From the most primitive tools, people have improved their research methods to help them easier to understand the market and customers over time. As a result, they can develop their products/services and improve their business efficiency and competitiveness.

Today, market researchers have a tool kit including desk research, telephone interviews, face-to-face interviews, self-completion questionnaires, focus groups and observation.

They use special techniques for selecting samples and analyzing the data. It is equally important to understand what market research is for, and why it is carried out.

Market research on its first days

By the early 1900s, a fledgling market research industry had started in the US, focusing on advertising testing in one form or another. In those early days, there was concern that people would give dishonest answers for direct questions. That’s why some of the first commercial market research relied heavily on observation.

Then, market research companies like Nielsen emerged. For the first time, managers had objective and accurate data on their sales, the size of the market, trends and their competitors’ shares.

In the 1950s and 1960s, business competition intensified. Market researchers used sample surveys with questionnaires to obtain attitudinal data. At that time, the market research interview was considered as the main tool for collecting information, and survey companies blossomed. It also marked the time when managers had objective and systematically collected data to help them understand what people were doing with or thinking about their products.

And its shifting

In the 1970s and 1980s, attitudinal research moved to a different level, and surveys were developed to track customer satisfaction.

In recent years, computing has gradually become cheaper and more powerful. People focus on transforming data for more insights. They also employ different modeling for segmentation, conjoint analysis for pricing decisions, data fusion to fill in gaps of missing data and geo mapping to find the best locations for retailing or distribution.

Currently, insight is one of the top keywords for businesses when doing market research. Insight will help them have a deep understanding about customers and the market. Thereby, they will be able to make right decisions based on data, instead of just observation or judging as previous.

The Outbox Company, Vietnam-based tourism market research company, after rebranding also focuses on “insight”. We introduced Outbox Insight, which offers one-stop insights solutions through regularly updated analysis and reports. Moreover, Outbox Research provides tailor-made solutions based on quality data analysis and business’ requirements. Outbox is the pioneer in the field of data analysis and development in Vietnam.

 

Many people are confusing the use of these words: reporting, analysis, and insight. This article hopes to shed light on the three terms.

Reporting

Reporting is the first step of working with data. It is the process of organizing data into informational summaries in order to keep track or monitor if the campaign is effective.

Analysis

Analysis follows reports. In this step, we will learn and expect deeper information from reports and data. A good analysis should show the correlation, or the cause-and-effect relationships inside the data.

If there is not enough data to analyze in your existing data set, you will have to collect data from the exterior data, including social media channels or referral channels. These outside data help you see a bigger picture of its effects.

Insight

Insight is the final stage of data. Insight connects data points logically and helps people gain a deep understanding of an object.

Insight is often confused or used interchangeably with data. While data has the potential to become an insight, individual data are just numbers. Just when there is a connection of data points, associated with a specific object, an insight about that will be created.

How to turn analysis to insight?

Many organizations can do some analysis and reports, but sometimes they are lack of cross-discipline knowledge which indeed creates insight.

 

Following the rebrand journey and the new release of the latest Outbox Insight report “How Vietnamese are reconnecting with outbound travel?,” The Outbox Company (referred to as Outbox) will focus mainly on the keywords “data” and “insight” in their activities. These two concepts are sometimes confused or misunderstood.

Known as an industry expert with many years of experience in tourism research, Ms. Nguyen Anh Thu, Co-Founder and CRO of The Outbox Company, has shared specific insights and data on the Vietnam tourism market.

Outbox always talks about “insight”. So what is its most accurate definition?

“Insight” is understood as tacit truth, or accurate and deep understanding of things. However, as the word “insight” has been used more often, its definition becomes more ambiguous. Interpretation, “insight” is new discoveries and explanations about a certain subject, such as a target market or group of customers. Insight lies deep within an object and can be analyzed by its actions or related facts.

Market Insight is often confused or used interchangeably with data, knowledge, or general customer feedback. While data has the potential to become an insight, individual data are just numbers. Only when there is a connection of data points, associated with a specific object, an insight about that will be created.

How important is insight in the current tourism and hospitality industry?

From a business perspective, the more we understand the market we are exploiting and the customers we serve, the more we can create quality products. That is the purpose of finding insight. In addition, the use of market insight helps predict potential changes in the market or industry. Finding patterns in customer behavior, such as spending characteristics or content engagement, can be done very effectively by analyzing data.

In particular about Outbox Insight, Outbox wants to be able to explain as many aspects of the industry as possible through analytics and data connectivity. Thereby, individuals involved in the tourism industry with different purposes will be able to learn and find different values of information. Therefore, insight can support not only business people but also those doing research and studying related to tourism.

In your opinion, what is the most difficult thing in the process of finding insight? How do you and Outbox “troubleshoot”?

In the tourism industry, it’s challenging to find insights that reflect the true nature and trends of the market as well as the characteristics of tourists. The core reason is the complex structure of the industry with many sectors and stakeholders, plus the nature of constant change under the influence of different environmental factors.

When working with Outbox’s customers in many different fields, we have realized that in the tourism industry, especially in Vietnam, there are still many gaps in market data. This leads to lack of exploitation and analysis of data and information to give real insights into the market and users. Therefore, at Outbox, by observing the market, and accessing many different data sources, we build research models that connect the data to generate insights that truly reflect the visitors, markets and various aspects of the industry.

As one of the two core areas of Outbox in a new development phase, what does Outbox Insight promise to bring to customers in particular and the travel market in general?

Outbox in the new phase will provide two segments including Outbox Solutions and Outbox Insight as two solutions for businesses and industry stakeholders. Outbox Solutions will decide the specific problem of businesses and destinations in the tourism industry. Outbox Insight connects information and data, and fills the background data that is still quite empty in Vietnam’s tourism industry in general at present. It is built as a tool to support businesses in their investment and operating decisions.

From my core point of view, data abounds. For example, people who serve customers directly in the hotel or travel industry have countless data of their guests. So what is next, how does the data solve further problems? Data number is not enough. Outbox Insight is born with the ambition to analyze quality data and transform them into business solutions for the travel market, ideally helping the market have a clearer perspective instead of relying on experience or judgment, then making decisions more rationally and appropriately.