Large CPG enterprises across the globe spend millions of dollars and thousands of man hours every year researching and trying to understand consumer behavior. They do this using conventional modes of research and try to unlock consumer intelligence for product engineering and marketing teams so they can develop, innovate and promote brands that are closely aligned with their customer’s needs. However, using conventional methods including surveys, questionnaires, focus groups and videos are cost and time intensive, and may not provide the right ROI. Due to these 2 critical factors large CPG enterprises are migrating towards immersive research studies based on videos since the last 2-3 years.
Marketers and consumer research divisions in CPG companies are always battling the trifecta of time-cost-accuracy. With the sheer volume of market data and manual interventions an analysis can be error-prone, slow and cumbersome inhibiting time-to-market and informed decision-making. Market research companies need to work fast and smart and automation of insights generation would be highly beneficial to help scale, reduce cost and speed. Consumer studies involving the capture, study and analysis of video data with AI powered video platforms are disrupting the traditional modes of generating consumer insights.