20th March, 2014
I recently stumbled upon a series of market research related blogs concerning perceived threats and opportunities in relation to the future of the sector. Here I will amalgamate them into one easily readable chunk:
It is easy to be pessimistic in the sight of so many perceived threats to the research industry. Luckily, there are many opportunities ahead for those involved in the industry. And one stems from a perceived threat: the lack of new talent entering the industry. The research sector as a whole is beginning to realise that its current model is unsustainable and as such is entering motions to modify its employment and promotion trajectories to inspire individuals into a potentially lifelong career. This seems to stem to a focal point of needing to promote and market the industry according to its undoubted strengths: versatility, longevity, creativity, innovation and global reach. As the line between researcher and data source become increasingly blurred it is imperative to maintain high standards of research and for that continuation, and for the recognition the industry deserves it must continue enticing fresh talent.
It goes without saying that the raft of data opportunities is a massive opportunity – for those that can harness its power. The flipside of this can be found in the perceived industry threats. A research industry evolving with technology, that uses technological prowess to augment its findings and enhance its commercial offerings with continue promoting successful enterprise for a long time. It may also assist in attracting fresh, tech-savvy talent to the industry as well as boosting public perceptions of exactly what factor research can play in everyday life. The industry is fully aware of the communication and technological advances that could be harnessed protect the future of the industry by providing researchers with more than just reams of data: real insights. Where technology continues to develop, where the data continues to be produced, opportunities continue to be discovered through appropriate use of information to offer expert insight and opinion quicker than ever.
The opportunity that technology and data presents is not exclusive to the research sector and the future will see examples of open collaboration between myriad areas of expertise ranging from ‘data scientists, visual analytics specialists, experts on social media, UX designers and developers’ to name but a few as well as the inevitable inclusion of numerous communication, marketing, business consultancy and analytics firms that stand to benefit from the explosion in data collection.
Finally, as the world economies begin to slowly recover, we begin to see notable rises in adspend in the UK which is good news. The table included in the link indicates a bullish market with the UK expecting over 5% advertising spend growth – 5th only to the BRIC bloc of emerging economies. The industry is itself beginning to emerge from a prolonged storm although to a different prospect to the one it left. However, the figures imply that market research is on the rise again with many businesses utilising larger marketing budgets than in previous years. The research industry must take note that this worldwide economic crisis had a wider effect on the sector than in previous worldwide slumps and we now see a wider range of emerging economies establishing themselves on the world scene. As well as this technology continues to maintain its breakneck speed. Of course, this is all an opportunity for the individuals or businesses that can harness all of these factors.
So concludes our roundup of the #newMR threats and opportunities blogs. It may well seem there are more threats on the immediate horizon but nonetheless, the industry, on the back of the economic recovery will continue to prosper.
This blog is an overview of the blog series found at #newMR, written by business owners and thought leaders in the research industry. Follow the blog for more additions as well as the full articles these points were extrapolated from.