We have big news to share today. We have just acquired Qriously, a SaaS market research company that offers the fastest, most accurate research available through a unique mobile survey system. This technology provides high quality data on consumer opinions about absolutely anything, in real-time. Combined with our existing data archive of social data and online consumer conversations, we think this will change the way brands do market research.
How this acquisition aligns with our vision
At Brandwatch, our vision is to bring structure and meaning to the voices of billions of people so that our customers can make decisions that truly connect with consumer needs.
In 2018, Brandwatch merged with Crimson Hexagon with a joint mission to build a new kind of intelligence that leverages AI and machine learning technologies to deliver business insights from many diverse sources of information — from social media data, to online public data, to enterprise-held sources.
Today, we are adding a key component to our product portfolio that will help us expand on our vision by adding quantitative, solicited market research to the data sets our customers have at their fingertips. We’ve spent years helping brands figure out what all those billions of tweets, posts and comments might tell them about what the public thinks of their brand. Now we’re giving them the chance to go out and directly ask their target customers what they think, and see the results almost immediately. They can then compare these customer insights side by side and get a well-rounded perspective.
Market research catches up with the digital era
The traditional market research industry is centered on panels: groups of respondents who have agreed to participate in surveys or focus groups, either online, by telephone or in person. While panels were once powerful tools, they can be hindered by their limitations:
- The sample is often not representative. Because respondents are often financially incentivized, there are certain demographics who repeatedly answer surveys. That means data is increasingly poor and so are the insights drawn from them.
- Panel research is slow. Most panels are conducted through email or by telephone. Studies can take weeks or months to complete.
- Panel sizes are small. They rarely have the geographical coverage required for accurate sampling.
Qriously’s research platform addresses these challenges in an elegant way. Qriously replaces ads with surveys on smartphones to conduct real-time research anywhere in the world. The user sees a question on an ad network, responds to the survey, and the results are delivered in real time. A unique sampling methodology ensures a representative response.
For the market researcher, this level of speed and accuracy opens the doors to new types of exploratory research that were previously unavailable.
Bringing it all together: Market research and social intelligence
Our strategy to create a new kind of intelligence started with social intelligence: a well established approach to structuring a hugely valuable, but difficult to wrangle, set of unstructured customer conversations. However, social intelligence is only one piece of the puzzle when it comes to the complex notion of consumer opinion.
This new addition to the Brandwatch portfolio furthers our strategy by including quantitative solicited research at the same scale and speed as social data. Not only does this add a new information source to the Brandwatch library of consumer opinions, it will enable market researchers to go deeper into their queries by launching targeted surveys with global reach and fast results. This combination of both prompted and unprompted consumer opinions will create a unique and powerful resource in the world of market research.
These are truly exciting times. Brands are swimming in unprecedented volumes of valuable consumer data. Our AI technologies are able to sort through all of this information and deliver the insights that move business forward. By unifying the complementary areas of market research and social intelligence, we intend to deliver deeper and broader insights about consumers, products, and the marketplace.
— Giles Palmer, CEO, Brandwatch