In an insightful conversation with Adam Cellary from RealEye.io, Julius Augustine, a seasoned veteran in the market research industry with over 32 years of experience, shares his journey, insights, and predictions for the future of market research. Beginning his career in 1993, Julius was drawn to market research by the opportunity to meld his background in math, marketing, and emerging computer technology. His accidental entry into the field quickly turned into a lifelong passion for understanding human behavior and generating actionable insights for brands.
Julius reminisces about his most memorable project, which involved estimating crop and oil yields across India. This task required interviewing farmers every five kilometers to gather data on crop acreage and yield expectations. What made this project stand out for Julius was the genuine and honest responses from the farmers, providing a rare glimpse into rural India's heartbeat.
Despite the evolution of market research methods, Julius notes that traditional research is still vital for FMCG products and big brands, continuously adapting to include modern techniques like eye tracking and facial coding. However, the advent of online research, accelerated by the COVID-19 pandemic, has introduced both opportunities and challenges. While online platforms offer access to higher-end demographics and efficient data collection, they still face limitations in reaching the broader Indian population due to socio-economic factors.
Julius also touches on the transformative impact of technology on consumer behavior, particularly in payment systems with the adoption of the Unified Payments Interface (UPI) in India. This system revolutionized payments, making them accessible even to street vendors, and showcased the country's ability to leapfrog traditional infrastructures, similar to mobile telephony's impact in Africa.
Looking ahead, Julius sees significant potential for AI in market research, particularly in qualitative studies where AI can help distill insights from open-ended responses. However, he cautions against using AI for its own sake, emphasizing the importance of selecting the right tools for the right purposes to genuinely add value to research outcomes.
For newcomers to the market research field, Julius advises a blend of common sense, patience, tenacity, and curiosity. Market research, according to Julius, is not just a job but a way of life that continuously challenges one to ask questions, seek answers, and understand the myriad ways in which people interact with the world around them.
In conclusion, Julius's journey through the evolving landscape of market research illustrates the field's dynamic nature, the enduring importance of foundational research methods, and the exciting potential of new technologies to uncover deeper consumer insights. His passion for market research and his advice to remain inquisitive and engaged serves as an inspiration to both seasoned professionals and those just beginning their careers in this fascinating field.
