Is Big MR on Its Way to Becoming the Next Blackberry?

What smartphone do you use? I’d be willing to bet that it isn’t a Blackberry. Why is that?

The market research industry has gone through several transformations in the last 100 years, and the latest evolution is happening right in front of our eyes. During the advent of online surveys, market research was further democratized, however, it became reliant on stated responses at the expense of observing actual behaviors. Unsurprisingly, as the 2022 GRIT report highlights, data quality issues have become more acute and the need to look into more accurate, behavioral data is ever increasing. So where do we go next? My answer is simple: Scaled, Behavioral Research.

Let’s talk about measuring behavior and how we can do it better. Several existing tools have been on the scene for a few years now: passive monitoring of mobile devices, static cameras, and wearable eye tracking goggles. However, two nascent but powerful technologies are changing the game – and doing it at scale:

1. Video to Data
2. Augmented Reality

Over the last 8 years, we have been developing Videometrics by converting Video to Data at NAILBITER, focused on proving the actionability of the insights we bring to our clients. Not only does video analyzed at quant scale provide scalable, behavioral insights, but it also allows us to further innovate. By integrating Augmented reality into the product offering, we’re marrying the power of video observation with the flexibility of the virtual world, optimizing new offerings in real-time through crystal clear 3D visualization.

Let’s revisit Blackberry. There’s a reason there isn’t one in your pocket right now – they didn’t accept the urgency to innovate in a world rapidly changing through new technology, shifting consumer needs and behaviors.

So why are so many big market research firms not rushing towards new behavioral tools, like Videometrics? Many firms, though recognizing the value of being the next Apple, are more scared of becoming the next Blackberry. Additionally, with more agencies being acquired by private equity, the next few years will likely be focused on value extraction and less on Innovation and R&D.

The industry is at a crossroad, with innovation of new technologies for insight collection down one road, and the continued decline of legacy tools down the other. Each of us has a choice: embrace change and develop better ways of collecting behavioral data or become the next Blackberry.

Which road do you choose?