Explorer Research Company Profile

Background

Overview

Explorer Research is a market research firm specializing in understanding and predicting shopper behavior through both conscious and non-conscious research methods. Founded in 2002, the company is headquartered in Mississauga, Ontario, Canada, and operates with a team of 101-250 employees.

Mission and Vision

Explorer Research aims to provide comprehensive insights into consumer behavior, enabling marketers to make informed decisions that drive business growth. By leveraging advanced research techniques, the company seeks to enhance the effectiveness of marketing strategies and product development.

Primary Area of Focus

The firm's primary focus is on market research, utilizing innovative methodologies to analyze shopper behavior and preferences. This includes packaging research, path-to-purchase analysis, e-commerce and user experience testing, and the development of shopper activation frameworks.

Industry Significance

In the competitive landscape of market research, Explorer Research distinguishes itself by integrating biometric analytics such as eye-tracking, facial coding, galvanic skin response (GSR), and electroencephalography (EEG) into its studies. This approach provides deeper insights into consumer reactions and decision-making processes, offering a more nuanced understanding of shopper behavior.

Key Strategic Focus

Core Objectives

Explorer Research is committed to delivering actionable insights that help clients optimize their marketing efforts, improve product offerings, and enhance customer engagement. The company focuses on understanding both the conscious and subconscious factors that influence consumer behavior.

Specific Areas of Specialization

Packaging Research: Analyzing consumer responses to packaging designs to determine effectiveness and appeal.

Path-to-Purchase Analysis: Studying the journey consumers take from awareness to purchase to identify key touchpoints and decision-making factors.

E-commerce and UX Testing: Evaluating online shopping experiences to optimize user interfaces and increase conversion rates.

Shopper Activation Framework: Developing strategies to influence consumer behavior at the point of sale.

Key Technologies Utilized

The company employs advanced biometric tools, including eye-tracking, facial coding, GSR, and EEG, to capture non-conscious consumer reactions. These technologies enable a deeper understanding of shopper behavior beyond traditional survey methods.

Primary Markets Targeted

Explorer Research serves a diverse clientele, including major brands across various industries seeking to enhance their marketing strategies and product offerings. The company's services are particularly valuable to businesses aiming to gain a competitive edge through a deeper understanding of consumer behavior.

Financials and Funding

Funding History

Specific details regarding Explorer Research's funding history, total funds raised, and recent funding rounds are not publicly disclosed. The company operates as a private entity and has not publicly announced any significant funding events.

Notable Investors

Information about individual investors or venture capital firms involved with Explorer Research is not available in the public domain.

Intended Utilization of Capital

While specific plans for capital utilization are not publicly detailed, it is common for market research firms to invest in technology upgrades, talent acquisition, and expanding service offerings to meet evolving client needs.

Pipeline Development

Key Pipeline Candidates

As a market research firm, Explorer Research does not develop products in the traditional sense. Instead, the company focuses on delivering research services that inform product development and marketing strategies for its clients.

Stages of Development

The firm's services are continually refined to incorporate the latest research methodologies and technologies, ensuring that clients receive the most accurate and actionable insights.

Target Conditions

Explorer Research addresses various market conditions, including shifts in consumer behavior, emerging market trends, and the impact of technological advancements on shopping habits.

Relevant Timelines for Anticipated Milestones

The company does not publicly disclose specific timelines for service developments or milestones. However, Explorer Research is known for its agility in adapting to market changes and client needs.

Technological Platform and Innovation

Proprietary Technologies

Explorer Research utilizes proprietary methodologies that integrate biometric analytics to capture non-conscious consumer reactions, providing deeper insights into shopper behavior.

Significant Scientific Methods

Biometric Analytics: Employing tools such as eye-tracking, facial coding, GSR, and EEG to measure non-conscious consumer responses.

Virtual Reality Simulations: Creating immersive testing environments that replicate various retail settings for agile shopper behavior testing.

AI-Driven Capabilities

While specific AI-driven capabilities are not detailed, the integration of advanced biometric tools suggests a focus on leveraging technology to enhance research accuracy and depth.

Leadership Team

Key Executive Profiles

Marc Inkol: Founding Partner & President. Marc brings extensive experience in market research and consumer behavior analysis, having established Explorer Research in 2002.

Key Contributions or Roles Within the Company

As the founding partner and president, Marc Inkol has been instrumental in shaping the company's strategic direction and service offerings, ensuring that Explorer Research remains at the forefront of market research innovation.

Competitor Profile

Market Insights and Dynamics

The market research industry is characterized by rapid technological advancements and an increasing emphasis on data-driven decision-making. Companies are continually seeking innovative methods to understand consumer behavior, with a growing focus on non-conscious research techniques.

Competitor Analysis

Explorer Research faces competition from various firms specializing in market research and consumer insights. Key competitors include:

VideoMining: Specializes in behavioral shopper insights.

EyeSee: Offers full-service agency capabilities, including packaging, planogram, and online path-to-purchase tests.

Envirosell: Focuses on improving design and experience in retail and public spaces.

Gold Research, Inc: Provides award-winning customer journey mapping and full-service market research.

Strategic Collaborations and Partnerships

Specific details regarding strategic collaborations or partnerships are not publicly disclosed. However, market research firms often collaborate with technology providers and academic institutions to enhance their research capabilities and stay ahead of industry trends.

Operational Insights

Strategic Considerations

In a competitive market, Explorer Research differentiates itself through its integration of biometric analytics and virtual reality simulations, offering clients a more comprehensive understanding of consumer behavior. This innovative approach positions the company as a valuable partner for businesses seeking to optimize their marketing strategies.

Strategic Opportunities and Future Directions

Strategic Roadmap

Explorer Research is likely to continue expanding its service offerings, incorporating emerging technologies to enhance research accuracy and depth. The company may also explore new markets and industries to apply its expertise in understanding consumer behavior.

Future Business Directions

Future directions may include the development of new research methodologies, expansion into international markets, and the establishment of strategic partnerships to broaden service capabilities.

Opportunities for Expansion

Opportunities exist in sectors such as e-commerce, healthcare, and technology, where understanding consumer behavior is crucial for business success.

Positioning for Future Objectives

By leveraging its innovative research methods and staying attuned to market dynamics, Explorer Research is well-positioned to achieve its future objectives and continue delivering value to its clients.