The Market Research Industry, more commonly referred to as the ‘Insight’s Industry’, broadly agrees that innovation is essential to moving forward. This industry is driven by both client demand from the likes of Unilever and Google and by consumer spending. Clients will be increasingly focused on measuring and tracking their media where it’s being consumed, and therefore insight’s companies need to stay relevant by providing accurate data that tell stories for their clients. Delivering on the ‘Holy Trinity’ that is: cost, speed and quality will keep insight’s companies such as Ipsos, Nielson, and Kantar competitive. So, what are the key trends that will propel them forward?
In the next 5 years, two key trends are likely to be…surprise, surprise: Automation and Data Science.
The Promise of Automation
Data Science for Dummies
Market research companies cannot continue to work in isolation if they want to bring their clients closer to their customers. Successful partnerships between other providers deliver deeper insights. The future of market research is about combining both traditional and modern methods of data collection with social media analytics, and the latest technology. Practices that bring together data from different sources moves into new methods of research, digging deeper into more complex areas of consumer behaviour such as emotions and non-rational behaviour.
However, it’s not just about the way in which data is acquired, ingested and analysed. Crucially, it is also about the format in which it is presented. Look to leaders in this domain such as Adobe, Google Analytics and smaller tech-driven research companies that offer user-friendly analytics solutions. The way in which the data gets analysed, visualised and presented is critical as clients can gather insights more easily and react to findings quicker. If data is easy to analyse and easy to display then it takes less time to identify problems, it becomes quicker to solve them and it means that campaigns can be delivered just in time to the right audience.
In order for insight’s companies to be regarded as one of the next-gen consultancies, they need to leverage automation in their administrative, operational and research methodologies and to bring their client’s closer to the consumer by using successful partnerships and developing their analytic capabilities.