Two Insights from the Insight’s Industry

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

Not only should all administrative and operational activities be automated, but automation should be extended to the research methodology itself. The mechanics of research execution should be automated and accepted methodologies should be incorporated into digital platforms. This includes the analysis of survey, text and social media data, sampling, and the charting of infographics. Ideally, the output of research would provide clients with a measurable ROI, along with a clear storyline and recommendations. Accuracy is an important factor in delivering insight and should be prioritised over speed and cost. Marketers want simple yet sophisticated platforms that deliver customised and accurate analytics that allow them to measure advertising and understand customers better. The digitally native company coming into the market would think in terms of user behaviour over demographics.

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.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s