LMRB unveils “Consumer Portrait 2011 – New Frontiers”

LMRB unveiled the ‘Consumer Portrait 2011”, the second in the series, in the midst of a distinguished gathering of clients and media, at the Oak Room – Cinnamon Grand.

The theme “New Frontiers – Charting the Uncharted” was an apt as well as an intriguing topic for what the pioneer in market research has in store for its clients in the next few months.

“As the premier research institute with a wealth of experience in this market, we take it upon us to anticipate what should be the products and services that will be required by our valuable clients, in the future, and to ensure we are fully geared to provide a solution with our extensive network of resources, both in terms of superior technology and human capital.

Our worldwide resources are constantly working on capabilities that will help clients discover true insights to dominate in their relevant categories.  We believe in building partnerships with clients where the needs of the client become the beginning of the charting of our map” stated Himalee Madurasinghe in her welcome address as the newly appointed CEO of LMRB.

Addressing the audience, Thomas Puliyel, President, Indian Market Research Bureau (IMRB) said “We are aware that our contributions are valued by our partners, and that is the very reason we work on being a step ahead always, discovering and sharing what could be used tomorrow.

As an organisation we strive to discover new frontiers always, and we have the habit of charting the uncharted. Globally we are well connected; we share our learnings with each other, which enables us to synergise and create solutions that are absolutely powerful.”  

The forum focused on sharing concepts which are ready to be launched immediately. The opening presentation touched on measuring effectiveness of CSR activities in order to understand their impact on a company/brand’s Social Quotient. A.V. Surya and Nanditha Hettitantri highlighted the importance of measuring the effectiveness of CSR and how powerful alignment of CSR contributes to higher social equity.

Several impactful examples were shared, leaving with the audience with food for thought.

The presentation was followed by the next session exploring emerging areas that could be exploited in market research to make it more meaningful given the changing consumer behaviour and disinterest in being a part of the traditional methods.

 Addressing the audience Hemant Mehta had this to say “Consumers are increasingly leading busy lives with little time and patience for sharing their opinions.

Coupled with growing competition and complexity in the market place, the marketers’ need for frequent, faster and incisive insights is only growing.

These pose multiple challenges for researchers: how can we engage the time pressed consumer? How can data be gathered and analysed faster? How can we collect more information from the consumer without burdening them? Fortunately, the recent developments in technology – IT and telecom – come to the researchers’ rescue. Wide spread adoption of cell phones and the growing reach of internet today offer several exciting options for researchers to gather data quickly with an enhanced engagement of the respondents. Consumer responses can be collected in terms of text, picture, voice or video thereby providing richer insights into their lives and behaviour.”  

In the same presentation he also revealed to the audience the latest revolutions being created in the retail space. Another opportunity which could be explored immediately by the marketers was the analysis of shopper behaviour in quantitative terms using video observations in a retail environment.

The audience was exposed to many emerging technologies currently being used by IMRB International, which are bound to create high levels of interest with marketers.

Rohini Abraham presented an approach for disruptive thinking that could result in creative innovation offered by IMRB’s specialised division – Innovation Labs.

“The world has changed — the transition from a manufacturing economy to a knowledge economy has brought with it considerable challenges to marketers.

This complexity can be met not through the familiar and routine methods we have been used to — instead it demands non-routine, creative and conceptual abilities in order to design more meaningful and relevant pathways to the consumer.

This presentation talks about the need for innovation in today’s business world. PQR Innovation Labs offers a bouquet of innovation-centered solutions based on Design Thinking skills.

Key among these are Product Innovation, Service Innovation, Scenario Planning and Behaviour Change Labs” was her submission to the audience.

The last presentation brought forth the challenges faced by the marketer when using the current Socio Economic Classification (SEC) which is based on the chief wage earner’s income and education.

Extensive work conducted by the organisation in India and Sri Lanka was shared with the audience in an attempt to present a more meaningful classification that would create a more valuable segmentation of the audience, now using the life index in addition to the traditional measurements.  

The thoughts of the team with the extensive exploratory work that has been conducted was presented to the audience with an open request for value addition.

“While we have done extensive work in this area the classification will be used by every researcher and client; therefore it is our wish to ensure we solicit the views of all stakeholders.

Even when the current classification was introduced LMRB had to take a pioneering stance, and that is what we are doing again today as we see the dire need for this change, “stated Himalee Madurasinghe who made the concluding presentation.

Lanka Market Research Bureau, as the premier market research organisation in Sri Lanka caters to all the top multinational and local marketing companies, fulfilling all their research needs.

LMRB strives to obtain and adapt all the new technologies introduced worldwide, so that the local organisations could use the knowledge acquired fast and effectively.

As an associate company of the Kantar Group the local team has access to the full range of international research experience and technology.