GreenBook’s 2013 Market Research Report
For the past 12 years GreenBook, a Market Research directory, has released their annual GreenBook Research Industry Trends Report. This report is the most comprehensive survey of the global market research industry. Although this report is filled with tremendous value, not everyone has the time to read it. So we’ve decided to highlight our key takeaways from this year’s report. Enjoy.
Online Communities, Social, and Mobile Are Here To Stay
Over the past few years, GreenBook has asked respondents what new and emerging techniques they plan to use in the coming year. Analyzing the results from previous GreenBook reports as well as this year’s, we see three techniques taking front stage. In GreenBook’s 2013 report, 45% of respondents plan to use online communities, followed by 42% for mobile surveys and 36% for social media analytics. The optimism toward these techniques is officially a trend.
Research Organizations Must Evolve, or Get Left Behind
It’s becoming clear that the Market Research industry is in a flux, but the rate at which the industry is changing is remarkable. GreenBook reported that 63% percent of clients and 67% of suppliers they surveyed expect the products and services they deliver five years from now to dramatically change. What does this mean for you? It means either you begin to evolve or risk the possibility of being left behind.
Little Use of Social Media Data for Strategic Objectives
Incredible amounts of consumer data is collected daily through social media but the value of the data is determined by what’s done with it. Shockingly, GreenBook reported that Market Researchers use social media data for less tactical solutions such as Customer Experience Monitoring vs. more strategic solutions such as product development. In a previous report, GreenBook suggested that Market Research organizations would begin to evolve into more strategic influencers vs. data collectors. If their hypothesis is true, this year’s results that show Market Researchers are not focusing their social media efforts towards “strategic objectives” shows that this correlation is far off at the moment.
If you had the chance to read GreenBook’s 2013 Market Research Report, what key takeaways did you have?