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One of the key challenges that market researchers face to do is being able to do more with more but with less. This seems to be an ever-growing problem teams are facing, and it’s causing burn-out, frustration, and some cutting of corners. It’s a lose-lose situation. So, what exactly do we mean by doing more with more but with less? Let us explain.
Firstly, ‘doing more with more’ but with less.
Thanks to the rise of big data (primary survey data, transactional data, syndicated data and more), we are spoiled thanks to access to lakes, or oceans for that matter, full of data. Having access to this volume and (at times) quality of data is a good thing in and of itself. Being able to find patterns in various data sets, discovering trends in one set that raises questions that can be explored in another.
On top of this, more and more stakeholders have experienced the value of high-quality market research and insights. This means there are more people wanting the attention of the insights team. Again, this is fantastic in and of itself.
When this works, it is a beautiful thing, but it takes either time or technology... and realistically both. However, we’re faced with the later part sentence above.
Secondly, doing more with more ‘but with less’.
Unfortunately, market research budgets and resource allocation have not always kept up with the demand that organizations have. So, they are challenged to continue their growing workload with their current resources. And, if one of their team members leave, they may well have an even tougher challenge on their hands to replace them.
Market research teams that can weave a generative AI story through their offering can capture a share of budget and resource, especially if it can combine multiple data sources from their business.
Lastly, how you could ‘do more with more but with less’
To give you an idea of how generative AI can be used with market research data, below is a verbatim response from the generative AI tool in Harmoni, our market research analysis and reporting platform. To get it to this state, you run your analysis from your data set, then use generative AI to produce a report. With the right prompting, you can get a similar report, which then needs the appropriate sense and fact checking. Overtime, the accuracy of the results and the level of hallucinations will reduce.
And who knows, if you’re successful, you may be able to do more with more ‘but with more’. Like with anything in business, if you can prove the value that your market research and insights provide for your organization, there’s a good chance you will secure more budget and more resource.
Gen AI example report: New Zealand Visitor Survey
With the recent announcement of the New Zealand government to attract tourism from Australia, it's interesting to explore the impact of Australian visitors on New Zealand's tourism industry. Below is a video to demonstrate how we arrived at this report.
To understand the current Australian visitor market, let's look at some key aspects:
How big is the Australian visitor market to New Zealand?
- Australia consistently ranks as New Zealand's largest source of tourists.
- Annually, over 1 million Australians visit New Zealand, representing nearly half of all arrivals.
What is the profile of a typical Australian visitor to New Zealand?
- A significant portion, 38%, of Australian tourists visiting New Zealand for holidays come for business and 14% to visit friends or relatives.
- Geographically, the majority of Australian holidaymakers originate from the states of New South Wales, Queensland and Victoria.
What activities do Australians engage in and which regions do they visit in New Zealand?
Australians often visit New Zealand throughout the year, but there are certain periods when travel is more common. The peak times for Australians to visit are typically during the winter and autumn holidays. These include:
- Winter Holidays (July to September): New Zealand's ski season attracts Australians looking for winter sports activities. Popular ski destinations like Queenstown and Wanaka see an influx of Australian tourists during these months.
- Autumn Holidays (October to December): This period can also be popular due to school holidays and the milder weather, which is ideal for exploring New Zealand's natural landscapes.
This is just a snapshot of what Harmoni is capable of. If you’re interested in how Harmoni could work in your organization, and would like to know more, please contact us or click the link at the top of the page to organize a demo.