Earlier this year, by special arrangement, Quirk’s had a chance to discuss the state of the industry as seen by event organizers Stewart Tippler, event manager, The Insight Show, Centaur Media; Finn Raben, director general, and Alfonso Regalado and Rhiannon Bryant, congress program managers, ESOMAR; and Martin Sippel, managing partner, Research & Results. The discussions explored a number of issues facing the marketing research industry today.
Event organizers were asked questions about the following topics:
- global marketing research industry trends;
- benefits of attending industry conferences; and
- the future of MR.
Here are some of the highlights:
Industry trends
So, what factors are affecting the marketing research industry on a global scale? Regalado and Bryant cited the big data revolution, social data and the increased request for faster, cheaper research as major forces.
Tippler called out automation, virtual reality and text analytics, saying, “Marketing research is becoming faster and more affordable with new technology and automated tools. The key is to work out how to do this without compromising quality.”
While acknowledging the demand for big data, Sippel named several other key trends:
“There’s no doubt that the main trend is digital. We’re right in the middle of it. With big data and social media, new methods are being added to marketing research, and demand for old methods can even increase,” said Sippel. “We’re noticing a growing interest in qualitative methods that explain the data chaos. The second trend in my view – mobile research – is very positive because response rates increase when people can answer the questionnaire whenever they feel like it or have time. Do-it-yourself research is the third biggest topic, in my opinion. However, users should be aware that it’s not done by simply gathering individual percentage figures. Before you can compare the results with other survey results you have to weight samples and interpret results correctly.”
Marketing research conferences
While it should come as no surprise that event organizers believe there are many benefits to attending a marketing research conference or trade show, we found their focus on the importance of interpersonal connections – for both client- and supplier-side researchers – to be refreshing.
“The advantages for client-side researchers are obvious. A large number of providers attend the trade fair, which makes it much easier to get an overview of the sector,” said Sippel. “Exhibitors have the opportunity to appeal to potential customers they may otherwise never reach. Of course, it’s about doing business, but the personal interactions and the seeing and being seen aspects are just as important.”
“Probably the most valuable is participating and exchanging in a truly worldwide peer group to see where similarities or differences can help them do their own business better,” said Raben. “At the risk of oversimplifying, the most unique benefit is the opportunity to gain global learnings and expand our worldwide connections. Too often, the value of research is inadequately communicated or expounded upon.”
When asked why the industry is seeing a growth in the number of new marketing research conferences, Sippel may have put it best when he said, “Personal contact is irreplaceable.” It seems no matter how many new ways we find to come together digitally, we are still drawn to face-to-face interactions.
“The world of market research is becoming ever more complex and the easiest way to learn is by communicating with other people,” said Sippel. “That’s why ‘networking’ and ‘information about new trends in market research’ regularly feature as top reasons for attending in our trade show survey.”
Looking to the future
When asked about their opinions on the outlook of the future of marketing research, several of the interviewees called upon the adaptability of the industry as a predictor for future success.
“Marketing research is ever-evolving, delivering quality insight with fast results,” said Tipper. “There’s a lot of potential for the general public to see the value of marketing research – a critical element for imperative brand decisions that will impact company success.”
“When you look back over the last decades, you see that the marketing research industry has always changed and adapted to new conditions. It is a very robust industry, which is not surprising considering that it is impossible to make marketing decisions without market research – or to be more precise, without customer feedback,” said Sippel. “I’m very optimistic that we’ll continue to see a lot of exciting studies in the future.”
The Insight Show was held on March 8-9 in Olympia West, London.
ESOMAR will hold its Congress on September 10-13 in Amsterdam at Beurs van Berlage.
Research & Results will hold its annual trade show on October 25-26 in Munich at the MOC Convention Centre.