Market research companies employ over 35,000 people in the United States and the industry is doing well, with year-on-year revenue growing. The market research industry is even bigger in Europe – which accounts for the largest share of Global market research revenue. Positive numbers aside, market researchers face a great deal of pressure in a rapidly changing marketplace. In some cases the tools simply don’t exist to monitor completely new consumer behaviors and habits, in other cases there are tools available, but choosing which data is important becomes a whole new challenge. When The Market Research Event asked several market researchers what was on their wish-list, the answers ranged widely – from technology to time to more stringent standards for market research agencies. Here’s the rundown of the top market researchers’ wish lists.
Juliann Ng, Vice President, GfK Canada
“Everyone is looking for faster and cheaper and good enough. So it’s less about a specific technology and more about new approaches and processes that enable near-instant insights, accessible at their fingertips at any time. With the tremendous amounts of primary, secondary, and transactional data now available, being able to fully leverage and integrate these data sources into a coherent and digestible format is another common wish!”
Juliann Ng will speak at The Market Research Event. Her session is called: Four Client/Agency Relationship Types and Optimizing Connections for Growth.
Tom De Ruyck, Partner, InSites Consulting
De Ruyck is very desirous of the newest and most advanced technology options for market research. He wants: “Artifical Intelligence moderation of online qual; AI analysis of online qual; Virtual Reality stimuli for research and VR solutions for reporting of insights”.
“My wish is that, as an industry, we continue to look for innovation in unlikely places. Innovation doesn’t ‘belong’ to small companies, or tech companies or firms just breaking into the research space. #MRX pros are data scientists by trade, living in a time (unlike any time we’ve experienced before) of unparalleled access to data. With a little creativity and critical thinking, each of us, regardless of the research role we play, is capable of creating breakthrough methods.”
Ray Poynter, Managing Director of The Future Place, Founder and Chair of NewMR, Director, Vision Critical University
“I’d like to see a standardised professional qualification in MR, with specific options for Qual and Advanced Quant. I would like the trade bodies to help clients separate the game changers from the snake oil salesmen. Lastly, I am looking forward to using more and more AI.”
Jeffrey Henning, President, ResearchScape International
“The biggest thing I need from a marketing point of view is more time, more time to experiment, more time to investigate new marketing methods.”
Kristof De Wulf, Co Founder & CEO, InSites Consulting
“Getting people positively addicted to consumer insights. Despite the fact that the market research industry has embraced novel and relevant ways to generate new consumer insights, insight activation is unfortunately poorly developed in most organizations. As insights are useless unless used, let’s start turning consumer insights into company-wide memes!”
Don’t miss The Market Research Event this October 17-20 where some of the most influential market researchers in the world will share their insights on everything from apps to big data as they apply to market research.