“Exciting for the researchers but frightening for their companies…” The Future of Market Research


Wale Omiyale

Wale Omiyale

Author Bio

Wale Omiyale has over a decade’s experience in the Market Research industry and has a detailed understanding of the issues facing the industry. Wale works closely with some of the world’s leading MR agencies, helping them to implement innovative programs using the most up-to-date data collection channels and practices available. 


Author Bio

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As part of our What Type of Market Researcher Are You?” program, we’re asking people what the future of our industry holds. The results are by turn, clever, amusing, interesting, occasionally intriguing – but broadly positive.

One answer that’s come up many times already is very simple, but somehow rather pleasing. When asked to complete the phrase “The future of the Market Research industry is….” a number of respondents have simply answered “bright”. Given the impact of significant factors such as Voice of the Customer, Big Data and increased concern about privacy, I think it’s a testament to the resilience of our industry, that people still feel that MR has a bright future.

Other responses are more considered. One of my favourites so far states that the future of MR is “Exciting for the researchers but frightening for their companies” which brings up an interesting point. While as pure researchers, the future represents new opportunities to better understand consumers, to capture feedback at new times, and to use new techniques to add more qualitative input to our traditionally statistics-driven world, the business outlook is more complex.

That’s not to say that the business outlook is not bright – it is. But understanding how to deliver this new insight to customers, how to package it, how to ensure that we are adding value in order to retain our place in the world, is potentially more challenging. The days of handing over thick reports full of numbers are over, and clients expect MR agencies to offer a more consultative approach. And that means a fairly significant shift in the business model of many traditional MR providers.

A few more answers caught my eye too (we’ll be providing a bit more analysis into the responses later in the autumn), and those include:
“…going to revolve around social media a lot more.”
“…Augmenting current methods with new methods such as neuroscience that fills in some of the current gaps”
“…probably not called Market Research anymore.”

Technology features pretty heavily too, which of course I’m always happy to see, but we’ll investigate that another time. If you’ve got a view – and would like to find out what your MR persona is (find out what mine was here), then complete our short survey.
 

 

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