Editing and Adding Value to AI-Generated Market Research Report

As a panel discussion member, I recently shared some tips on what to consider when editing and validating an AI-generated market research report.

• Acknowledge what a great tool AI is, but know its limitations and your topic. Prior knowledge of both can alert you to weaknesses and help you focus on what needs correcting.

• AI-generated reports can be too wordy and qualitative. They can lack ‘punch’ and not deliver the ‘Oh wow’ that you need to hear as a reader when discovering insights. Make sure the tone of the report creates excitement and motivates further reading. 

• Must-have quantitative data can be hidden behind paywalls, or what is supplied by AI can be too old to justify making a financial risk. Always check that the source of data is cited and it’s trustworthy. 

• And speaking of citations, information in a report should always be referenced, especially with a date of publication, name of the original source, and a URL if applicable.

• Lastly, it's important to check for plagiarism. Utilise tools such as Scibbr to ensure the content is as unique as possible.

Chinese Consumers and Sustainability

MFAT (Ministry of Foreign Affairs and Trade) produce interesting, easy-to-read reports on a wide range of topics of interest to New Zealand exporters. One that got my attention recently focused on Chinese consumer perceptions about sustainability. China’s economy is looking a bit wobbly of late, and with our economy also looking a bit fragile, everyone is hoping that our exporters and tourism will pull us through these challenging times. Written by the New Zealand Consulate-General in Shanghai, it contains up-to-date information on the importance of sustainability for a Chinese consumer.

Here are some highlights of the report:

• Chinese consumers prioritise personal health benefits over environmental concerns when making purchasing decisions.

• Sustainability messaging can help brands command a higher premium, especially when linked to better health outcomes.

• New Zealand has a natural advantage in promoting sustainability, but other countries also effectively emphasise their green credentials.

• China's emphasis on healthy lifestyles presents opportunities for New Zealand, particularly in promoting ecotourism and durable products.

• China's top-down approach to environmental challenges can quickly change companies' behaviour and drive sustainable practices.

• Chinese consumers, especially the younger generation, increasingly care more about sustainability, particularly health and welfare.

• Government and industry-certified labelling can strengthen consumer trust in sustainability messaging.

• Wealthier Chinese consumers are pursuing healthier lifestyles, creating opportunities for New Zealand in eco-tourism and durable goods.

• Chinese government policies are accelerating decarbonization and driving changes in industries like renewable energy and electric vehicles.

• Businesses in China are responding to international sustainability benchmarks, particularly EU regulations, to stay competitive in global markets.

• Chinese consumers are becoming more discerning and are seeking products with sustainable and environmentally friendly credentials.

• New Zealand businesses can leverage the country's environmental credentials to add value and appeal to Chinese consumers, especially by linking sustainability with health benefits.

The Importance of Innovation

It can be tempting to shut down new and risky projects when economic conditions are tight, and you must use your resources wisely.

Research shows that tough times are precisely when you should continue to innovate and change.

Value-focused innovation and growth can make businesses stronger than ever in a recession and this helps position them for brighter days. Manufacturers who choose to innovate are 1.8 times more likely to grow overall sales. More telling is that those who innovate during times of crisis outperform those who don’t.

Consumers also appreciate the efforts of businesses to hear their needs when money is tight, with 63% of purchasers willing to buy a product that has used innovation to make it more affordable.

Need an Extra Pair of Hands?

Every business is watching their budget at the moment. Hiring a freelancer during a recession can give a business the expertise, flexibility and strategic support to weather hard economic times.

My AIIP colleague, Linda Rink, gave these great reasons why having a freelancer do just that in your business can be smart.

The benefits of having a freelancer are…
1) Freed up staff time for core business or urgent tasks
2)    Reduced costs by not having to hire more staff
3)    Specialised expertise not available in-house
4)    Objective third-party evaluation and recommendations
5)    Extra resources when you need them
6)    Ability to compete with larger companies 
7)    Reduced “ramp-up” time for new initiatives
8)    Fresh perspectives from outside your organisation

If you need help with a research problem and are looking for a cost-effective solution, please call (027 4393795) or email me for a confidential chat.

Why You Need Competitive Intelligence

Crayon's '2024 State of Competitive Intelligence' benchmarking report points to the need for CI for business. This survey finds that 65% of business sales are competitive by nature, and that's only when the client says it's a competitive business pitch. The figure is likely to be much higher, and with times being tough, businesses will have to be better prepared with their knowledge about how the market operates.

If you need background information for a sales pitch, please get in touch.

Light Bulb Moments

New market opportunities can be hard to spot. One way to find them is to look at the internet and social media and see how people are employing ‘hacks’ when using particular products or services. This can highlight pain points for consumers and show you how they have circumvented the issue and found a solution that works. You can then consider offering these improvisations to make your offering more useful as well as exploring different scenarios where your product or service can be used.

Sales Trends of Consumer Goods

Five trends are shaping innovation in the consumer goods market.

1. Consumers are becoming more conscious of consumption, so companies must attempt to be sustainable and deploy ethical sourcing practices. Adopting these practices helps develop brand loyalty, but there is the risk that rising inflationary pressures will weaken this.

2. Companies that successfully embrace digital transformation will be well-positioned to rise to the consumer's demands of convenience, flexibility and speed of purchase.

3. Personalised health and wellness products that meet specific health needs are in demand. Buzzwords such as plant-based, free-from, organic, clean, natural, non-GMO, vegan, allergen-free, low sugar, whole grain, superfood, and probiotic are all used to attract health-conscious consumers.

4. Everyone wants to feel special and unique. AI and other technologies will help drive this personalisation by offering custom options to suit individual tastes and needs. For example, Samsung's Bespoke Home lineup of kitchen appliances includes a refrigerator with panels that can be customised with artwork or family photographs.

5. The rise and rise of influencer marketing means that brands collaborate with on-trend influencers to reach new audiences and develop brand loyalty. The global influencer marketing market is expected to reach US$91 billion by 2030, rising at a compound annual growth rate (CAGR) of 26.7%, according to a report by Market Research Future. Just choose your influencer carefully and have a plan to deal with any crisis should this go wrong!

Beverage Trends

Everyone loves a yummy and satisfying drink, whether it's a hot or cold beverage. Here's a quick overview of beverage trends.

• Cost of living concerns are leading to a jump in the sales of private label store brands.

• Dairy alternative beverage innovations continue to grow sales, but the preference for the taste and texture of dairy milk still appeals to many consumers.

• Healthier-for-you drinks with clean labels, natural ingredients, and reduced sugar and calorie content are being demanded by consumers. These drinks support immunity, energy, mental acuity, and overall well-being - the ‘keep me going, but keep me well’ solution for busy people.

• Manufacturers are reducing sugar in fizzy drinks, juices, and energy drinks to mitigate concerns with high sugar content and adverse health outcomes.

• Beverage marketers can entice consumers to try their products by introducing limited-edition flavours, seasonal varieties, and innovative pairings. This enables them to reach demographic groups or highlight their use in different social situations.

• Young gamers have distinct preferences and want beverages that enhance mental and physical performance for their mammoth gaming sessions.

• Environmental, social, and governance (ESG) concerns are a consideration for younger demographics when choosing a drink. This can mean they look at a product's packaging critically, so manufacturers who push eco-friendly alternatives and limitations on single-use plastics will be viewed favourably.

When to Use a SWOT Analysis

A SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) is a well-known and respected tool. It looks at a company’s internal strengths and weaknesses, external opportunities and threats. The challenge is to use it for the right situation. Optimum reasons for undertaking a SWOT analysis are...

• Improving your understanding of competitors, partners, or customers

• Evaluation of new partnership or joint venture possibilities

• Assessing whether a company stands up as a vendor or supplier

• Assisting you to stay up to date on a company’s business strategy, prospects, and new developments

• Formulating business strategies that align with your company’s core competencies and then enabling you with the information to address areas for improvement

• Finally, a SWOT can help with quick decision-making during crisis management scenarios by distilling complex problems into an easily understandable and practical framework

If you need help formulating SWOT analysis of your business or a competitor or supplier, then please get in touch. Heath Research Services can assemble all the necessary information to make informed decisions.

The Self Improvement Pathway

Most people want to be the best they can be, or at least, find some peace and fulfilment. Life is messy though, with lots of turns and bumps in the road, good and bad. Even getting enough sleep is becoming a major health issue.

I find that time and reflection can help mediate and focus our response to situations, but often well before that clarity happens, you're looking for help.

Research in the US shows that the self-improvement market is big business - it's worth US13.4 billion. Although perhaps the Kiwi psyche is different than our American friends, here are some key trends that have parallels with what's happening in New Zealand.

• Self-improvement apps - the market is exploding for on-demand, personalised help. Check out Headspace, MindDoc and Calm. They have some great strategies for dealing with issues such as anxiety and insomnia.

• Self-help books - As we all stayed home during the pandemic and then had to re-enter society, print and audio books on personal transformation, relationships and motivation became top-sellers. In fact, listening to audio books is big business. Marketdata analysts think that sales grew 10% more in 2022, to a value of US$667 million.

• Virtual delivery of services and a focus on millennials as clients, was also noted. Usually this market is primarily driven by female consumers, but there's been a sharp drive in interest by male consumers now.

The Future of Indoor Farming

Where I live has recently been devastated by flooding. This natural disaster decimated many farms, orchards and vineyards, deeply affecting the social and economic fabric of the region. It’s uplifting to see many of the orchards where I live begin to repair the infrastructure so they can plant again while the future for other growers is still uncertain. With climate change, perhaps farming indoors needs to be considered a more sustainable and efficient method of growing some types of food. Concepts like vertical farming (food grown in stacked layers or vertically) allow fresh food to be grown near big urban areas, reducing transport costs and carbon emissions. For other alternative and perhaps more sustainable ways of growing food, check out this blog post - https://tinyurl.com/yjbrpwhy.

Retailer Strategies

CB Insights have just released their top 100 retail tech companies report. Key takeaways are…

• Retailers are prioritising making their operations more efficient and productive - there's an opportunity now to optimise logistics and inventory management.

• They need to make personalised connections with shoppers, new and exisiting, across channels - driving loyalty is all about survival in tough economic times.

• AI is everywhere - from virtual photo shoots to customer service support. New research suggests that AI could provide enormous time and cost savings in marketing, where companies spend nearly 14% of their budgets.

If you want to find out how your retail operation can use the latest retail insights to grow sales, please get in touch now!

Ten Growing Markets for 2023

MarketResearch.com thinks the ten industries below will grow exponentially in the next five years.

1. 5G Security - gives better network capacity plus more security and privacy.

2. Virtual Reality Gaming - players with rising disposable incomes in countries like Brazil, India, and Mexico will drive future growth.

3. Virtualisation Software - Amazon, Google, Microsoft, Oracle, and Huawei Technologies are all fighting for market share, driven by users from the United States, China, Japan, Canada, Germany, Australia, India, and South Korea.

4. Digital Education - After Covid drove the change in how we learn, the digital education market has grown massively. It is expected to be worth $136 billion by 2030 at a CAGR of 25.1%.

5. Healthcare Predictive Analytics - Predictive analytics help centre care and well-being to an individual's needs. It can identify early indicators of patient deterioration, design personalised medicines, and improve clinical trial outcomes.

6. Cannabis Edibles - Edibles appeal to new consumers who don't want to inhale smoke or feel uncomfortable consuming cannabis in specific environments. The baked goods and confectionery are discreet and convenient for customers to explore this market.

7. E-commerce Logistics - Artificial intelligence and big data are transforming this industry, making it safer and faster.

8. Solar Energy Solutions - Key drivers of the use of solar are the interest to adopt green energy, smart cities, increasing tariffs, and regulatory compliance.

9. Vaccines - Covid has increased interest and funding in vaccine technology for other diseases.

10. Fintech-as-a-Service - Fintech-as-a-service employs API, artificial intelligence, robotic process automation (RPA), and blockchain technologies, all changing the global financial environment.

Barriers to a Sustainable Lifestyle

A new report from Nielsen highlights barriers that consumers are facing to be more sustainable. As the graph shows, it’s still comes down to dollars and cents preventing us buying products that are better for the environment. With a tight economic outlook predicted for 2023 and households watching their spending, where will that leave our planet?

https://nielseniq.com/wp-content/uploads/sites/4/2023/01/NIQ-2023-External-Sustainability-Report.pdf

All about New Zealand

Often, I am asked by fellow secondary researchers about where they should head first for general research. Here’s a list of suggestions…

• The New Zealand Government's official website (www.govt.nz) which provides a wide range of information on the country's policies, initiatives, and statistics

• The New Zealand Ministry of Business, Innovation, and Employment's website (www.mbie.govt.nz) which provides information on the country's economy, industry, and workforce

• The New Zealand Tourism website (www.newzealand.com) which provides information on the country's tourism industry, including travel guides and destination information

• The New Zealand Transport Agency's website (www.nzta.govt.nz) provides information on the country's transportation infrastructure, including road and public transport information

• Statistics New Zealand's website (www.stats.govt.nz) provides a wide range of official statistics on the country, including demographic, economic, and social data.

Ingenious Sample Size Calculator

For those of us who are statistically-challenged, here's a brilliant sample size calculator. This tool helps you to determine how to obtain a statistically significant result in a survey. Helpfully, the calculator also tells you how many people are needed to reach to get a certain level of accuracy, plus it calculates the margin of error based on the existing sample size.

Business Ethics

The Markula Center for Business Ethics is a leader in business ethics, and is an excellent starting place for information on topics such as corporate governance and fair labour practices. This database contains case studies featuring common ethical situations for businesses and videos with interviews of prominent Silicon Valley executives.

Corporate Social Responsibility (CSR)

The Library of Congress have curated a research guide (Corporate Social Responsibility: Company Profiles & Rankings) that lists organisations which have compiled lists and rankings of companies that are either good or bad in areas such as caring for the environment, sustainability, and diversity. It is very U.S.-centric, but the resources listed are of a high quality, with many of the sites offering further searching/browsing opportunities. Consider this site when you need to find out how a specific company is regarded or ranked.

Green is Good

Greenfile is a database of journals, reports and documents from scholarly, governmental, and general interest sources. Issues covered include climate change, green buildings, pollution, and sustainable agriculture. Search filters are available to narrow down the 1.1 million indexed records, with full text open access for over 15,000 of those records. For any environmental research needs, Greenfile is an excellent place to start, especially considering that it is an academic database which is free to use.

“Tesla is Eating Our Client’s Lunch in the Pacific Markets.”

The above memorable quote came from a Nielsen report on the EV (electric vehicle) market as other auto brands try to catch up with Tesla’s lead in this market. The research also suggests that once you own an EV (electric vehicle), it's unlikely you will go back to a standard engine, with existing owners of EVs 65% to 95% of the time willing to purchase another EV. This will help other brands capture market share from Telsa if they can get their marketing message correct and differentiate their offering.