Name: Connecting market research and product management
Uploaded: 2022-09-23T13:04:15.347Z
Duration: 424.7
Description: The pandemic's quick adjustments to consumer behaviour have substantial consequences for market research. Companies benefit from deep connections with market researchers. Jill Larson addresses how the customer experience and agility are some of the most vital aspects of the industry, followed by highlights about critical capabilities and market trends.

Connecting market research and product management.vtt

English

{{00:00:27}}
Hi, I'm Jordan Thorne and
we're here at TMRE 2021.

{{00:00:31}}
I'm joined today by Jill Larson.

{{00:00:32}}
She's the product management
leader at Qualtrics.

{{00:00:35}}
Jill, thank you so much
for joining us today.

{{00:00:37}}
Thank you.

{{00:00:37}}
It's great to be here, it's
fun to be in Nashville.

{{00:00:40}}
Exciting.

{{00:00:40}}
So maybe we could jump in and just
have you introduce yourself to

{{00:00:44}}
the community, tell us a little
bit about yourself and your role?

{{00:00:46}}
Sure.

{{00:00:46}}
Great.

{{00:00:47}}
Yeah, so I lead the product
team for Qualtrics for two of

{{00:00:52}}
our research product offerings.

{{00:00:54}}
So core XM and design XM.

{{00:00:56}}
And then before that I was a market
leader in marketing and sales.

{{00:01:01}}
And so I have deep compassion for
how hard it is to bring a brand, a

{{00:01:06}}
series of new products or services
to a market and stay on top of

{{00:01:10}}
that with great market research.

{{00:01:11}}
Incredible.

{{00:01:12}}
Thank you for introducing yourself.

{{00:01:13}}
Can you tell us a little bit about,
you know, what are some of the major

{{00:01:17}}
issues that you're hearing across the
industry from customers at Qualtrics?

{{00:01:20}}
We have the advantage at Qualtrics
of hearing from hundreds of customers

{{00:01:23}}
from all over the world everyday.

{{00:01:25}}
So the big challenge right now that
they're facing is the rapid change of

{{00:01:31}}
pace and disruption in their markets.

{{00:01:33}}
And so that shows and comes to
light in a couple of different ways.

{{00:01:39}}
So consumers now are rapidly
changing their preferences, right,

{{00:01:44}}
with the pandemic and the crisis
that we've all been facing more

{{00:01:47}}
and more consumers have moved very
fast into new digital channels that

{{00:01:51}}
they never purchased from before.

{{00:01:53}}
And their expectations are really high.

{{00:01:55}}
Speed convenience you
know,  personalization.

{{00:02:01}}
So expectations are high.

{{00:02:02}}
We know that 63% of those
consumers are now using brands

{{00:02:06}}
that they never used before.

{{00:02:09}}
We know that 80% of those
are sticky experiences.

{{00:02:12}}
So consumers that are now using
more and more digital channels

{{00:02:16}}
have no expectations to move back.

{{00:02:19}}
And so those are challenges.

{{00:02:21}}
And then you layer on top of it,
there are more and more companies

{{00:02:25}}
entering the space because now
they can move direct to a consumer.

{{00:02:30}}
And so those markets are getting
more crowded and saturated.

{{00:02:33}}
So really all of that means at the
end of the day is our customers are

{{00:02:37}}
needing to find new ways to deliver
great experiences from the first

{{00:02:42}}
time that they encounter a brands
to that last customer service call.

{{00:02:46}}
Those experiences have to be top notch.

{{00:02:49}}
Really interesting.

{{00:02:50}}
And what are some of the capabilities
that you think will be critical for

{{00:02:54}}
market researchers in the near future?

{{00:02:56}}
Yeah, new capabilities.

{{00:02:59}}
It just means that the need for market
research and insights is critical.

{{00:03:03}}
So companies need to be deeply
rooted in insights in order to

{{00:03:07}}
keep up with that rapid pace.

{{00:03:09}}
And really that means a couple things.

{{00:03:11}}
It means they've gotta be using
tools that are flexible and agile.

{{00:03:15}}
So they've gotta be able to
deliver new methodologies quickly

{{00:03:20}}
in the market and get those
insights and act on them fast.

{{00:03:23}}
And really that's the promise
of design XM, advanced market

{{00:03:28}}
research, but done easily.

{{00:03:31}}
And then secondly, they've
gotta be proactive because

{{00:03:34}}
things are changing so fast.

{{00:03:35}}
So they've got to be gathering
insights all the time.

{{00:03:38}}
Qualtrics is really interesting because
we help companies understand what are

{{00:03:42}}
those changing spaces, demand spaces.

{{00:03:44}}
How are humans thinking about the
definition of new categories and what

{{00:03:49}}
are the associations around those?

{{00:03:51}}
And then understanding what
are the brands and how are

{{00:03:54}}
people's perceptions of those
brands in the markets changing?

{{00:03:58}}
And so that's the promise of
our brand XM product, which

{{00:04:03}}
is really keeping abreast with
your brand and brand tracking.

{{00:04:07}}
Yeah.

{{00:04:07}}
And then you just mentioned agile,
I've heard that a lot the last couple

{{00:04:12}}
of days as sort of like this big
trend making waves, do you see that

{{00:04:17}}
continuing to be the trend in 2022?

{{00:04:20}}
Absolutely.

{{00:04:21}}
The world changes so fast now.

{{00:04:23}}
It can be shocking what happens in
the world that can affect your brand,

{{00:04:27}}
your customers' attitudes about it.

{{00:04:30}}
It could be political
changes in the world.

{{00:04:32}}
It could be supply chain issues.

{{00:04:33}}
It could be any number of things.

{{00:04:35}}
So we can't afford anymore to wait
for insights, you know, because by

{{00:04:40}}
then things have already happened.

{{00:04:42}}
You've missed an
opportunity in the market.

{{00:04:44}}
So agility is really key.

{{00:04:46}}
Okay.

{{00:04:47}}
And what tips do you have for
organizations that are sort of

{{00:04:49}}
just beginning this journey?

{{00:04:51}}
The only thing constant is change.

{{00:04:56}}
So I would just say for new
organizations or organizations that

{{00:05:01}}
have really not been deeply rooted
in market research and insights

{{00:05:05}}
is to find the right partners and
vendors that will help you grow.

{{00:05:10}}
Right?

{{00:05:10}}
So as your, and their methodology
methodologies are changing as there's

{{00:05:15}}
new access to data and signal, that
they can evolve with you and sort

{{00:05:20}}
of add to that toolkit of you know,
things that you can do to be agile

{{00:05:26}}
and play in those spaces rather than
to have to continue to outsource and

{{00:05:31}}
sort of piecemeal your market research.

{{00:05:33}}
So what's next for Qualtrics?

{{00:05:35}}
So next for Qualtrics is
all about unstructured data.

{{00:05:39}}
So in the last few years, all
the data we now get from chat,

{{00:05:43}}
social media, product reviews,
conversations happening online

{{00:05:47}}
that are unsolicited is key.

{{00:05:50}}
So our ability to harness that
becomes really important to

{{00:05:53}}
make sense of all that data.

{{00:05:55}}
So that's our gold mine.

{{00:05:57}}
We just finished the
acquisition of Clarabridge.

{{00:06:01}}
So they are the leader in omni-channel
conversational AI, which means

{{00:06:06}}
now we can marry experienced
management and our Qualtrics

{{00:06:09}}
platform with the world-class
leader in AI and conversational AI.

{{00:06:15}}
That's key for us.

{{00:06:17}}
And is AI sort of what's
going to help you sort of

{{00:06:22}}
sort that unstructured data?

{{00:06:25}}
There's so much there.

{{00:06:26}}
So, normal humans can't go
through volumes and volumes of

{{00:06:30}}
data and make sense of it all.

{{00:06:33}}
Finding those relationships,
finding the meaning, understanding

{{00:06:36}}
people's intent, the topics that
they're discussing their emotions.

{{00:06:41}}
All of those things are done with
AI is just an incredible way to

{{00:06:44}}
get to insights faster and be able
to take action on those insights.

{{00:06:48}}
Jill, thankyou so much for speaking
to us today, it's been incredible to

{{00:06:51}}
hear what Qualtricsis is up to and you
know, some of the insights from you.

{{00:06:54}}
Thank you so much.

{{00:06:56}}
Thanks for having me.

Hi, I'm Jordan Thorne and
we're here at TMRE 2021.

She's the product management
leader at Qualtrics.

Jill, thank you so much
for joining us today.

It's great to be here, it's
fun to be in Nashville.

So maybe we could jump in and just
have you introduce yourself to

the community, tell us a little
bit about yourself and your role?

Yeah, so I lead the product
team for Qualtrics for two of

And then before that I was a market
leader in marketing and sales.

And so I have deep compassion for
how hard it is to bring a brand, a

series of new products or services
to a market and stay on top of

Can you tell us a little bit about,
you know, what are some of the major

issues that you're hearing across the
industry from customers at Qualtrics?

We have the advantage at Qualtrics
of hearing from hundreds of customers

So the big challenge right now that
they're facing is the rapid change of

And so that shows and comes to
light in a couple of different ways.

So consumers now are rapidly
changing their preferences, right,

with the pandemic and the crisis
that we've all been facing more

and more consumers have moved very
fast into new digital channels that

Speed convenience you
know,  personalization.

We know that 63% of those
consumers are now using brands

We know that 80% of those
are sticky experiences.

So consumers that are now using
more and more digital channels

And then you layer on top of it,
there are more and more companies

entering the space because now
they can move direct to a consumer.

And so those markets are getting
more crowded and saturated.

So really all of that means at the
end of the day is our customers are

needing to find new ways to deliver
great experiences from the first

time that they encounter a brands
to that last customer service call.

And what are some of the capabilities
that you think will be critical for

It just means that the need for market
research and insights is critical.

So companies need to be deeply
rooted in insights in order to

It means they've gotta be using
tools that are flexible and agile.

So they've gotta be able to
deliver new methodologies quickly

in the market and get those
insights and act on them fast.

And really that's the promise
of design XM, advanced market

And then secondly, they've
gotta be proactive because

So they've got to be gathering
insights all the time.

Qualtrics is really interesting because
we help companies understand what are

How are humans thinking about the
definition of new categories and what

And then understanding what
are the brands and how are

people's perceptions of those
brands in the markets changing?

And so that's the promise of
our brand XM product, which

is really keeping abreast with
your brand and brand tracking.

And then you just mentioned agile,
I've heard that a lot the last couple

of days as sort of like this big
trend making waves, do you see that

It can be shocking what happens in
the world that can affect your brand,

It could be political
changes in the world.

So we can't afford anymore to wait
for insights, you know, because by

You've missed an
opportunity in the market.

And what tips do you have for
organizations that are sort of

So I would just say for new
organizations or organizations that

have really not been deeply rooted
in market research and insights

is to find the right partners and
vendors that will help you grow.

So as your, and their methodology
methodologies are changing as there's

new access to data and signal, that
they can evolve with you and sort

of add to that toolkit of you know,
things that you can do to be agile

and play in those spaces rather than
to have to continue to outsource and

Expert Insight

The pandemic's quick adjustments to consumer behaviour have substantial consequences for market research. Companies benefit from deep connections with market researchers. 
Jill Larson addresses how the customer experience and agility are some of the most vital aspects of the industry, followed by highlights about critical capabilities and market trends.

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Jill Larson

Product Management Leader Qualtrics

Larson shares her experience in the sector as well as her enthusiasm for product branding and market research.

Introduction

Market disruptions and rapid change have an impact on all firms during the pandemic. Larson outlines the significant obstacles, which include shifting customer expectations in general.

Challenges that businesses face

Agility and flexibility are becoming increasingly vital as firms attempt to adapt to a rapidly changing environment. Furthermore, Larson underlines the importance of being proactive and understanding brand perceptions to add value to a firm.

Critical capabilities in market research

For new enterprises in the field, Larson points out the necessity of choosing the proper partner. The companies will evolve and learn together with the suitable partner, which will benefit both parties.

Tips for new organizations in the market research industry

Market researchers and product leaders can build strategies based on AI's ability to go through large amounts of data and develop a deeper understanding of it all. And they continue to benefit from AI's ability to obtain insights more rapidly, allowing them to take action faster and efficiently.