Archive for April, 2012
The Future of Market Research: 5 Innovations to Watch for in 2012
The great David Ogilvy once said, “I notice increasing reluctance on the part of marketing executives to use judgment; they are coming to rely too much on research, and they use it as a drunkard uses a lamp post for support, rather than for illumination.” Those words from the great David Ogilvy are as true today as they were then.
Market research professionals, firms and organizations from IBM to Forrester Research are projecting the next trend in market research to be “making the transformation from research to insight.” If you ask me, that’s what market research has always been. An effective market researcher should be able to plan, conduct, analyze, and report actionable market insights and solutions to clients.
If you can’t do that, you’re probably just sharing stats that you found on eMarketer. I’m not discrediting eMarketer, which is an excellent research provider, but I see many advertising and marketing professionals searching for and relying too much on the latest stat or trend instead of taking that data point and translating it to something of value. Does that trend even make sense for your client’s unique situation? Or are you simply trying to impress them? This is not a problem with the research provider, but the researcher himself.
Instead of projecting the next trend in market research to be “making the transformation from research to insight,” which should already be innately infused into the mantra of the market researcher, I project the future of market research to be the convergence, or mash-up, of emerging technologies and lateral creative thinking across industries with the discipline of market research.
We are all living in a perpetual state of beta. We all have the ability at any time, to analyze our past and present to optimize for the future. And for market researchers, now is the perfect time to seize the opportunity to innovate the industry in ways George Gallup could have never imagined. So borrow from other competitors, borrow from other industries, borrow from culture – use lateral creative thinking to expand your potential and create new methodologies to reveal new insights and solutions. Below are five examples of this approach, which will continue to grow, especially in 2012.
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