Industry behemoths P&G, L’Oréal and Nestle are among the founding members of The Insights on Demand Consortium, an industry movement that aims to rescope market research in a bid to better understand consumer intent and behavior.
The companies are joined by ITWP, parent holding-company of Toluna, and Harris Interactive Europe, and other individuals and businesses from industries such as market research, advertising, technology and consumer packaged goods, with the intention to ‘promote the adoption of insights on demand.’
According to a press release, “The vision for Insights on Demand is democratized market research, where insights into consumer intent are accessible and achievable for all business professionals in companies of all sizes.”
The consortium will work to provide thought leadership to businesses and individuals to increase knowledge of the new way of conducting market research.
The initial focus will be on topics such as scalability of expertise, the need for ongoing real-time consumer insight, and fragmentation of research tools and technologies.
Holly Rozelle, Director, Marketing Capabilities for Nature’s Way Brands, said, “It’s a well-known fact that organizations committed to being insight-driven report far higher levels of consumer engagement and market growth than their laggard counterparts.
“In the last year we’ve been able to create and push Nature’s Way to become an insights driven organization. However, we’re also cognizant that in order to stay competitive, there’s great collective value in meeting with industry leaders to bounce ideas and discuss opportunities. I’m excited that the Insights on Demand Consortium will be able to deliver on that.”