Creating opportunity out of industry change
| Mar 10, 2014
Market research is no different than any other industry. If you don’t understand and react to changes in the market, a competitor will and your business will be at risk. For our industry, change is more than evolutionary – it is disruptive.
According to the just-released Winter 2014 GRIT Report, more than three in 10 respondents are using techniques/methodologies today that either didn’t exist or were nascent five years ago. The purists in our industry would say these new techniques do not stand up to the rigors of survey research. Thus, many will dismiss non-traditional solutions and regard them as the flavor of the day. The non-believers will be sorely mistaken.
With the proliferation of smart phones, apps, wearable devices and gamification, consumers of all ages have myriad options at their fingertips to share both solicited and unsolicited opinions, more and more without any type of remuneration for their time. If we can’t control the amount of data that is being generated, we must learn to harness it. The Big Data phenomenon will continue, and traditional custom market researchers will suffer if they don’t learn to fuse disparate sets of information, regardless of the sample design.
Although we have more information at our fingertips, our industry’s focus needs to remain on the ultimate goal our clients have – providing insights to the behaviors of their customers that will enable them to grow their business. Therefore, appropriate fusion and application of data rest on our shoulders. Companies that choose to forge ahead with an open mind, combined with a healthy dose of caution, will stand a greater shot at surviving this disruptive phase.
Our industry is undoubtedly changing, and some will be left behind. However, disruption creates opportunities. The question remains, who will grab the opportunity to move our industry to the next generation?