The Sunday Times of Sri Lanka used part of its paper this week to praise the value of Market research, noting it “exists to minimize the risk and uncertainty in the market.”
The article followed a Sri Lankan media roundtable where they discussed the difficulty in predicting human behavior. The article quotes Hilmy Cader of MTI Market Research quoting astronomer James T Adams: “Any astronomer can predict with absolute accuracy just where every star in the universe will be tonight. (But) He can make no such prediction about his teenage daughter”.
A key role for market research in emerging markets, Cader said, is in assessing greater choice in “brands, products, media, channels and financing,” calling them challenges on new ‘social operating’ platforms. It could also help measure the changing perceptions on “ethics, governance, conflict, environment, individualism, social integration and lifestyle.”
Cader said emerging best practices are moving away from large questionnaires to a “single-minded hard question, a one page essence as deliverable."
To make his point Cader used Indian newspaper ‘Dainik Bhaskar as an example, their explosive growth came from a deep understanding of the readership habits, what their readership lacked and what their readers sought. “The readers were made part of the product development team.”
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