Riding the Change Wave: Architecting Market Research for the Future – Leonard Murphy (Net Gain 6.0 Presentation)

Key points raised:

  • Connecting the dots to identify different trends.
  • Future role of market researchers: consult, synthesize, tell a story, take a stand.
  • Clients are demanding industry to change.
  • Drivers of change: New competitors, social media, data collection is a commodity, economics, business intelligence, technology.
  • Large players – IBM, Google, SAP – moving into insight space.
  • Consumers: seeking engagement, socialization, fun and rewards.
  • Think: one third of world’s population is online BUT 6 billion mobile cellular subscriptions. Latter potential 87% of world population.
  • There are now 60 mobile apps for mobile surveys. And rising.
  • IBM $100 million in acquisitions in last year for “big data.”
  • Emerging future model for Industry: Data oceans, methodological agnostic, narratives, implications, outcomes, high touch, integration with client orgs, leading technology, people-driven, global focus.
  • Greenbook Industry Trends Study (since 2003)…
    • Lot of change happening, and coming.
    • People are generally optimistic about it.
    • Threats: companies doing survey in house (e.g. SurveyMonkey) (DIY is here to stay!), lack of skills to compete effectively, low cost opportunities.
    • Opportunities: Innovation will save sector, social media research, neuromarketing, mobile research.
    • Factors in selecting suppliers: still boils down to dimensions related to relationships. Price is not always driving decision.
    • Firms repositioning to more strategic insights and business consultants.
    • Growth areas: discussing, observing, analysis, foresight, emotional, mobile, MROCs. What emerging in 2011 is doubling in planned activities in 2012.
    • Greatest growth: mobile and gamification. Emerging “hows” and “whys.” Emerging means of how to sell more is what clients are seeking – resolve my business issue!
    • Human capital is an issues – the data river concept requires researchers to become synthesizers. Activities: Business knowledge, consulting skills, understanding of wide range of info sources, synthesize information from large range of sources, storytelling skills.
    • Hiring: More social media experts, marketing strategist, data integration experts. More “thinking” type roles.
    • Forecast: Telephone/Web-based decline dramatically, surveys become shorter, more mobile and time focused, emotion-based decisions and emotional measurement, data-insight consulting, merger with management consulting, social media listening, CRM, shopper trends, neuroscience, predictive analytics and strategic-foresight. We live in the world of “psycho-history” (Isaac Asimov).
    • “Strategic differentiation does not occur by delivering data, it occurs by redesigning thinking.”
    • Considered innovative firms: #1 BrainJuicer, #8 iTracks, #11 InSites, #12 Affinnova, #22 Hall & Partners… but a whole new range of brand new “agency” oriented firms. FreshMinds, Firefish and Truth among these firms.

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