When it comes to market research, no company does it better than the one founded by Arthur Nielsen. Even today, any mention of statistics or data in newspapers, television or other sources credits A.C. Nielsen for the information.
Arthur Nielsen – How He Started It All
It was in 1923 that the A.C. Nielsen Company was born, ushering in a new era when it came to market research. Nielsen introduced a novel and revolutionary methods when it came to market research, raising the bar for the entire industry.
Nielsen came up with performance index surveys which challenged companies when it came to advertising and marketing their goods and services.
Nielsen also espoused test marketing products before they are officially launched into the market. In this manner, he believed that changes to the product could be made and cost savings could be experienced before a company commences a full-blown marketing campaign.
Nielsen also believed in random sampling. This was the method employed to gain an accurate picture of the market share of a particular good or service that is being offered. He believed that the market should operate efficiently by keeping tabs on the market share of a product and of gathering quantitative data to prove that the observations taken are on the mark.
Today, advertising ratings are based on the industry standards that A.C. Nielsen has created and strengthened over the years. These ratings have become the definitive and conclusive benchmarks when it comes to advertising norms.
The digital age has radically altered market research norms and processes but no matter how much has changed the same principles apply. And those market research principles are those that were touted by Arthur Nielsen.
The Arthur Nielsen Quick Bio
Full Name: Arthur Charles Nielsen
Birthdate: September 5, 1897 – June 1, 1981
Company: A.C. Nielsen Company
Key Success Traits: pioneering spirit; methodical in his approach
Nielsen was an avid tennis player. He was inducted into the International Tennis Hall of Fame in 1971.