… Live blogging from downtown Toronto…
Future Trends in the Industry
Simon Chadwick, Managing Partner of Cambiar and Editor-in-chief of Research World, ESOMAR and author of the Future Trends Annual Report (Simon is presenting from the Washington airport as his flight was delayed. Tech problems? No way!)
- Driving forces of change – economic power balance, connected empowered consumers, technology, media makeover/fragmenting
- Communispace? Crowdsourcing? Neuroscience? SurveyMonkey? Who/what were these merely ten years ago?
- 1.2 billion people watched the cricket finals last year, digitally or otherwise connected. Rise of a global middle class which changes marketing and research expenditures. Shift away from major markets and towards emerging markets
- Europe is a crisis of demographics, not enough children. It’s not a debt crisis. This impacts marketing and research also.
- Winds of change
- more, faster, for less: affects the types of research companies will do and with whom they will do it, e.g., CSAT
- new methods, better processes
- river of information, big data: streaming real time data, CRM, transactional
- growth of the global middle class
- new talent for a new age
- 60% of client research VPs expect major transformation by 2020, of whom 70% think it will be evident in 2015. Not incremental but rather a revolution. Companies like cocacola, microsoft, GM, P&G C-suite feel this way.
- If you don’t like change, you’ll like irrelevance a whole lot less. Joe Tripolie – Coca-Cola
- Huge thought partner gap – clients want thought partners but feel they aren’t getting that. 92% of clients want it, 37% are getting it.
- Vendors feel like order takers and not being treated as consultants and advisors. Like they don’t have access to the business knowledge.
- Research must create business impact, tell a story and take a stand.
- Two thirds expect a non-traditional leader of the research industry by 2020, not a Kantar, Neilsen, or GFK
- 27% of clients expect google to be research leaders by 2020
- 40% of research departments feel they will be marginalized by new sources of information
- We are doing more: embracing change, innovation, data synthesis, non-traditional approaches, story-telling, social media listening
- We are doing less: being brought in too late or treated as order takers
- What is hot: web analytics, DIY, proprietary panels, digital qual, social media listening, MROCs, emotion measurement, mobile
- What is NOT hot: prediction research, behavioural economics, gamification, eye tracking, neuroscience, virtual shopping
- 60% of clients say DIY will replace much standardized research by 2020
- Full service agencies have put out the welcome mat to their competition – ignored market niches, disruptive technologies.
- It appears agencies aren’t reading their clients well, agencies are ignoring red flags. But it’s not too late.
- We need three types of people:
- management consultants (we all cringe) in the senior research positions, they talk the language of the C-suite;
- polymaths, people who are experts in many different areas, technology, synthesis, different data, qual and quant
- specialists: feed data to the polymaths, just one technology, just one type of analytics
- If you want to be rich, go into analytics
- The four toughest questions you must ask #MRX (lovestats.wordpress.com)
- 11 signs that you don’t have a research objective #MRX (lovestats.wordpress.com)