The largest ever spontaneous collaboration in marketing research industry history!
At exactly 9:00am EST this morning, well over 35 NGMR-Top Bloggers agreed to simultaneously post what they believe are 10 important things to consider for the research industry going forward. More specifically, we agreed to each list what 5 things will continue to be “Hot” and what 5 things will “Not” be very relevant within research during the next few years. So that our answers would be unbiased and more interesting, we agreed to not discuss it with anyone prior to posting.
What’s equally interesting, I think, is that something as spontaneous and collaborative as this is possible in research today. It’s in no small part thanks to the openness and positive collaborative nature of social media. As of yesterday, over 35 NGMR-Top Bloggers had agreed to participate! Partial list below will be updated once I get the final count.
New Market Research
Canek Riestra (In Spansih)
Netquest (in Spanish)
Discovery Research Group
Perspectives on Consumers
Harrington Research Associates
So, now on to my own 10 predictions.
The 5 HOT
- Advanced Analytics including data mining, text analytics, predictive analytics, network analysis, and modeling will continue to see tremendous growth.
- Convergence of EVERYTHING! Because of the sheer volume of data, any one piece of data is becoming less valuable. Where formerly there were competitive internal silos who protected access, sharing of data is now becoming commonplace. Sharing is happening not only between different departments but even between different companies! Convergence isn’t all about sharing though, it can also be extremely competitive. Partly because of the data available on social media, agencies from Advertising to Market Research to Social Media Monitoring and PR will all converge on this data and try to own it analytically. Expect friends, clients and competitors in brand new places!
- DIY (Do it Yourself) market research is no longer a dirty word. It’s become mainstream and clients everywhere demand to be able to access data and analytics tools and be very particular about when and what they decide to outsource to research vendors. Smart vendors will acknowledge this and either provide these tools, move much higher up the value chain, or disappear…
- Strategy will be far more important. With data everywhere, clients will expect a more educated research supplier, one that can help them best leverage data and help them plan the way going forward.
- ROI - Holy Cow! We’re finally going to be able to measure it. Thanks to the greater proportion of online marketing dollars, the connected and converging media and viewers, it will finally be possible to measure success and tie it to expenditures accurately. Both good news and bad news for some…
The 5 NOT
- WordClouds - I predict a savvy client side executive will soon fire a high profile supplier for showing one word cloud too many. Word will spread and we’ll think twice before using these again. That is not to say aesthetics in reporting will become any less important or interesting, quite the contrary. — Before that happens, I myself will probably be guilty of using them at least once more here on the blog though
- Blogmining - Too simplistic. Greater honesty and transparency about what is available and what is important. Social Networks will play greater role, data is free and everywhere. Companies want to know what the common person is saying, not just the social media elite (us geeks). Social media and text analytics will fall into either general monitoring or if ad-hoc be far more scoped out. But as social network data becomes more available the term “blog mining” will fall out of existence faster than the term “web 2.0″ did.
- Trade Orgs Will have a much harder time in proving their ROI in either dollars or time investment. Networking (their single most important purpose) is happening online, for free and available at our convenience. Similarly, presentations are happening online via WebEx and other channels, many which are now as good or even better than what is often available at most conferences. As a result, expect a much needed shakeout where only the best, who offer unique value, will remain. They’ll also need to learn how to leverage social media far better.
- Cost Cutting and Quality Standardization measures whether ISO, offshoring or whatever you call it - if clients want to save costs, they’ll DIY or offshore themselves, why have it marked up by a middle man? A greater understanding of the research process including quality improvement is a major reason clients opt for DIY. If you think lowering costs while attempting to maintain quality is a strategy for maintaining competitiveness — Good Luck!
- Privacy (at least as we knew it) What it means for individuals, legally and for research will be unrecognizable in the near future. It will be impossible to prohibit aggregation and transfer of data. Other security methods will be invented. No one will believe you when you talk about privacy. Instead, citizens will opt for DIY options to protect themselves.
OK, that’s it for now. The NOT’s were definitely harder. Probably at least a couple of them will prove to be accurate. Now I can’t wait to see what my fellow NGMR-Top Bloggers predicted! (You can follow new posts on Twitter with tags #NGMR and #5Hot5Not)
[NOTE: My predictions and views are my own. They do not represent those of other NGMR-Top Bloggers.]