How Hybrid Market Research Reveals Hidden Gems

Hybrid market research has been on the rise and for good reason. It takes a base finding, such as consumer sentiment towards a product, and digs beneath to reveal what is driving it, making the most of quantity and quality to reveal actionable insight––hidden gems. Let’s see how that looks!

Combining different data sets, such as consumer, market and media intelligence, offers brands a full and detailed picture of the most relevant intel, so they can act on it––fast. And “fast” is the name of the online game! Beyond being “fast,” a hybrid approach to insight is essential because:

  • 65% of researchers polled said that more comprehensive insight is the primary benefit of hybrid market research.
  • Some key benefits of hybrid research are efficiency in time and cost.
  • “Hybrid” has become so synonymous with market and consumer research that it’s predicted that eventually the term “hybrid” will disappear.

Hybrid market research will soon become the go-to for brands globally. Are you ready to adapt and evolve? The future of business is here . . .

The Future of Business is Hybrid Market Research

Hybrid market research is the combination of two (or more) research mechanisms that should offer both qualitative and quantitative findings simultaneously. With a hybrid foundation, you no longer have to struggle to gather data from many different sources and then pool them together, while trying to make sense of the madness––an AI-powered research and analytics tool does it for you.

These hybrid research tools capture quantitative intel and can read market, consumer and media intelligence all at once, dissecting it, and providing you with findings that are intuitive to navigate––and it’s all in one place.

A hybrid methodology captures qualitative research and transforms it into actionable insight. And this means you can gather specific answers quickly, understanding your target audiences’ thoughts/sentiments on everything from a product to a current trend. It reveals personal narratives, such as your consumers’ wants, needs, loves/hates and wishes. This lets you know if you’re meeting your customers’ expectations, which then leads to better product development and marketing strategies.

Hybrid market research can parse information and pull details that otherwise might be missed. Below, we have an example of one month’s worth of conversation surrounding dogs from various data sources, including consumer and news media.

Without access to a hybrid tool, locating and dissecting this could take days. Using Quid Social, data is sorted in minutes. You can not only view the different segments, but you can also click through to see what people are saying and how they’re feeling about different aspects of dog care––or whatever subtopic that interests you:

dog-care-clusters

In short, hybrid market research offers more granular results. And the proof is in the pudding:

  • The hybrid methodology provides researchers broad-based, diversified insights which amplify the voice of the consumer in a way that no single-system analysis could. In fact, 40% of researchers credit hybrid market research with its ability to access the voice of the consumer.
  • The hybrid approach is proven effective for any number of research projects including consumer behavior, informing targeted messaging, ad campaigns, product packaging, trend analysis, identifying consumer sentiment shifts, and so much more.
  • Out of researchers polled, 75% use hybrid market research.

With all of that considered, let’s view it in action…

Hybrid Market Research in Action

Consumers lead the charge on what’s ‘in.’ And there’s nothing worse than showing up unfashionably late to the consumers’ party. With hybrid market research, you never have to worry about missing out on a trending opportunity. You can show up on time and with the best party favors.

Monitoring Millennials

With the rise in TikTok, the word “trend” conjures up dance challenges or what’s hot in make-up. But trends can also convey audience needs. And that just what UPMC used hybrid market research for.

Their category was healthcare and they sought to understand audience trends and needs to meet target consumers where they were. Using consumer research, UPMC found that as health conscience as millennials are, they really aren’t living healthy lifestyles. By listening in to conversations, UPMC were able to identify why:

trend-showing-millennials-searching-for-healthcare

A general lack of trust for the healthcare system and high expectations were at the heart of this. Using this intel gathered from social conversations, UPMC was able to devise a strategy for reaching more of this generation and getting them on a healthier track.

Finding New Business Partners

Sometimes you know who your target is, but you need a little help reaching them. Hybrid research steps it up a notch and delivers potential partners who may have a longer reach, or who may have specific industry or niche knowledge to help you succeed in a certain arena.

NASA uses hybrid market intelligence to help identify emerging partners in various fields such as academia, private industries, and government agencies. They gather relevant intel by using our intelligence connector to identify opportunities.

How could this look? For example, below, we have a heatmap of Aerospace companies, sorted by category. We can see category-level intel and then sort for specific company insight on metrics that matter when considering potential acquisitions, like founding year, investments received and CAGR:

heatmap-of-aerospace-companies

But it’s not just potential partners and sentiment towards companies, as consumer behavior can also be tracked, and it reveals where a particular audience is on the purchase path, and where they can be nudged along with targeted messaging. Or you can use hybrid market research to see what the news media, specifically, has to say on a particular subject. And be sure to consider influencer marketing and competitive analysis as well! A hybrid market intelligence tool should have all of this and more.

So how are you sure that a potential vendor offers all of this? We have a few questions to ask that should help!

Questions to Ask Potential Hybrid Market Research Vendors

What are people saying?

Fifty percent of buyers turn to third party sources before reaching out to a sales team. Look in depth at what the consumers have to say about the tool. What do industry analysts say about it? What are the strengths and weaknesses of it?

Can you gather dynamic, real-time insights on custom audiences?

Many tools offer intel on known audiences, or a predefined example of them. And this doesn’t cover all the bases. To understand what’s important to consumers, you need a market research tool which analyzes online conversations from an audience-based perspective, not just a keyword-based one. It needs to unlock insights to what your most engaged customers talk or think about, as well as what everyone talks or thinks about. Both sets of insight add value.

How easy is it to see the reach and effectiveness of each individual social channel?

sources-of-conversationConsumers are chatting it up on all the social media sites, and it’s important to identify who is driving brand conversations and what content is trending on each channel to adjust methods as needed.

Here, we can see the conversation surrounding dog ownership and care is coming from many different sources. And the lion’s share – or should we say the most bark – is coming from Twitter and Blogs, with Tumblr following behind.

The conversation on each will be different, as consumers interacting on each are likely different. And you’ll want to design messaging that accommodates those distinct audiences. Your tool should help you break down audience demographics to guide these efforts.

And finally, how long will it take to aggregate all this data?

Twenty-eight percent of crises reported spread internationally within an hour. Yet, on average it takes 21 hours to issue a meaningful response. And so, your hybrid market research tool needs to work quickly, offering a depth of data, flexibility of analysis and reporting, and the ability to instantly analyze trending topics in real-time. Delivering timely insights is key to interacting with customers, managing risk, and informing time sensitive business decisions.

Ready to transform your basic consumer analytics into deep AI-driven consumer and market intelligence that proves itself time and time again? Reach out for a demo!

 

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