As we have discussed in a previous blog, some of the key success factors of effective, efficient and added-value market research deal with identifying and accessing the appropriate, i.e. representative, respondents.
Furthermore, once the appropriate respondent group is reached, it is crucial to lead a meaningful discussion that explores, addresses and understands the key drivers, influencers and trends around a given topic.
This article will further examine the market research industry as a whole, identifying its pitfalls, challenges, and successes. We will also look at the trends arising within this industry, drawing upon evidence and insights from the Greenbook Research Industry Trends Report 2016 (GRIT Report). Interesting to note, is that TforG’s research model already intrinsically integrates many of the Key Success Factors and approaches that the report describes, and TforG has been able to circumvent the majority of barriers, due to its highly specialized field of operation and the targeted approaches that it performs within.
The referenced GRIT Report is the 19th edition of the Greenbook organisation, updated annually, and created in collaboration by market research stakeholders who are deeply rooted in the industry. It uses the inputs of over 2,140 market research players and stakeholders, who help us understand how technology, research over-saturation, and methodologies shape the industry.
Key GRIT findings: Sampling data and Respondents
- 38% of the GRIT survey respondents (market research experts) believe the future of sampling will yield worse sample quality, in part due to the market being oversaturated and due to the automatization of processes, that reduce the levels of qualitative and objective insights
- It is becoming more difficult to reach representative market samples, and harder to target a dynamic user, since users can grow tired of routinized surveys
- One of the principle threats to market research is the declining participation pool
- High-end profiles are the hardest to reach
- Engaging respondents is a weakness and challenge in the market research industry
Due to the complexity of our market and the (difficult) accessibility of its stakeholders, TforG continuously invests in “respondent panel”-management. We actively follow-up on developments in the decision-making processes to keep up with changes, and to ensure that we access the right people. We continuously pursue to expand the panels and sign up unbiased, knowledgeable respondents.
A crucial component of our panel are the KOL’s; Key Opinion Leaders who are active players in their field, willing to continuously share relevant and new insights for highly specialized and customized investigations.
The design of the interview and the communication channel chosen, allows us to recruit the right respondents and obtain the desired information in a way that is most convenient and comfortable for our participant; a way that is most adequate to collect the required information.
In this way we are able to engage our respondents in the long term.
- An increase within leading firms to use multiple-source sampling to reach a more comprehensive view, and an improvement of validation procedures
Standardized within TforG, potential respondents are screened, to ensure that not only the right respondent profile has been found, but that the selected individual participant also has sufficient experience and know-how of the topic at hand.
It is crucial to understand what his/her role is as a stakeholder, and how they contribute to the decision processes.
- A major concern is arising around the sample quality and how to approach mining the relevant data
- Lack of thoughtful and insightful analysis
In TforG there is a widely diverse skill set and plethora of experience available amongst our data analysts, researchers and project managers. The company is led by 25 years of successful market research experience and a continuous re-evaluation of processes to ensure the data obtained adds value.
Our projects are situated at the intersection of clinical processes, technologies, methodologies, and business decision-making. The TforG team combines these elements in an integrated project approach.
Key GRIT findings: Trends
- Automation is transforming the industry. It is considered disruptive to the sector and an inadequate replacement for research and communication skills; paired with an insufficient emphasis on expertise
- A debilitating obsession with emerging technology, in order to distract ourselves from the hard task of correctly interpreting people’s behavior and responses.
TforG draws it strength from closely working together with high level respondents and getting to the bottom of a given topic through personal interviews and tailored questionnaires, relying on language experts that can lead a meaningful discussion flexibly in order to get to the crux of an issue.
- Growing skill gap for handling diverse data sources
- The consultative nature of smaller firms with sample companies is very different than the rather transactional relationships with larger companies
As an SME, TforG Group values close relationships with its client base.
The TforG project team temporarily integrates with our customers’ operations and is able to extent the basic task of data collection to a much a greater scope of added-value, through insightful market evaluations and consultative insights.
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