Challenges Facing by Market Research Industry

There are many challenges facing the industry, including impactful reporting, technology and data management.

[ad]

Impactful Reporting

The ability to deliver or receive consultative reports, to tell a consistent story, and account for “all the piece of the puzzle” in the client’s word.

Technology

Its introduction, use and reliability to answer business questions in more efficient or creative ways.

Data Management

How businesses gather, handle and integrate the vast amounts of data – from both primary and alternative research resources to make sense of all the data points.

What do you feel is the biggest challenge facing market research?

A recent survey carried out by GRIT asked market researchers this question. The most common themes were:

Methodology

56% of respondents mentioned the methodologies of market research as one of the biggest challenges they face.

  • Difficulty using social media for data collection and analysis.
  • Slow response rates.
  • Too many competing techniques.
  • Privacy and security issues.

Clientele

29% of respondents mentioned that one of their biggest challenges is ealing with their customers and clients.

  • Customers expect insights far too quickly.
  • Customers have diminishing budgets for market research.
  • “Insight schizophrenia” – clients want researchers to find ways to replicate expensive, high-tech solutions.
  • Customers need to be re-educated but are resistant to change.

Technologies

22% of respondents mentioned that their biggest challenge is the new technologies used in market research. The biggest issues relevant to technologies were:

  • Big data.
  • Mobile technologies.
  • Social media.

Differentiation

21% of respondents mentioned that the biggest challenge they face is trying to differentiate themselves from a sea of competitors.

  • Demonstrating unique value.
  • Staying relevant in changing times.
  • Avoiding commoditisation.

Quality

14% of respondents mentioned the quality of data, quality of respondents and quality of insights as their biggest challenge to market research.

  • Samples are not representative.
  • Respondents are dishonest or unthoughtful.
  • Statistical assurances are not provided.
  • Can’t afford the good data.

Old and New Methods

6% of respondents mentioned the challenge of old methodologies in market research. Some believe that old methods are tried and true, and therefore are to be trusted, while others believe that it’s time to put aside the old methods and try more innovative techniques.

  • it’s not “Old vs. New”, it’s “Traditional vs. Innovative”.
  • Traditional methodologies don’t meet client’s need.
  • Innovative methodologies are confusing and unfocused.

The real answer is that both are needed:

  • Although many respondents sided with either the traditional side or the innovative side, many more respondents admitted that the way forward is to blend the old and new.
  • Capitalise on the rigor of traditional methods and the expediency and innovative of new methods.

Communication

3% of respondents mentioned that communication with real consumers is the biggest challenge to market research in 2015.

  • What to do with consumer insights.
  • Lack of engagement from consumer / respondents.

The role of Market Research in the future

Traditional market research is undergoing numerous existential challenges that will change it dramatically. Industry insiders believe these challenges are healthy and may paradoxically, work to:

  • Increase the demand for data-driven strategy.
  • Elevate the role of market research professionals.

It is not clear if the market research industry of today will exist in 10 years. Instead, market research may be:

  • Surpassed by strategy foresight highlighting potential futures and future behaviours.
  • Absorbed by management consulting – viewed as part of data-driven consulting model.
  • Dispersed throughout organisations and society as a skill set critical to building evidence based strategies.

Industry Insights

Global population is the biggest challenge for marketing research we’re just discovering, for the first time, where they’re going, what they’re thinking. – David Calhoun, Nielsen CEO

Today’s consumers are not yesterday’s. They’re empowered. They’re in charge. It’s a new state of mind. – Romesh Wadhwani, Symphony Technology Group founder / Chairman / CEO

Consumers, as well as our industry, are struggling to keep up. We can’t just keep throwing isolated data back to our client. We need to integrate it. – Matthias Hartmann, GFK CEO

The world of marketing research is about to be transformed. Transformation now is all about catching up. It’s all about learning. It’s not about being better consultants or storytellings. If we learn, we will be better consultants. We will be better storytellers. – Bob Barocci, Presidents of the Advertising Research Foundation (ARF)

Source from Startup Nation
[ad#mo]