In this week’s Insights Interview, we sat down with Terrae Schroeder, Director, NA Shopper, Crackers & On-The-Go, Kellogg Company, to discuss the biggest trends shaping market research, how researchers can thrive in the “Trump Era”, and how Gen Z is impacting the industry.
Here’s what she had to say:
How has market research been disrupted?
Schroeder: Market research has been disrupted by 2 factors, 1) behavioral science, which has caused researchers to reconsider what people say versus what people do, in an industry that majors in what people say, and minors in what people do. The second is information overload, there is so much information available, and we default to all information is good information. I think it is a challenge for the industry to determine which information is valuable, and which should be ignored.
How has digital impacted market research?
Schroeder: Digital has changed how we talk to the consumer. Digital media has pushed the industry to talk with consumers, not at them, and this has been a struggle for many brands.
How can market researchers thrive in the “Trump Era”?
Schroeder: Understanding emotional drivers is key in thriving in the “Trump Era”, the deeper understanding of emotional drivers to behavior will become even more important.
How are consumers shaping the future of market research?
Schroeder: Their willingness to beta test and provide feedback is fueling the industry. I think the utilization of the mobile phone as a survey method is going to change the way we see the consumer, and the way the consumer provides just-in-time feedback.
Where do you see market research moving in the next 5 years?
Schroeder: My hope will be we move to more predictive analytics. Being able to understand future behaviors based on current ones will be key.
How is Gen Z impacting market research?
Schroeder: I think Gen Z will be the most interesting cohort of my career. The level of change this generation has been raised in is bound to make their behaviors very different from the millennials, and all other cohorts before them. I think they will be natural influencers and shapers of culture, which brands will need to understand to win with this segment.