Understanding your consumers using research technology — Kumar Doshi // Lucid
- Part 1 Understanding your consumers using research technology — Kumar Doshi // Lucid
- Part 2Market research’s role in identity resolution — Kumar Doshi // Lucid
Show Notes
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02:46Lucids underlying market research technologiesYou can use Lucids technology to do more than just understand the audience. You can test the potential of your ideas and ads too.
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03:54Figuring out who is answering your questionsNot everyone that wants to answer your question is a prospective customer. But with Lucids technology, you can ensure that you are sending your questions to the right people.
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05:33Sourcing the people to answer your questionsLucid works with suppliers who have their own pool of respondents. The suppliers incentivise and nurture their pool of respondents to participate in the surveys.
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06:34How to ensure respondent integrityLucid has technology to check for things like sample bias and reconciliation rates. Once evidence of this is found, it is removed from the data set.
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07:30How to look at sample biasUnderstand that there will always be some level of sample bias because the process is incentivised. However, people trust the results.
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09:04The technology behind the market research processThe technology gives market researchers a lot of control. You can control things like who should answer. Plus, there are quality checks involved.
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10:09Using the data to improve marketing effortsUse the data for things like brand tracking studies, testing new product ideas, and expanding your target audience.
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11:35The cost of market research and who it is forTraditional market research is generally very costly. But with a programmatic system like Lucids, it opens up the space to more people.
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14:04How to not influence your audience with your survey questions as a small businessYou can find a lot of information and tools online on how to conduct market research on your own. Its about designing effective survey questions.
Quotes
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"Lucid built a programmatic platform where people that want to ask questions can find people that can answer those questions." - Kumar Doshi, Sr VP of Marketing, Lucid
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"I, as a market researcher, am not just blasting this survey out to people. I have a lot of control in terms of who it goes out to demographically." - Kumar Doshi, Sr VP of Marketing, Lucid
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"You can do a lot of identity checks on our platform to verify that the person that is answering the questions, who you think it is." - Kumar Doshi, Sr VP of Marketing, Lucid
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“In 2020 lucid platform was used for the nation's largest public opinion poll that was driven by UCLA as part of a project called nation scape.” - Kumar Doshi, Sr VP of Marketing, Lucid
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“A brand has a need to measure where the brand stands with its customer on a regular basis. And so brand tracking studies are a common kind of use case for the platform.” - Kumar Doshi, Sr VP of Marketing, Lucid
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“If a company wants to understand whether they should be going after a different demographic, they can use our platform form to do that.” - Kumar Doshi, Sr VP of Marketing, Lucid
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“By making market research programmatic, you can actually open it up to more people.” - Kumar Doshi, Sr VP of Marketing, Lucid
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“Now, you don't need the $100,000 market research. Come up with a list of questions, put them on our platform, determine who you want to answer. And then technology takes care of the rest.” - Kumar Doshi, Sr VP of Marketing, Lucid
- Part 1 Understanding your consumers using research technology — Kumar Doshi // Lucid
- Part 2Market research’s role in identity resolution — Kumar Doshi // Lucid
Up Next:
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Part 1Understanding your consumers using research technology — Kumar Doshi // Lucid
Senior VP of marketing at Lucid, Kumar Doshi, continues the conversation about the technology behind market research. Many times, people who want to answer your survey are not necessarily your customers. So to ensure data integrity, you need to be able to narrow down respondents. Today, Kumar discusses how you can understand your consumers using research technology.
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Part 2Market research’s role in identity resolution — Kumar Doshi // Lucid
Kumar Doshi, senior VP of marketing at Lucid, talks about the technology behind market research. How you do market research has evolved over the years to include targeting. While, before, it was about focus groups simply trying to understand the target. Today, Kumar explains the role of market research in identity resolution.
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