Accurate, up-to-date data on market trends, goods prices, and population statistics is vital for both commercial entities and governmental organizations to make more informed decisions, but in many areas of the world this data is extremely hard to come by. Emerging markets in Africa, Asia, and Latin America often lack basic data on development indicators, and this can hinder their growth. Likewise, brands are often hesitant to invest into a new market without an indication of their potential success, which is difficult to assess without data.
Doing rapid, cost-effective, and high-quality market research across multiple countries has never been easy, but as businesses become increasingly global, gathering actionable data from all over the world has become more important. The challenging variety of languages, infrastructure, and local knowledge keep researchers busy, and the reality is that much of conventional market research is now living in the shadow of digital platforms that measure as they engage with online users (like Google, Facebook, and Amazon). What can the market research community learn from these platform companies and how can market research use these learnings to continue to innovate in their own field?
Topics: Market Research
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