Market research has always been important to the toy industry but I have never found a company that actually interviewed more people than The Insights People, which surveys 85,000 children and adults each year. Clients include Hasbro, Sega, and The Walt Disney Company.
I was so intrigued that I reached out to Nick Richardson, Founder, and CEO. He was kind enough to provide Global Toy News readers with a sample report which can be accessed by clicking here. Here is my interview:
Nick: The Insights People is a market research company specializing in kids, parents, and family market research and has quickly become the global leader in kids market intelligence – we are surveying more than 1600 a month or 85000 if you prefer
Richard: I guess my first question is: How in the world do you conduct more than 85,000 surveys a year?
Nick: We work with a number of respected research panel providers who recruit children through their parents in a way that is compliant with COPPA and GDPR.
Richard: What is the result of having access to so many children and adults?. What impact does it have on results in both accuracy and nuance?
Nick: As far as we are aware there is no one surveying as many children across the globe as we are, which means our data is statistically significant and its robustness is industry-leading – for example in the US our data has a statistical significance of 99%! One of the most important aspects of our methodology is that it enables us to provide clients with real-time data, which is constantly updating and providing them with an opportunity to see trends such as Fortnite as they happen.
Richard: What kinds of knowledge can a client gain from having access to your research?
Nick: So much! We are in an era where reliable data and insight-led market intelligence can be the difference between success and failure. And with the significant changes, we have seen (in my opinion quite rightly) provided more protection for children, meaning the organic data that organizations would normally gather through consumers’ digital interaction with their brand is no longer available to them.
Our whole approach has essentially been designed with the client in mind – we have designed our survey in a way which ensures total independence, meaning brands can trust and rely our data – we are not here to sell one product – we are here to report on what kids’ attitudes, behaviors, and consumption is like across their whole ecosystem. By approaching research like this we can provide our clients with the most dynamic and comprehensive market intelligence to help inform their advertising, content, innovation, licensing, marketing, product and retail/sales strategies.
Richard: Speaking of clients, can you tell us who some of them are?
Nick: We have a wide range of clients from various sectors – which we are humbled and delighted to have clients. But regarding specific names, we work with the likes of the BBC, Crayola, Disney, Hasbro, Kraft, Leapfrog, Oxford University Press, SEGA, Turner, Vivid and Warner Bros.
Richard: If someone is interested in becoming a client or learning more, how should they go about it?
Nick: We have made an example report available for your readers – which can be downloaded by visiting www.kidsinsights.net/toyexpert but if people would like to call us on +1 646 585 9182 or email us at email@example.com we would be delighted to organize a call to talk through how we could help them, and provide them with a demonstration of our real-time data portal.