Industry Transition: Market Research in Flux
Explore the challenges and opportunities in the market research industry as it undergoes a major transition. From new competitors to changing consumer demands and evolving technologies, discover the implications and outcomes shaping the future of market research.
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Presentation Transcript
Market Research: An Industry in Transition
DRIVERS OF CHANGE New competitors: Marketing Agencies, BI Tech, DIY, SM Client demands: ROI, Integration, Implications & Outcomes Human Capital: Changing skill sets Market Research Suppliers Consumers: Engagement, Socialization, Fun, Rewards Economics: Cheaper, Faster, Better Technology: SM, Mobile, Converged Data
IMPLICATIONS AND OUTCOMES Data silos Methodological rigor Objective Reporting Low touch Production models Slow to adapt to technology Process vs. People International expansion Traditional Business Model for MR Data Warehouses Methodologically curious Narratives & Implications High touch Deep partnerships Embracing technology People vs. Process Regional focus Transition Model Data Oceans Methodologically agnostic Narratives, Implications & Outcomes High touch Integration with client orgs Leading technology People-driven No borders/local focus Future Model
TOP 50 COMPANIES PERCEIVED TO BE INNOVATIVE Total Mentions Absolute Rank 60 32 32 31 25 25 21 18 17 16 15 15 14 13 11 11 11 10 10 10 9 8 8 8 8 8 Total Mentions Absolute Rank 7 7 6 6 6 6 6 6 5 5 5 5 5 4 4 4 4 4 4 4 4 4 4 Brainjuicer TNS Global Vision Critical Synovate Ipsos Nielsen Anderson Analytics Itracks GFK Peanut Labs 20/20 Communispace Millward Brown IModerate Maritz OTX QualVu InfoSurv Revelation Global Toluna Affinova Gongos Research Knowledge Networks Neurofocus Research Now Vovici 1st Burke Inc. MarketTools E Rewards Emsense Forrester Gallup Hall and Partners One Point Insight Express Insites Consulting Nunwood StrategyOne Truth Allegiance Buzzback Copernicus Insights Now KidsEyez Lieberman Research Market Probe Sands Research SPSS USamp Tied for 16th Tied for 16th Tied for 17th Tied for 17th Tied for 17th Tied for 17th Tied for 17th Tied for 17th Tied for 18th Tied for 18th Tied for 18th Tied for 18th Tied for 18th Tied for 19th Tied for 19th Tied for 19th Tied for 19th Tied for 19th Tied for 19th Tied for 19th Tied for 19th Tied for 19th Tied for 19th Tied for 2nd Tied for 2nd 3rd Tied for 4th Tied for 4th 5th 6th 7th 8th Tied for 9th Tied for 9th 10th 11th Tied for 12th Tied for 12th Tied for 12th Tied for 13th Tied for 13th Tied for 13th 14th Tied for 15th Tied for 15th Tied for 15th Tied for 15th Tied for 15th
A CRISIS OF CONFIDENCE DESPITE GOOD NEWS Fall 2010 (673) % 55% Spring 2010 (875) % 75% Gap + / - Base: Value Research Same/More (Net) Value research more today Value research about the same Value research less today -20% 18% 18% - 37% 57% -20% 45% 25% +20%
YOUNGER MR PROS EMBRACE NEW METHODS Q.22 What use of these techniques and approaches do you see ahead in your future? Research Providers / Suppliers (542) % 57% 52% 45% 37% 37% 33% 30% 27% 20% 18% 18% 18% 18% 12% 10% 8% Research Buyers/ Clients (131) % 41% 58% 68% 47% 29% 23% 25% 32% 25% 26% 24% 15% 21% 14% 8% 11% Under 6 Years (73) % 63% 63% 56% 40% 27% 41% 36% 37% 29% 29% 27% 16% 26% 14% 11% 7% 6+ Total Years (600) % 53% 52% 49% 38% 37% 30% 28% 27% 21% 18% 19% 18% 17% 12% 9% 9% Gap + / - Gap + / - % -16% +6% +23% +10% -8% -10% -5% +5% +5% +8% +6% -3% +3% +2% -2% +3% Base: (673) % Mobile Surveys Online Communities Social Media Analytics Text Analytics Webcam-Based Interviews Mobile Qualitative Mobile Ethnography Apps based research Eye Tracking Crowdsourcing Visualization Analytics Virtual Environments Predictive Markets NeuroMarketing Serious Games Biometric Response 54% 53% 50% 38% 36% 31% 29% 28% 21% 19% 19% 18% 18% 12% 9% 9% +10% +11% +7% +2% -10% +11% +8% +10% +8% +11% +8% -2% +9% +2% +2% -2%
PREDICTIVE MARKET RESULTS 18 Predictive Markets Assessment: Technology Adoption Mobile Surveys 16 Social Media Analytics Online Communities 14 Text Analytics 12 Webcam-Based Interviews "Apps" based research 10 Mobile Qualitative Mobile Ethnography 8 Crowdsourcing 6 Predictive Markets NeuroMarketing 4 Eye Tracking 2 Virtual Environments Visualization Analytics 0 Biometric Response Serious Games
PERSONAL RELATIONSHIPS ARE KEY Q.37 How important do you think each of the following qualities is to [clients / you] when [they / you] select a [QUANTITATIVE/QUALITATIVE] research provider? (Top Two Box Basis on Five-Point Scale) QUANTITATIVE Supplier Factors QUALITATIVE Supplier Factors Gap + / - Listens well and understands client needs 93% 93% - Good relationship with client/supplier 92% 89% +3% Familiarity with client needs 90% 90% - Rapid response to requests 89% 88% +1% Completes research in an agreed-upon time 88% 87% +1% Has knowledgeable staff 87% 85% +2% Previous experience with client/supplier 84% 83% +1% Good reputation in the industry 83% 79% +4% Flexibility on changing project parameters 81% 85% -4% Familiarity with the industry or category 79% 76% +3%
