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
Presenter: Gillian Drewett
Article Authors: Gillian Drewett, Zarif Kahn, Gouwa Orrie
“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)
2017 Market Research revenue reach $17.5 billion in 2017*
*According to IBISWorld article (March 2012) on MarketingProfs.com
“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)
future of market research?
validity, not redundancy
Esomar, 2012
The crypt at Colonia Guell
Sagrada Familia
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
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 that traditional market research has historically supplied
Average number of information sources used* Average number of information sources considered*
*Total n=16 - data treated as indicative and not absolute
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*
take business decisions
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 ( n=16 - data treated as indicative and not absolute) Usage Consider Attitude
Own internal customer database 75.0% 25.0% 12.76 Free online data providers 68.8% 25.0% 17.98 Traditional market research 56.3% 43.8% 6.52 Social media sources 56.3% 43.8% 10.86 Industry specific online communities 56.3% 43.8% 12.55 Secondary paid for data 37.5% 56.3% 8.57 Own surveys using free online services 31.3% 68.8% 9.09 Own internal web based search 31.3% 68.8% 11.56 Other 12.5% 43.8% 3.43 Mobile phone surveys 6.3% 93.8% 6.66
meeting their needs
*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.
“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”*
“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
“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)
“If educators and practitioners are to catch the tide and flow with the opportunity which the emergence
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.