Navigating The New Insights Landscape
Simon Chadwick, Managing Partner, Cambiar; Chairperson, Insights Association
- Change is here and the industry is in the midst of the sot rapid transformation it has every seen
- Most conferences talk about how technology has pushed the change forward. Tech is the enabler. An amazing enabler. Let’s us do the things we’ve done before in an affordable faster way.
- Clients are pushing the change. CLients dictate what our industry looks like.
- Decades ago, major agencies spawned new agencies as people left and set up their own agencies in an entrepreneurial way, there were few barriers to entry, you just needed a new idea or way of thinking, or they got a first follower. Today’s being names came up that way.
- Now clients must do far more with far less. People used to make their money from annuity income – trackers, A&U studies, big studies, big clients, a with big relationships. You could count on the money coming through the door. However, those are the areas that clients are reducing or dropping. Can’t count on this money now.
- Clients want to spend more on data integration, analystics, digital ad optimization, customer journey, path to purchase, most of which demand tech and we must learn those. These technologies belong to people who seem to be outside our industry.
- Collection of data, creating insights form the data, translate that into business decisions, supporting those business decisions – the four core business areas of research
- Our core business is incredibly fragmented, quant, qual, panel, DIY, mobile, communities, ethnography, mystery shopping, mobservational, etc
- Half of research suppliers did not exist ten years ago, this is incredible, it is due to tech.
- Funded by 14 billion in new capital, much of it for big data platforms in 2012. Gave way to social media, then web, then mobile analytics, and now predictive. Huge wave shifts on a yearly basis.
- Private equity is now funding much of these, safe, solid, can be grown. They are concerned with growing the companies.
- Large enterprises are being bought to consolidate and add to, and create larger enterprises that they can take to public markets.
- Now we have public, private, venture capital, private equity, and corporate companies.
- Now it’s an uneven playing field with a huge amount of money. Our industry is not used to this. You wouldn’t realize our industry have tons of cash but we do.
- BIG research acquires innovation and consolidates. Big analytics is organic innovation and consolidation. Small analytics is top line growth and survival. Automation is share growth, disruption, and exit planning. New MR is gaining niche acceptance, survive by being clever. Small MR is like with like mergers, and partnerships.
- [he encourages us to attend the qualtrics concert] Qualtrics is like a Star Trek conventions is massive fans
- This all affects how you reward people, how you innovate, and what your ultimate goals are. You should know about your competitors and vendors work.
- Shifting revenue mix matters to associations. Pool of members is shrinking. Pool of potential members is growing. Associations must expand the tent.
- Insights association has 9 separate segments that need to be addressed. Voice of client must be heard loud by the association. They still need to meet client needs. Chapters are vital because they allow us to deliver cross education and networking we need.
- Tech and researchers need to cross education – do analytics companies understand th ended for associations, the benefits we bring them. Probably they don’t until a problem with security or privacy happens.
- What does education look like? How do we education VC and PE on industry issues. How does political cliemate of your own and other countries affect industry?