by Market Research Insights with Philips: How to Embrace Data Bias for Better Decision-Making
Interview with Sergii Sokoliuk, Marketing Insights & Analytics Lead, Philips who will present at the upcoming MRMW MENA conference in Dubai
MRMW: What is the core message of your talk and what would you like delegates to remember?
Sergii: At MRMW MENA 2024, my talk will focus on the often-overlooked reality that while organizations claim to be data-driven, data frequently serves as a tool for confirmation bias rather than objective decision-making. The central message I aim to convey is that we should acknowledge this tendency instead of fighting it. By understanding and embracing the biases inherent in how we interpret data, we can adapt our approach to presenting insights in a way that resonates more authentically with stakeholders. This involves tailoring our data narratives to align with existing beliefs while gently challenging assumptions to foster more open-minded discussions. Ultimately, my goal is to empower insights teams to become more effective communicators and facilitators of change by recognizing the psychological factors at play in data interpretation within organizations.
MRMW: In your opinion, what is the future of market research in the region?
Sergii: The future of market research in the MENA region is poised for significant transformation, driven by a blend of technological advancement and a deeper understanding of cultural nuances. As digital adoption accelerates, we will see a surge in data availability, but the key will be in how we interpret and apply this data meaningfully. I believe that market research will move towards a more hybrid approach that combines quantitative data with qualitative insights, emphasizing human intuition and contextual understanding. Researchers will need to become adept at recognizing and accounting for regional biases and preferences, integrating local cultural insights with global trends. Additionally, ethical considerations around data privacy and usage will become increasingly important, necessitating a more transparent and trust-based relationship with consumers.
MRMW: What motivates you to join the MRMW MENA 2024 conference and what are your expectations?
Sergii: Joining MRMW MENA 2024 excites me because it’s a vibrant platform where forward-thinking professionals converge to share ideas, challenges, and innovations in market research. I look forward to exchanging perspectives with fellow experts, learning from their experiences, and exploring collaborative opportunities. My expectation is that the conference will not only highlight emerging trends and technologies but also foster discussions on the practical application of these insights in our unique regional context. I hope to leave with new connections and actionable ideas to implement.
MRMW: In your tenure of working and the experience in this field, what method of market research is most effective?
Sergii: Throughout my career, I’ve found that a mixed-method approach yields the most effective results. Combining quantitative methods, such as surveys and data analytics, with qualitative techniques like in-depth interviews and focus groups provides a more holistic understanding of the market. This approach allows us to not only capture measurable trends and patterns but also to delve into the underlying motivations, emotions, and cultural factors that drive consumer behavior. By integrating statistical data with human stories, we can uncover richer insights that lead to more nuanced strategies. Moreover, iterative research methods that involve continuous feedback loops with consumers help in adapting to market changes more swiftly and effectively.
MRMW: What are the market research trends that have redefined insights in the year 2024?
Sergii: While everyone is concerned about how AI impacted the industry, I take inspiration from Jeff Bezos’ framework and focus on identifying what will NOT change and will remain relevant. Hence integration of behavioral economics into research methodologies will be more and more valuable, as AI can do the rest.
MRMW: Thank you so much Sergii! We look forward to meeting you at MRMW in Dubai!
With over a decade of expertise hosting top-tier market research events, we’re excited to bring MRMW to the Middle East in response to high demand from our community!
Join MRMW MENA on December 10-11 in Dubai and connect with the greatest decision-makers, including speakers like Sergii from Philips. Dive into cutting-edge industry updates and case studies from leading brands like Majid Al Futtaim, Kellogg, Tesla Innovation, and many more. This is your chance to elevate your expertise and expand your professional network in one of the fastest-growing markets.
Hurry! Regular ticket rates expire tomorrow, October 31. Grab your pass today and enjoy a 10% discount with the code.
