Having real time market feedback at your fingertips

The recent launch of Google Consumer Surveys got me thinking what a smartCROWD they are over at Google. Before this post goes any further, I’ll fess up now that we at InCrowd offer a very similar market research option in the healthcare space. With that said, what strikes me most are not the similarities between the two research offerings (and there are a lot of them) but the focus on providing near instant or real time data.

As our technology and social worlds continue to integrate… from how people interact, communicate, find information, to how they share their daily lives… there will be an increased need (desire, want, requirement – insert whatever word you like) to know now. The infographic from OnlineSchools.org tells the story of our digital connectivity…

  • 35% of smartphone users boot up apps before getting out of bed
  • 83% of young people sleep within reach of their smartphones (Personally I love this one, I sleep with my smartphone next to my bed… does that mean I can include myself in the ‘young people’ group?)
  • 10% more people get their news via a computer vs the newspaper
  • 51% of people do online research as part of their daily job
  • 50% of Americans prefer digital communication to face to face conversation

When you think of the vast amount of information available at our fingertips (and I do mean literally in our hands close to 24/7) how can we expect people to wait for market data? Real feedback from real people can now be accessed within minutes – why should anyone wait for data?

Does this formula ring a bell?

Didn’t do much for me either but I’m told it represents the time value of money. In short, money you get today is worth more than getting the same amount one year from now. OK I remember this from business school and you know what? It applies to data as well as money. The market feedback you have today (perhaps before your competition), that you can learn from now (maybe while the crisis is happening), is worth more than learning that same feedback two weeks from now…  by then it’s old news.

So our current smartCROWD pick is Google and the wisdom of launching Google Consumer Surveys so the world can begin to know now.

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