Market research Switzerland: Insights for banks & insurers

Entry into market research at ValueQuest

Melanie, you are one of the longest-serving employees at ValueQuest. What prompted you to move to Zurich in 2010 after completing your degree in sociology at the University of Leipzig and join ValueQuest?

To be completely honest, it was love that brought me to Zurich. My partner is from Zurich and, in terms of our education, it was easier for me to come to Switzerland than it was for him to come to Leipzig.

You studied sociology. How did you decide to go into market research?

During my studies, I quickly realized that I was particularly interested in the methodology of empirical social research and statistics. During my studies, I did various internships at large market research companies in Germany and realized that working in market research was my dream career.

Trends in market and opinion research - artificial intelligence and survey fatigue

What trends do you currently see in market and opinion research?

Clearly artificial intelligence.

And what about the use of artificial intelligence (AI) in market research?

The added value of AI in market research is assessed differently. AI can be used to support the design of questionnaires. However, the questions must always be examined critically.

Are there also specific use cases where artificial intelligence offers a clear advantage in market research?

Yes, especially when evaluating open comments. For some major customers, we receive a few thousand free text comments in employee surveys. It would be very time-consuming and cost-intensive to code and evaluate these manually. Artificial intelligence helps to derive a general picture of sentiment.

Does AI offer further advantages in the evaluation of qualitative responses?

In employee surveys, customers often wish to make comments visible at team level in order to be able to work with the free text comments. This is not feasible for data protection reasons, as minimum case numbers must be observed. Our AI evaluation offers a solution here, as it anonymizes even at the lowest level and thus prevents conclusions being drawn about individuals. In technical terms, we call this data sanitizing.

How exactly does this AI-driven evaluation work?

Our AI-supported analyses summarize hundreds or thousands of responses in such a way that it is clear at a glance which topics dominate. This could be, for example: "Improve communication", "More training" or "Better internal processes". The evaluation is available as a general overview for HR and management or down to team level so that managers can respond to feedback in a targeted manner. The AI recognizes frequencies, highlights anomalies and provides clear, linguistically smoothed summaries, regardless of the original language of the participant(s).

And what is the situation from the participants' point of view? Are there any particular developments and trends?

Yes, another trend is survey fatigue. As customers, many of us receive a survey invitation several times a week, e.g. after shopping for clothes online. A general trend is that survey participants are less and less willing to fill out surveys, or fill them out half-heartedly. The result is distorted data, unusable results and false conclusions.

Why is that?

Long, monotonous questionnaires are a deterrent and reduce the willingness to participate in customer satisfaction surveys.

The limits of market research: What surveys cannot do

Are there limits to market research? Are there things that cannot be measured by questionnaires?

Yes, indeed. Market research has its limits, especially when it comes to needs that do not yet exist. It is difficult to ask users or end customers about their hypothetical needs.

Can you give an example?

If an innovation is still completely new, respondents often lack a connection. It is difficult for them to imagine how they would use the product or service in everyday life. This is why answers to such questions are often unreliable.

Are there any other limits?

Yes, one of the best known is the so-called intention-behavior gap - the gap between what people say in a survey and what they actually do in reality.

What effect does this have?

This phenomenon is particularly evident when it comes to topics such as sustainability. Many people state in surveys that they want to shop sustainably and find the topic very important personally. In practice, however, they often opt for the cheaper or more convenient option, even if it is less sustainable.

Success factors for good market research

What makes good market research for you?

For me, the crux of good market research is: What exactly is being asked? Are the questions really relevant for the customer?

So first consider whether the content is appropriate before deciding on the methodology?

Exactly. Of course, market research must be methodologically sound and presented in an understandable way. But for me, the relevance of the content is the most important factor. Are the essential questions asked that will help the customer? Market research can only fulfill its purpose if the questions really address the issues that are crucial for the customer.

Employer attractiveness and corporate culture at ValueQuest

What makes ValueQuest an attractive employer for you?

Flexibility. It's no problem to be a mom and hold a management position at ValueQuest at the same time. We work here with an entrepreneurial mindset and are very free. Working from home in Valais? Yes, of course. As long as it doesn't interfere with working for and with the client.

Does that mean that "customer first" is always the priority?

Absolutely. As long as we follow our motto "Customer First", we are free to decide where, when and how we work.