Should Traditional Market Research Bounce? Presenter: Gillian - PowerPoint PPT Presentation

Should Traditional Market Research Bounce? Presenter: Gillian Drewett Article Authors: Gillian Drewett, Zarif Kahn, Gouwa Orrie

What is the role for traditional market research in the rapidly and ever changing world of business information? Why This Question?

State of Industry

A Tough Couple of Years “While this creates an overall picture of apparent stability in the global market research business, it should be noted that there were massive gains in some markets while others suffered severely due to economic and political turmoil. ” (Esomar, 2012. p6) “The global marketing research industry’s acquired size and strength yield positive returns amidst a battered global economy. ” (Honomichl, 2012, p13)

Understanding Spend 2017 Market Research revenue reach $17.5 billion in 2017* Primarily From? Social and mobile The breakdown of Missing Info this revenue “The methodologies or approaches are often not represented in everyone’s portfolio of services, and thus there remains ample opportunity for newer entrants into the business intelligence sector” (Esomar 2012. p2) *According to IBISWorld article (March 2012) on MarketingProfs.com

Past, Present, Pending 93 1920 2013 What does this new world of information mean for the • future of market research? About understanding continued relevance , resilience and • validity , not redundancy

Facing the Changing Status Quo “The other influence of note is the continuing expansion of the non- traditional information providers.” Esomar, 2012

Antoni Gaudi hyperbolic paraboloid structure The crypt at Colonia Guell

Sagrada Familia

Abstract Art Sunday Afternoon on the Island of the Grand-Jatte (1884-1886) by Georges Seurat

The Aficionado Sorgues (Summer 1912) by Pablo Picasso

Convergence (1952) by Jackson Pollock

The Information World “Only when in possession of the right kind of market information, the use of market information becomes important.” Søndergaard, H. A, & Harmsen, H. (2007). Using Market Information in Product Development. Journal of Consumer Marketing, 24(4), 194 – 201. doi:10.1108/07363760710755986

Information Sources Business decision makers can call on multiple and varied sources for the • information that traditional market research has historically supplied 60% of the sample claim the type of information source they use us critical to their business decision* 1 / 3 of respondents use their own customer database as a primary source* All of which contribute to the body of information decision makers use to • take business decisions Average number of Average number of information information sources used* sources considered* * Total n=16 - data treated as indicative and not absolute

( n=16 - data treated as indicative and not absolute ) Usage Consider Attitude 75.0% 25.0% 12.76 Own internal customer database 68.8% 25.0% 17.98 Free online data providers 56.3% 43.8% Traditional market research 6.52 56.3% 43.8% Social media sources 10.86 56.3% 43.8% Industry specific online communities 12.55 37.5% 56.3% 8.57 Secondary paid for data 31.3% 68.8% 9.09 Own surveys using free online services 31.3% 68.8% 11.56 Own internal web based search 12.5% 43.8% 3.43 Other 6.3% 93.8% 6.66 Mobile phone surveys Resilience is: “the capacity of a system, enterprise, or a person to maintain its core purpose and integrity in the face of drastically changed circumstances”* *Zolli, A. Healy, A. M. (2012). Resilience: Why Things Bounce Back. London. Headline Publishing Group. ISBN: 978-0-7553-6033-8

What To Do?

What the Literature Revealed Business Information Context • Development of strong business skills Perform tasks differently and more thoroughly • Users remain either dependent or aware of the unique contribution to • meeting their needs Make advancing and evolving technologies work for the business • Change in professional philosophy • • Be a learning organisation “There is no doubt that to meet the challenges presented by the new information environment and new competitors in the field, the information professional must be committed to lifelong learning ”* *Johnson, I. M. (1999). Catching the Tide: Environmental Pressures for an Emphasis on Management in the Library and Information Sciences Curriculum. Library Management, 20(6), 317 – 331.

What the Literature Revealed Market Research Context • Better utilisation of information by end users Competitive advantage for those who maximise the knowledge they have • Technological advances bring a new phase of market research • Integrated market research information • “ The dramatic changes in today’s international business environment, coupled with technological advances in data collection, analysis and dissemination, imply that marketing researchers will need to broaden their capabilities in order to design, implement and interpret research in the new millennium”* *Javalgi, R. (Raj) G., Martin, C. L., & Young, R. B. (2006). Marketing Research, Market Orientation and Customer Relationship Management: A Framework and Implications for Service Providers. Journal of Services Marketing, 20(1), 12 – 23. doi:10.1108/08876040610646545

Value at the Interface How different sources of information knit together, creating an interface where the boundaries blur is where new leaning and value lies

What will be required?

Do We Have Answers? Yes No “While these opportunities may mean our industry will need to continue to change and evolve , I believe we will be better and stronger for it” (Esomar 2012. p2)

Advice from Librarians and a Boxer “If educators and practitioners are to catch the tide and flow with the opportunity which the emergence of the “information society” presents to the profession, there has to be a vision, and a willingness to make the effort needed to turn vision into reality. The alternative – standing still – is not an option ” Johnson, I. M. (1999). Catching the Tide: Environmental Pressures for an Emphasis on Management in the Library and Information Sciences Curriculum. Library Management , 20 (6), 317 – 331.