Insight’s Future; from Market Research to Data-driven Strategy
By Robert Moran
Executive Summary
The market research industry is at a pivotal point in its development. Faced with numerous challenges and threatened with commoditization, it will either reposition itself by moving into a more strategic, consultative space or it will be transcended by strategic foresight or absorbed by management consulting. This transitional period may become a great sorting out, where firms will become consultative and strategic or commoditized and streamlined.
As MRA President Jon Last has noted, market research’s, “positive future resides in allowing that data and information that we process to become true insights that guide decisions.” If market research suppliers do not fully own the strategic insights space, the void will be filled by their competitors.
Despite this dire forecast there are reasons to be optimistic about the future of the industry. There is a strong and growing interest in data-driven decision-making. And, while potentially disruptive, new technologies and platforms are offering researchers exciting new tools.
This time of change is also a time of great opportunity for individuals and firms who candidly assess their situation, clearly plan for the future, and do what needs to be done, however difficult. The market research firm of the future will find ways to integrate itself across the strategic decision-making process, will aggressively leverage foresight tools, will help its clients pull insights from disparate data streams, will be nimble, and will fully leverage the 24 hour global clock to increase project turnaround time.
Industry Challenges |
Client Demands |
The Market Research Firm of the Future |
| 1. Societal 2. Technological 3. Positional 4. Perceptual 5. Linguistic 6. Speed 7. Market Structure 8. Human Capital 9. Global 10. Economic |
1. Strategic Recommendations 2. Concise Deliverables 3.Deeper Insight into the Whole Consumer 4.Speed 5. An Integrated Understanding of the Consumer "Infoverse" 6. Truly Understanding the Role of Emotion in Human Behavior 7. Insights Management 8. Value |
1.New Name, Expanded Scope 2. Integration Across the Strategic Decision-Making Process 3. Foresight 4. Insights Management 5. Speed, Nimbleness and the Global Clock |
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