Editor’s note: Matt Hynes is executive vice president global supply at Cint, a Stockholm-based research technology firm.
The influence of consumer insights knows no bounds. They are sought by everyone, everywhere. They have the power to provide impact across industries and communities.
But if they’re everywhere, why do they feel so hard to attain?
The market research industry is at a crossroads, one in which innovation on both the supply and buy sides is needed, and fast. Attention spans are shrinking, privacy concerns are abound and it’s all leading people to question if, when, how and in what capacity they should be sharing their personal data with third-party survey companies.
This is a challenge for the market research industry, but not one that’s insurmountable. Let’s pull back the curtain and look at what buyers and suppliers can do now to advance the market research industry forward, so that we can continue toward a goal of being able to survey everyone, everywhere.
Let’s look at how mergers and acquisitions (M&As) are grow the respondent pool and creating new opportunities for emerging suppliers.
We’re seeing an influx of M&A activity in the market research industry, particularly on the supplier side. Established suppliers are acquiring smaller, independent companies and integrating them into their own ecosystem to boost their respondent pool and realize synergies within their cost structure. Bonus points if the supplier is nontraditional and it is its first time in the market research industry.
As these companies consolidate and fence off supply for internal use, it allows for other startups to fill in the gaps and grow their businesses. Some of the most innovative suppliers in the space today are driven by this opportunity, with founders learning from past experiences and refining the models that have proven successful in the past.
Let’s look at Publishers ...