How MasterCard turned to social media for Latin American research insights
Ricardo Alvarez Diaz, MasterCard's vp/business leader for consumer and market intelligence in Latin America, opened his address to the 2012 Market Research Event in Boca Raton, Florida with a warning for marketing research across Central and South America.
"Our industry is in crisis," he told the audience. "We need to do things differently."
He cited data about consumers' attitudes to traditional research, consolidated from market studies conducted during 2011 in Argentina, Brazil, Chile, Colombia, Costa Rica, the Dominican Republic, Mexico, Panama, Peru, Puerto Rico, and Venezuela:
- 63 percent of consumers said that they "hate" to answer surveys.
- 76 percent of consumers between the ages of 18 and 25 said that they "hate" to answer surveys.
- 82 percent of the participating consumers said they find it "boring" to answer questions.
- 78 percent expressed the opinion that they would participate in a survey only if they received some sort of "incentive" for their work.
- 81 percent of what Diaz termed "professional respondents" – people who make part of their living by participating in one survey after another – said that they did so only to receive the "incentives."
- Only 4 percent reported, "I enjoy answering surveys."