“Game On!”: How Virtual Reality is Transforming Market Research

When the term Virtual Reality (VR) comes up, many people will immediately conjure visions of kids with goggles, hands gesturing into thin air. The stereotypical VR kid is using the technology for gaming and immersive role playing. VR is certainly a high-profile, high-octane market. Estimates say it will be worth tens of billions of dollars by the early 2020’s. What is maybe less visible but no less important is the fact that market researchers are using VR to take their work to unforeseen levels.

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The Power of Conversation

Observers of the market research industry have been noticing a trend of late: researchers are acknowledging the limitations of large-scale surveys and are rediscovering the value of qualitative research, namely, real conversations with real people. Why?

That’s precisely the question, and also, the answer. “Why.” Quantitative research often has difficulty answering the “why?” questions. While it is true that much insight can be gained by analyzing big data, why not go directly to the source and talk to them? By interviewing and hearing people’s stories and insights, you can understand data better. Why do products sell? Why is growth not taking off? Why do preferences emerge for one brand and not another? Some answers are more readily gained by simply talking to people, then interpreting the results.

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