up ‘the good life’, the most popular items for people internationally are good health, financial security and leisure time, followed by a happy marriage, travel for leisure, a home you own, and control over one’s life. 

  • Less than half say ‘children’ are part of the good life; less than a quarter say ‘college education’
    • 11/22/17
    • Market Opportunities and Innovation
    • Trends and Forecasting
    • Global Study
    • Australia
    • English

    Less than half say ‘children’ are part of the good life; less than a quarter say ‘college education’

    When it comes to the factors that make up ‘the good life’, the most popular items for people internationally are good health, financial security and leisure time, followed by a happy marriage, travel for leisure, a home you own, and control over one’s life. 

  • Health, financial security and free time are top factors for the Good Life, say UK consumers
    • 11/21/17
    • Financial Services
    • Consumer Health
    • Home and Living
    • Market Opportunities and Innovation
    • United Kingdom
    • English

    Health, financial security and free time are top factors for the Good Life, say UK consumers

    When it comes to the factors that make up ‘the good life’, the top three most popular items according to the online population in the UK are good health, financial security and leisure time. Well over half of Britons also see a home you own, a happy marriage, travel for leisure, and control over one’s life as being part of the good life. 

  • Low-sugar and GMO-free are top factors when deciding what to eat or drink
    • 10/25/17
    • Retail
    • FMCG
    • Market Opportunities and Innovation
    • Trends and Forecasting
    • Global Study
    • Global
    • English

    Low-sugar and GMO-free are top factors when deciding what to eat or drink

    Nearly half of consumers across 17 countries rate low sugar and GMO-free as "very" or "extremely" important when deciding what to eat or drink - just ahead of factors such as low-salt, organic, low fat, or fortified with vitamins or minerals.

  • Low-sugar and GMO-free are top factors when deciding what to eat or drink
    • 10/25/17
    • Retail
    • FMCG
    • Market Opportunities and Innovation
    • Trends and Forecasting
    • Global Study
    • Australia
    • English

    Low-sugar and GMO-free are top factors when deciding what to eat or drink

    Nearly half of consumers across 17 countries rate low sugar and GMO-free as "very" or "extremely" important when deciding what to eat or drink - just ahead of factors such as low-salt, organic, low fat, or fortified with vitamins or minerals.

  • Search for Solace - Understand consumers post-Brexit
    • 10/24/17
    • -INDUSTRIES
    • Market Opportunities and Innovation
    • United Kingdom
    • English

    Search for Solace - Understand consumers post-Brexit

    Get closer to consumers’ attitudes about Brexit’s impact on them personally so you can understand current uncertainty and plan for the future with our report.

  • GfK presents Optics growth drivers at Vision-X Dubai
    • 10/05/17
    • Optics and Acoustics
    • Market Opportunities and Innovation
    • Point of Sales Tracking
    • Global
    • English

    10/17/17 - 10/19/17
    GfK presents Optics growth drivers at Vision-X Dubai

    Join GfK at Vision-X 2017 for the latest Optics trends, including the product categories and trends that are driving growth in Europe and MENA, and how to grow your business.

    • 09/28/17
    • Financial Services
    • Automotive
    • Market Opportunities and Innovation
    • Trends and Forecasting
    • Global
    • English

    What impact is renewal transparency having on the British motor insurance market?

    Premium Drivers

    If you have renewed your motor insurance recently you may have noticed that the price your insurer has asked you to pay has probably increased. A combination of higher Insurance Premium Tax (rates have doubled over the past two years), bigger injury pay-outs and rising vehicle repair costs mean that motor insurance prices are now at an all-time high.

    Even for those of us savvy enough to shop around and switch provider, prices have also typically risen, despite the fact that the market remains as competitive as ever. However, it still generally pays to switch, as the vast majority of motor insurance providers are still willing to chase new business and therefore many still offer introductory discounts.

    Given this, it is somewhat concerning that, according to GfK’s Financial Research Survey (FRS), that the number of drivers who do switch has remained basically unchanged compared to four years ago.

    The number has held steady at around a quarter of drivers. So it would seem that many drivers don’t know, don’t consider, or just can’t be bothered, to change provider, despite the rising prices.

    Motor insurance renewal transparency: early signs of increased shopping around

    But there are tentative signs that this might be changing. Since April 2017, insurance providers have had to disclose prior year premiums on renewal notices. These new rules mandated by the FCA allow customers to compare more easily what they paid last year versus what they may pay this year, if they remain with the same provider.

    Early signs suggest renewal transparency has helped encourage greater levels of shopping around but this hasn’t so far translated into actual switching.

    According to the FRS, the proportion of drivers who “actively renew” their motor insurance (renew but take out at least one quote) has grown and now stands at 29%, the highest-ever level. In addition, a high proportion of those who have switched in the last 12 months also state that they are likely to switch again.

    On the other hand, large numbers are still auto-renewing on their motor insurance, particularly across older age groups where auto renewal rates remain stubbornly high at over 45%. For these customers, renewal transparency rules mean that providers must now also include additional disclosures on renewal notices explicitly encouraging people to shop around.

    Overall, I think renewal transparency has definitely been a useful step forward in making the motor insurance market more consumer friendly, and it will be interesting to see if it helps encourage greater levels of switching in the months ahead.

    If you would like more data, please contact me.

    The Financial Research Survey (FRS) is one of the largest and longest running surveys tracking personal financial holdings and behaviours and is considered the industry benchmark within the British financial industry

  • Time with family or pets as popular as exercise or healthy eating to maintain “physical health”
    • 09/28/17
    • Press
    • Health
    • Market Opportunities and Innovation
    • Trends and Forecasting
    • Global Study
    • Global
    • English

    Time with family or pets as popular as exercise or healthy eating to maintain “physical health”

    GfK data on activities that people do regularly to maintain their physical health. Increases in the number of people listing "follow a specific diet", "take a break from technology", "eat healthy food" and "spend time with family, friends or pets".

    • 09/26/17
    • Market Opportunities and Innovation
    • Global
    • English

    How to measure disruptive innovation and why traditional surveys alone don’t work

    It’s a funny thing about disruption – it tends to shake things up. So how do you accurately measure disruptive innovation?

    Even “helpful” disruptions, like the new operating system on your phone or the improved, easy-to-use packaging for your favorite box of cookies, can feel off-putting at first. As Rob Hernandez pointed out here recently, people like what they know; it is, after all, the essence of brand equity and product trust.

    Disruptive innovation thrives on out-of-the-box insights; traditional approaches alone do not work

    This “disrupt-aversion” creates problems not just for startups and new product developers. It challenges anyone trying to get a read on what people think about innovation, and especially disruptive innovation. To get a true understanding of the potential of disruption innovations, the traditional research assumptions and methods may not be enough. In fact, they may send you down the wrong path completely.

    The most obvious example is the traditional survey. We know that asking people questions can be a great way to get at the feelings and beliefs that drive behavior; they can provide an indispensable why complement to passive data, which tends to focus on dimensions such as what, where, and when.

    But disruptive innovation (ie new product or service concepts which force us to rethink or relearn familiar behaviors) often do not fare well in standard surveys. They are so responsive to people’s inner experiences that they may capture overreactions – feelings of discomfort and confusion surrounding something unfamiliar – rather than a balanced picture of how consumers will react over the long term.

    A three-dimensional approach to defining consumer reactions to disruptive innovation

    To get a better understanding of an innovation’s promise and marketplace value, GfK has developed a three-dimensional approach to defining consumer reactions. The fact is that marketers today have a wealth of data at their disposal; but combining it to create a sharper, trustworthy lens onto people’s feelings requires a mix of science, experience, and finesse.

    What consumers say

    We look first to what consumers say, in quantitative or qualitative research – whether it be how they feel inside, what they wish for, or how they think they believe they would react in certain circumstances. This candid perspective has been the backbone of the market research industry, and remains an essential component of behavioral analysis.

    What consumers mean

    Next, we look to what consumers mean. Using voice analytics, for example, we can learn more about how convinced people are of what they are saying. And by leveraging different analytical techniques, such as multivariate key drivers analysis, we can get a deeper look at the motivations and contexts behind certain behaviors.

    What consumers do

    Finally, through passive tracking and secondary data sources, we can find out what consumers really do. From loyalty card and POS (point of sale) data to web browsing and online purchase records, we can get a real-world perspective that rounds out the picture we have about people’s ideas and beliefs, and ultimately how they behave or act.

    Conclusion

    Integrating these and other data sources helps marketers and researchers get beyond the limitations of any one dimension of consumer data or insights. In the process, it can take us beyond the “gut reactions” that people often have to something new, and reveal whether a disruptive product truly has marketplace appeal, or is destined for the long list of seemingly great ideas that never made a dent in people’s hearts, minds, or wallets.

    Contact us for further details on how our approach works within your specific business areas and needs – or download our white paper on rethinking concept testing:

     

     

     

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