Simon Chadwick - May lecture series - 2014

Simon Chadwick, Cambiar LLC, USA
NewMR Lecture Series May 2014
The Yin and Yang of Big Data
Simon Chadwick
Managing Partner
Cambiar LLC
USA
2014 Platinum Sponsor

The Future of Research Series
• Annual study of change in the U.S. market research,
insights and analytics industry
• Reflecting the views, experiences and opinions of
CMOs, Insights VPs, research company leadership and
(this year) new entrants and young researchers
• 2009: Qualitative (with ARF)
• 2011 and 2012: Quantitative
• 2012: Extended to Latin America
• 2013 study:
– 33 IDI’s (Phone and Face-to-Face)
– Sample and methodology available on request

Special thanks to our 2013 partners
The SEEK Company

TECHNOLOGY DRIVING
FORCE IN MARKETING RESEARCH
2003 2005 2007 2009 2011 2013

The Investor’s Perspective
2011:
$800m
2012:
$1.7bn
2013:
$3.2bn
Source: Cambiar Capital Funding Index

$0
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
$1,200,000,000
$1,400,000,000
$1,600,000,000
$1,800,000,000
Market Research Analytics Platform Business Intelligence
Investment Category 2011 - 2013
(Excl. Outliers)
2011
2012
2013

$0
$100,000,000
$200,000,000
$300,000,000
$400,000,000
$500,000,000
$600,000,000
$700,000,000
$800,000,000
Big Data Social Media Mobile Other Web Analytics Predictive
Analytics
Speech
Analytics
Investment in Analytics 2012 - 2013
2012
2013

So what is BIG DATA?
Here’s how a few people from
the industry are defining it.

What is Big Data?
“Big Data is essential. By the way, what is Big Data?” (Client)
“Large sources of unstructured data that may have insights.”
(Agency)
“Big Data is an immense amount of raw materials of consumer
behavior that is NOT the finished product.” (Client)
“Big Data is synthetic development of intuition.” (Agency)
“Big Data is a buzzword.” (Client)
“Big Data is a marketing term.” (Agency)

“There’s data that exist in the world through technology
and that give insight into our lives – what we care about,
what we search for, what websites we go to, how we use
our phones, who we are texting – many, many different
things. If you know how to read it and you can access it
and you can process it, then we gain very, very unique
insights into consumers, into people.”
“To me, Big Data is a marketing term. Databases have been
around for decades. Big Data is just saying they are getting
bigger.”
(Large MR Company)
(Large database company)

Big Data has led to some
interesting CONUNDRUMS.

Clients and market researchers
want to understand what the BEST USE
of it is, and WHAT ROLE it can
play in their organizations.
CONUNDRUM #1

There is also some VAGUENESS
around where it fits, and WHICH ORGANIZATION owns
this function.
CONUNDRUM #2

Then there is also the concern
around the COST OF IMPLEMENTATION:
will it cost a lot of money, and will it yield
a robust RETURN ON INVESTMENT?
CONUNDRUM #3

As the market research
function embraces BIG DATA as a
decision making tool, it needs to
overcome some HURDLES.

One, there is a lot of data, but is it
the RIGHT DATA? What is being
measured? How RELEVANT is it?

Have the tools used to ANALYZE,
SYNTHESIZE, and MINE for insights
from this large mass of data evolved
at the same pace?

Data scientists are great at
ANALYSIS but lack the necessary
STORYTELLING SKILLS.

There is also the concern over PRIVACY.

VISUALIZATION will also need to
play a significant role in the
WIDESPREAD APPLICATION of Big
Data.

So, is BIG DATA The Holy Grail?
Does it paint the COMPLETE PICTURE?
And, is it ENOUGH?

CORRELATION
can never replace
CAUSATION.

There is a need beyond Big Data,
the need to CONNECT with them,
not as consumers, but as PEOPLE.
Empathy is the answer,
the yin to the yang
of Big Data.

The more we have Big Data, the closer
we need to get to our consumers
“We need to connect with our consumers emotionally – if we promise to improve
their lives.” (Client)
“We need to understand our consumers as people.” (Client)
“Big Data is important but the why is much more important.” (Client)
“Suppliers need to walk in the shoes of the consumer, live it, show it. Have some
foresight, show involvement and commitment.” (Client)
“Nothing replaces the customer. We still need to talk to people.” (Agency)
Deeper Longitudinal
Tell their
stories

“I think it’s’ easy for me to care for consumers because I
don’t look at a consumer and say they are my secret to
higher penetration. I don’t walk into someone’s home and
shake their hand and say ‘with this consumer I will have
higher share numbers’. I don’t look at a consumer and see
an Excel spreadsheet with yellow, green and red. I don’t
look at people and see metrics. I look at people and see
people.”
Large CPG Client

Empathy as a RESEARCH TOOL
has profound implications on the
SYNTHESIS PROCESS too.

“We have a lot of great analysts but they can’t tell me what
to do differently. They can’t tell our clients what to do
differently. Hence you need to find the right person or a
group of people that bring together both hard skills – the
ability to analyze – as well as soft skills – the ability to
synthesize and say ‘my experience tells me we need to be
doing this in this situation.’ The ability to analyze and the
ability to synthesize are two different skills. To have both in
one individual is hard but those that you do find, make sure
you keep them!”
Large research company

So, what talent will we need?
?

In truth, we need all of them

THANK YOU
Simon Chadwick
Managing Partner
Cambiar LLC
Anouk Willems, InSites Consulting, Netherlands
NewMR Lecture Series April 2014

The Sponsors for this Event
If you are interested in sponsoring a future NewMR event
Email Michele.Poynter@TheFuturePlace.com

Q & A
Anouk Willems, InSites Consulting, Netherlands
NewMR Lecture Series April 2014
Ray Poynter
The Future Place
Simon Chadwick
Cambiar LLC

Simon Chadwick - May lecture series - 2014

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Simon Chadwick - May lecture series - 2014