Name: Transformation in market research
Uploaded: 2022-09-23T12:45:04.718Z
Duration: 731

Transformation in market research.vtt

English

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

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Today I'm joined by Samuel Bakouch.

{{00:00:32}}
He's the VP of product
manager at Momentive.

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Samuel, thank you so much
for joining us today.

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Thank you.

{{00:00:38}}
Thank you, Jordan.

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It's a pleasure to be here today.

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We're happy to have you.

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Samuel, Momentive used to
be called Survey Monkey.

{{00:00:45}}
And you guys recently
relaunched as Momentive, so

{{00:00:48}}
why did you change your Brand?

{{00:00:49}}
You might know, as Survey Monkey
we recently relaunched our company

{{00:00:53}}
from Survey Monkey to Momentive.

{{00:00:55}}
And the reason why is 20 plus
years ago, Survey Monkey really

{{00:00:58}}
created this online survey category.

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That was really successful.

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And based on that success, we
had the runway to develop more

{{00:01:05}}
enterprise grade products like
Survey Monkey Enterprise, or market

{{00:01:08}}
insights solutions, or flagship CX
product, which is good feedback.

{{00:01:12}}
So what we did is like, we love the
survey monkey brand, but we needed

{{00:01:16}}
more room to expand our story and
better reflect the value we're

{{00:01:20}}
delivering our customers across the
five categories that I mentioned as

{{00:01:23}}
well as our proprietary AI engine.

{{00:01:26}}
So as we continue to move up market,
we decided to make the bold decision

{{00:01:30}}
to relaunch our company from Survey
Monkey to Momentive to just better

{{00:01:34}}
reflect our positioning in the market.

{{00:01:36}}
And if you loved the survey monkey
product and the survey monkey brand,

{{00:01:40}}
as I still do, don't worry because
the survey monkey product self-serve

{{00:01:45}}
will still lead on as the world
leading online survey platform.

{{00:01:48}}
So we're excited to talk
about Momentive today.

{{00:01:51}}
Yeah, it's exciting.

{{00:01:52}}
It's an exciting change
and change is always good.

{{00:01:56}}
So the changes in the way that people
have been consuming over the last

{{00:02:01}}
couple of years has really changed as
I don't see it stopping anytime soon.

{{00:02:06}}
It's just going to be
constantly evolving.

{{00:02:08}}
What are some of the best
practices for using research

{{00:02:10}}
to pivot and reinvent products,
marketing and business models?

{{00:02:13}}
Yeah.

{{00:02:15}}
I appreciate the question, because what
we've been seeing also accelerating

{{00:02:18}}
with the pandemic, unfortunately, to
some degree, but leading organizations

{{00:02:24}}
constantly and continuously use
research to reinvent themselves.

{{00:02:28}}
Yeah.

{{00:02:28}}
And so for best practices, from our
perspective and how we help our clients

{{00:02:33}}
believe in themselves, make better
decisions and stay ahead of the market.

{{00:02:38}}
One is a lot of our clients are testing
different ads, different videos,

{{00:02:42}}
different message, names, packages.

{{00:02:45}}
And we always recommend to include
the competitive message on an industry

{{00:02:49}}
benchmark and not only comparing
against your own ideas and your

{{00:02:52}}
own concept, because you really
wanting to see how your concepts

{{00:02:54}}
are comparing against each other.

{{00:02:56}}
But you want to really understand
how you're going to end up

{{00:02:58}}
performing in the market.

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So that's why you need to include
some sort of a competitive benchmark

{{00:03:03}}
to be able to make better decision
about what to launch and when.

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So that's one.

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A second one is, and that's been
accelerated by the pandemic, but

{{00:03:11}}
that's been the frequency at which you
should track the health of your brand.

{{00:03:14}}
So couple of years ago, we still
client tracking their brand on

{{00:03:19}}
an annual or biannual basis,
which is fine at the time.

{{00:03:23}}
But what we realize is you end up
making a lot of decisions based

{{00:03:26}}
on data that is already stale.

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So, in an  environment that keeps
changing, you need to be able to create

{{00:03:32}}
more continuous tracking programs.

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We do it weekly at Momentive.

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We see customers doing it monthly.

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You can aggregate your
results quarterly.

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Or monthly, whichever you choose.

{{00:03:42}}
But we think it's really important
that helps you better correlate

{{00:03:45}}
activities to actual brand performance.

{{00:03:49}}
I'll go quickly, but just to
give you a sense, a third one

{{00:03:52}}
is around customer experience.

{{00:03:55}}
So we work with leading organization
like the warriors, for instance,

{{00:03:58}}
the golden state warriors and we
held them measure their fan expects.

{{00:04:04}}
And that is changing all the
time based on the fan preferences

{{00:04:08}}
based on even team performance,
results, energy in the arena.

{{00:04:12}}
And so they build the state of the
art continuous customer listening

{{00:04:17}}
program, using our solutions to really
help adjust, iterate, prioritize

{{00:04:22}}
what to do next, to be able to create
the best fan experience possible.

{{00:04:26}}
It's just amazing to see the
impact you have working with

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such cool organisations.

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And the last one I would say is
when you're testing new ideas, when

{{00:04:35}}
you're launching new products, you
always want to make sure you're

{{00:04:38}}
also testing your product, not only
against your prospective customers,

{{00:04:42}}
but against your existing base.

{{00:04:43}}
So you want to make sure if
you're launching a new package

{{00:04:45}}
for instance, and you're like a
large like CPG company, you want to

{{00:04:50}}
make sure that you're not going to
alienate to your own customer base.

{{00:04:55}}
It's going to be relevant for
customers you're trying to reach, but

{{00:04:58}}
also how's it going to be perceived
by your existing customers so that

{{00:05:01}}
those are common mistakes that we
tend to see in the market and that

{{00:05:07}}
we thought we would just create those
best practices to help our clients

{{00:05:09}}
just make better decisions overall.

{{00:05:11}}
Yeah.

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That's amazing.

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Some amazing insights and some helpful
kind of steps, tools for people.

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What do you think the biggest trend in
2022 for market researchers will be?

{{00:05:23}}
Yeah.

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So I think what we've seen over
the past couple of years is you

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have more and more data overall.

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And just to summarize, I think
that one of two trends that

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I highlight is one is AI.

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And second is better quality.

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And I'll explain why AI.

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In a world where you keep having
more data, you have more survey data.

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You keep seeing more panel integration.

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Different types of that AI too.

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Folks in organizations make decision
based on customer data, target market

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data, social data, add that at TV
data, et cetera, transaction data.

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Purchase behavior data.

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So now you have all those data silos
in your organization, it becomes

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harder and harder for organization
not to collect more, actually it's

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been democratized to some degree,
but to make better decision based

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on that comprehensive data sets.

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And that's what we
help our clients to do.

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We have our set of solution
across the product development

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life cycle using our AI engine.

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I think AI will be key because do
you need technology to make sense

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of the data with that type of scale
and using those different type of

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structured or unstructured data
to help customers just get a more

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holistic picture on their customer
base and help them shape what's next.

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And the second thing is related to
data is it's great to have more data.

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It's great to have
different types of data.

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We're big fans of data, we
are a technology company.

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But we want to make sure
data is really high quality.

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And in a world where the access
to data has been democratized

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basically, you need to be in
to have really high standards

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and the quality that you have.

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So just give you an example.

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When we work with our clients on
trackers, we've talked about brain

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tracking, brain half-tracking, the
first thing we'll make sure we want

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to make sure your sample composition,
your data quality is really the same,

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so you can compare apple to apple.

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The worst thing we see is trackers,
where there is a change from

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wave two wave months of a month.

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But that change actually
is not representative of a

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real change in the market.

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It's just the data I was
collecting in the way that

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there's not just representative.

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So that's also really important.

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And we're also using AI here to be able
to detect bad actors in our platform.

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Poor quality responses.

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Speeders, low quality of open-ended
responses, which so valuable

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making sense of those open ends
on only the close ended responses.

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Anyway, it's a big theme.

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I think this is going to be
big trend in 2022 and beyond.

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I'm excited to see what comes.

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So, we've obviously talked a
bit about COVID-19 and how it's

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impacted people, industries.

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What do you think the biggest
change you've seen in the

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market research community has
been because of the pandemic?

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Yeah, I'll come back to that
example around continuous striking.

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I think the pace of research has
accelerated, we work with the

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companies using exports or research,
maybe annually, semi-annually and

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now they realize March 2020, even
earlier than that, the research

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they had didn't mean anything.

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And so they had to really
understand that we wanted to

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do more frequent research.

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And throughout the course of the
pandemic data has changed our life.

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We look at the airline, the hotel
industry, like you see drastic changes,

{{00:08:29}}
right now compared to three months
ago, the customer consumer behaviors

{{00:08:34}}
have changed their preferences.

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If you look at how even
customers buy things, right?

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Online shopping, you see companies
like Shopify, the traffic that

{{00:08:43}}
Amazon is seeing in terms of
online shopping versus like more

{{00:08:46}}
traditional ways of shopping.

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I think it forced the industry to
reset and ask them some really tough

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question, how we want to conduct
research, how we want to use that data.

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What is the right frequency?

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And we're big in favor, big advocate
of more continuous tracking.

{{00:09:02}}
Often customers see that as more
costly, but if you use more effective

{{00:09:06}}
technology platform and more
efficient, you get actually better

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ROI for the same budget, you can get
a lot more frequent touch points.

{{00:09:13}}
And the big difference is you
can act within a couple of weeks.

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Versus waiting months to
be able to make decisions.

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So I think it's been
like the accelerator.

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The pandemic has accelerated this
trend that I think was already starting

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to occur prior to the pandemic,
but no companies will now go back.

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That's good.

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I think we need to change with
the times and obviously, things

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have forced us to be more savvier.

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And you know, final question.

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How has your team been embracing and
emphasizing diversity and inclusion

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as it relates to market research?

{{00:09:52}}
It's a great question.

{{00:09:53}}
I'm glad you are asking that one.

{{00:09:54}}
Because diversity equity and
inclusion is core to who we are

{{00:09:58}}
at Momentive and I'll give you
just a couple of pointers here.

{{00:10:02}}
One is it's part of our values.

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So it's really part of
the values of the company.

{{00:10:06}}
It's how we think about ourselves,
it's just not something on

{{00:10:09}}
the side that we prioritize.

{{00:10:11}}
It is just who we are, and
for a couple of reasons.

{{00:10:14}}
One is we're extremely proud of the
social impact that we have, right?

{{00:10:18}}
This is something that's core
to our value, core to how we

{{00:10:21}}
hire, how we promote, how we
reward employees overall, and

{{00:10:25}}
something we're really proud of.

{{00:10:27}}
The second thing, we're big
believer that it's great

{{00:10:29}}
for our business, right?

{{00:10:30}}
Because when you get more inclusive,
you get more diverse perspective.

{{00:10:34}}
You build better products because
your customers are diverse.

{{00:10:39}}
And you also serve the
customers in a better way.

{{00:10:43}}
You change how you
operate in a better way.

{{00:10:45}}
So you're just more in touch with the
world and the market, and you better

{{00:10:49}}
serve your stakeholders as a company,
you better serve your employees.

{{00:10:51}}
You better serve your customers and
you better serve your shareholders,

{{00:10:55}}
because you get better returns
from a business standpoint.

{{00:10:58}}
So, I really want to link the two.

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Oftentimes they're seen as separate,
but we are big believers that

{{00:11:04}}
they're actually excellent on
both from a social impact, simple

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know from a business standpoint.

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And the last thing I mentioned is
we spend a lot of time at Momentive

{{00:11:13}}
and the leadership has done an
amazing job of creating that culture

{{00:11:16}}
and making this a key priority
for the company, but we realise,

{{00:11:21}}
and it's hard.

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It's a hard problem.

{{00:11:23}}
But when you're a leader, it's
hard to create a diversity,

{{00:11:27}}
inclusion, equity program to
really create a more inclusive

{{00:11:32}}
workplace and workforce overall.

{{00:11:34}}
So we decided a couple of months
ago to launch a workplace IQ

{{00:11:39}}
equity solutions that help actually
customers of earth create those

{{00:11:43}}
programs for their own company.

{{00:11:44}}
So it's not just something that
we say is something that we

{{00:11:47}}
now offer as a solution to help
organization, create better

{{00:11:51}}
organization and shape what's next.

{{00:11:54}}
Incredible.

{{00:11:54}}
Well, it's been exciting to hear
about what Momentive is sort of

{{00:11:57}}
been moving towards and working on.

{{00:11:59}}
And I really appreciate all
the insights you've given.

{{00:12:02}}
So thank you so much
for being here today.

{{00:12:04}}
I appreciate it.

{{00:12:04}}
Thank you.

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

He's the VP of product
manager at Momentive.

Samuel, thank you so much
for joining us today.

Samuel, Momentive used to
be called Survey Monkey.

And you guys recently
relaunched as Momentive, so

You might know, as Survey Monkey
we recently relaunched our company

And the reason why is 20 plus
years ago, Survey Monkey really

And based on that success, we
had the runway to develop more

enterprise grade products like
Survey Monkey Enterprise, or market

insights solutions, or flagship CX
product, which is good feedback.

So what we did is like, we love the
survey monkey brand, but we needed

more room to expand our story and
better reflect the value we're

delivering our customers across the
five categories that I mentioned as

So as we continue to move up market,
we decided to make the bold decision

to relaunch our company from Survey
Monkey to Momentive to just better

And if you loved the survey monkey
product and the survey monkey brand,

as I still do, don't worry because
the survey monkey product self-serve

will still lead on as the world
leading online survey platform.

So we're excited to talk
about Momentive today.

It's an exciting change
and change is always good.

So the changes in the way that people
have been consuming over the last

couple of years has really changed as
I don't see it stopping anytime soon.

It's just going to be
constantly evolving.

What are some of the best
practices for using research

to pivot and reinvent products,
marketing and business models?

I appreciate the question, because what
we've been seeing also accelerating

with the pandemic, unfortunately, to
some degree, but leading organizations

constantly and continuously use
research to reinvent themselves.

And so for best practices, from our
perspective and how we help our clients

believe in themselves, make better
decisions and stay ahead of the market.

One is a lot of our clients are testing
different ads, different videos,

And we always recommend to include
the competitive message on an industry

benchmark and not only comparing
against your own ideas and your

own concept, because you really
wanting to see how your concepts

But you want to really understand
how you're going to end up

So that's why you need to include
some sort of a competitive benchmark

to be able to make better decision
about what to launch and when.

A second one is, and that's been
accelerated by the pandemic, but

that's been the frequency at which you
should track the health of your brand.

So couple of years ago, we still
client tracking their brand on

an annual or biannual basis,
which is fine at the time.

But what we realize is you end up
making a lot of decisions based

So, in an  environment that keeps
changing, you need to be able to create

You can aggregate your
results quarterly.

But we think it's really important
that helps you better correlate

I'll go quickly, but just to
give you a sense, a third one

So we work with leading organization
like the warriors, for instance,

the golden state warriors and we
held them measure their fan expects.

And that is changing all the
time based on the fan preferences

based on even team performance,
results, energy in the arena.

And so they build the state of the
art continuous customer listening

program, using our solutions to really
help adjust, iterate, prioritize

what to do next, to be able to create
the best fan experience possible.

It's just amazing to see the
impact you have working with

And the last one I would say is
when you're testing new ideas, when

you're launching new products, you
always want to make sure you're

also testing your product, not only
against your prospective customers,

So you want to make sure if
you're launching a new package

for instance, and you're like a
large like CPG company, you want to

make sure that you're not going to
alienate to your own customer base.

It's going to be relevant for
customers you're trying to reach, but

also how's it going to be perceived
by your existing customers so that

those are common mistakes that we
tend to see in the market and that

we thought we would just create those
best practices to help our clients

Some amazing insights and some helpful
kind of steps, tools for people.

What do you think the biggest trend in
2022 for market researchers will be?

So I think what we've seen over
the past couple of years is you

And just to summarize, I think
that one of two trends that

Expert Insight

Market research is a field that aims to assist companies in staying on top of changes in their sectors. However, to stay current with the market, even the market research must evolve.
Despite the challenges with the pandemic, the market research industry has adopted technology and refined its methods for collecting audience insight.
Samuel Bakouch discusses the sector's developments and how current changes, as well as future trends, will transform the industry.

small_Samuel Bakouch.jpg

thumbnail_Samuel Bakouch.jpg

xsmall_Samuel Bakouch.jpg

Samuel Bakouch.jpg

Samuel Bakouch

VP of Product Management & Global Insights Business 

Bakouch explains Survey Monkey's rebranding as Momentive and how it will improve customer experience and product delivery.

Change from Survey Monkey to Momentive

With the impact of the pandemic, best practices in the market research industry have also changed. Bakouch breaks down four different strategies that have significant influence.

Best practices in the market research industry

AI and the quality of big data are in the spotlight for the coming year's biggest trends. 

Biggest trends in 2022

Businesses began to conduct more regular research as data from a year ago appeared to be insignificant. Bakouch presents examples of how the epidemic has compelled the sector to become more efficient and responsive.

Changes in market research in the post-pandemic period

Diversity, equity, and inclusion policies are beneficial to businesses as they enable organisations to comprehend customers' requirements. Therefore help organisations to create better products. 