In this age of “big data,” with ever-increasing data volumes, it’s difficult to know where to focus our efforts to make the greatest impact on the business.
Do a Google search on a topic like lavender oil, and you’re inundated with millions of results, ranging from a book entitled Lavender Oil to Lavender Oil, the paint. Few of the results are focused on the needs of a supplier looking to understand the interest in lavender oil for formulation in a new cosmetic product. The best way to understand the true intentions of decision makers is through an analysis of their behaviors conducted by the experts themselves.
Big Data and Relevant Data Defined
“Big data” is massive, unwieldy, dirty, and it’s very expensive to gain insights that are relevant to your business. With big data, you are:
- Looking through too much data
- Drawn toward the wrong data or irrelevant data
- Searching to make sense of the data
- Trying to eliminate the biases in data analysis
UL's Industry Analytics Puts Relevant Data at Your Fingertips
Industry Analytics is a ground-breaking tool for personal care material suppliers and product developers.
We've aggregated search data from worldwide users of Prospector. Now you can use it to innovate and stay on the cutting edge of ingredient and product development trends. Start now with a free trial...
On the other hand, “relevant data” is focused, clean and insights are cost-effectively discerned using an effective analytics application.
Relevant data is defined as data that informs key business decisions and is correlated directly to key business objectives (i.e. ROI, sales, revenues, margins, acquisition, retention, etc.).
Relevant data offers a proven predictive value gleaned from specific audiences or populations focused on an actual behavioral, objective or outcome, such as Personal Care & Cosmetics experts performing searches in UL’s Prospector®.
Based on the predictive nature of behavioral data and market demand, UL is introducing Industry Analytics for Personal Care & Cosmetics. Users of UL’s Industry Analytics have access to over five years of Prospector-exclusive search data, comprised of millions and millions of searches by tens of thousands of industry professionals around the globe.
What I Do is More Important than What I Say
Anyone coming from the social sciences or behavioral sciences fields will tell you that consumer behaviors are far more predictive than consumer intentions. Most predictions and forecasts today are based on surveys and other instruments that ask respondents how they intend to act, not how they actually behave.
This is why behavioral search data is one of the most effective predictors of actions taken.
There is an industry of experts, consultants and market researchers running surveys and digging deep into secondary research sources to try and divine the future. The problem is that their predictions and forecasts are wrong most of the time, because they rely solely or mostly on what people say they will do. Yet, until the age of the Internet and the ability to observe online behaviors, this was the only way one could attempt to forecast the future.
In his new book, Superforecasting: The Art and Science of Prediction, renowned Wharton Business School professor Phillip Tetlock disseminates the key information needs and characteristics of people with the highest forecasting accuracy.
One key learning: Superforecasters are not experts in their field. They are people who have insatiable curiosity and the know-how to identify and leverage “relevant data."
Superforecasters know that focused data sets and effective analytics are key to discerning insights that inform accurate predictions and outcomes. They know that doing things like analyzing Google searches across a worldwide and diverse population won’t yield the depth of insights you can uncover by looking at the specific segment, performing a specific function within the context of a specific use case, like searching for ingredients for new products.
We all desire to see and know the future. We want to know what new products are in development and what ingredients and materials are under consideration for products that often won’t be delivered for two years or more.
Those who can see and understand trends have a distinct advantage over those who can’t. Leveraging effective applications like Industry Analytics, that aggregate specific user behavior, have a unique vantage point for grounding critical business decisions. Studying UL’s behavioral data will allow you to minimize risks, improve the probability of identifying trends, and have the best position to maximize your business success.
For More Information about UL’s Industry Analytics for Personal Care & Cosmetics, contact Dave Howlett.
The views, opinions and technical analyses presented here are those of the author, and are not necessarily those of UL, ULProspector.com or Knowledge.ULProspector.com. While the editors of this site make every effort to verify the accuracy of its content, we assume no responsibility for errors made by the author, editorial staff or any other contributor. All content is subject to copyright and may not be reproduced without prior authorization from Prospector.