Blog

AI is a widely embraced reality for businesses in various industries now, and its impact will only continue to see upward growth in the days to come. AI and its advancements in generative models ( ChatGPT, Bard, Midjourney, Stable Diffusion) have gone mainstream and are getting rapidly integrated by businesses to reach their goals. In fact, McKinsey reports that generative AI has the potential to create value equivalent to $2.6 trillion to $4.4 trillion in global corporate profits annually.

Market research plays an important role in helping businesses understand consumer behavior and preferences. To gain a comprehensive understanding, researchers often combine multiple data collection methods through mixed-mode research. This blog post delves into pragmatic techniques for applying mixed-mode data collection in market research. These strategies enhance response rates and minimize bias, enabling businesses to gain actionable insights for informed decisions.

A study by Reichheld (Inventor of the Net Promoter Score) and his colleague Phil Schefter states that a 5% increase in customer retention can boost a company’s profit from 25% to 95%, depending on the type of company and the industry. This study set ablaze an interest amongst marketers to learn more about customer lifetime value, ultimately resulting in the development of various strategies surrounding the metric, along with acquisition cost and brand loyalty.

Although this might sound far-fetched at first, as shopping is a faster and often a cheaper way of spending one’s money as compared to travelling, however, with the recent Covid-19 crisis, the volatility and uncertainty surrounding the travel landscape and policies, the travel sector is now seeing higher consumptions.