The market research company is turning over a leaf with the new year coming. Rising business expectations in the competition-driven market have transformed market research service industry in 2017. We’ll see a few highlights from what has happened up till now!
A report highlighting the significant happenings in the market research industry in the year 2017 was revealed. It gave an overview of market research industry 2017 along with the potential opportunities to look for in 2018 or the near future.
Looking back in 2017:
According to Graeme Lawrence, sales, and marketing director at Join the Dots, the company’s success does not lie in selling. The real success lies in building a brand through a proper plan. A five-year plan has helped direct a path of the organization. These companies target a ‘desired state’ as the ultimate aim for a specific time. They plan their departmental and financial operations which outline that goal. It was demonstrated by the experience of some of the market research companies and they received considerably good results. The equal importance is given to how companies execute the plan across the organization.
Companies make great plans and involve experts to give inputs. All that is fine, however, there may be chances that the plan becomes inward-looking. It may neglect the real organizational motive, which is, to help their clients for making wise business decisions. For that, collecting clients feedback on a regular basis is necessary. Leading organizations nowadays gather clients’ feedbacks through the customer-satisfaction survey. Some of the companies also summon advisory boards or conduct seminars to get find feedback in a subtle way and ensure that their business product and service planning is relevant and beneficial to them. With this, they aim for improving their performance regularly.
- Disruptors and Challenges
In a recent survey on the impact of the market research industry, it was found that data visualization becoming a trend with respondents 48% identifying the dashboards and other visual statistics while 47% were responsive to social media and 42% for behavioral economics.
In a Market Research Industry analysis GDPR that is, The General Data Protection Regulation is considered as a major challenge to face in 2018. Only a few of market researchers were prepared with new data protection laws while many of them weren’t even aware of the word.
The 2017 year showed that it had never been so important for MR companies to be transparent about the information.
- Automation = Faster Insight
The results showed that the demand for faster insights has grown relatively more and it may rise rapidly in 2018. The introduction of automated research tools is gaining attraction of researchers. Besides, DIY research solutions have helped researchers to meet the requirements of customers offering sea change times in no time. Researchers are ensuring that they adopt right tools to back their necessities and with this, the automation of market research is witnessing massive opportunities in the near future.
2017 noted how the role of market researchers has transformed. Automation of tasks is allowing the researchers to contribute their time more on emphasizing what is highly essential, analysis generation which would provide direction insights for the clients.
A few Facts to draw:
- Although 25% of the companies surveyed projected that the Market research industry will be growing in the next year. More than 50% of the companies anticipated that their own business revenue would reach higher year after year.
- A value base function, quantitative reports fetches more share of the expense.
- Online data collection reckoned for 56% of quantitative report expense in 2016, which grew from just 33% of outlay over 5 years.
- Talking about human resource section in the market research industry, companies retained the office personnel level in 2016. As a matter of fact, the numbers have gone up by 2% over 5 years.
- Client sector study showed how a division of spending remarkably stable for the past few years. The spend for each sector is as follow: consumer (30%) , Govt/public sector/NPO (15%), IT (10%) Media (10%)
Artificial intelligence (AI) and machine learning are anticipated to be the future of market research industry. As the advanced technology enables accuracy than ever before with greater reliability. It also creates vast new opportunities to explore. A prominence of voice operative tools like Alexa or Siri can potentially become a prominent instrument in the market research industry.
With the incorporation of artificial intelligence, clients would expect market research consultancy firms to offer technologies that deliver insights or directional guidance that empowers crucial and dynamic decision making.
Some of the market researchers expect to see consolidation in the industry in a much-systemized way. Those who anticipated a changing market dynamics and invested ahead of the curve showing their strength, while those who haven’t will be exposed.
Organizations expect funding or stakes and immersive feedback to be continued. Be it studying concepts for a campaign or assessing the new products ahead of launch, research is something that plays an important role in the way brands function. In the end, as companies put forth maximum efforts and reduce spends in times of economic unpredictability, often the contrary is being witnessed in the market research industry. Corporates nowadays possibly invest in research to give ground to their ideas.
The future is closer than we think
The director of PwC Research, Alison Blair “It’s 2030 and a generation of super-workers – thanks to medical, technological and physical enhancements – inhabit a world where exceptional talent commands premium reward but where the number of workers in full-time permanent employment has never been lower.”
This new market world has become bold and brave, it has made data and insights a source of power. Customer preferences, buying and selling patterns, state investments, corporate decisions or weather for that matter, all interlinked digital information source are extracted, processed, evaluated and monetized every year in zillions of formats. Artificial intelligence is going to make market research stronger by underpinning, redefining and reshaping the work and workplace of fierce competition.
Firms will be progressively looking to determining practical and real-time decisions from the analysis of an array of data sources. All that being said, one fad may transpire that this grown sophistication of AI means more being done in-house and analytical advice being taken for execution.