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Threats and Opportunities Facing Market Research

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Earlier this year 2019, #NewMR and Wizu partnered to conduct an experiment with a chatbot. For our experiment, we conducted a chat survey looking at the Threats and Opportunities facing market research and insights.
We were able to collect 336 responses from people involved in market research and insights, along with quite a lot of material from online discussions about the project.

This webinar is one of two in the 'NewMR Chatbot Experiment – Threats & Opportunities Facing Market Research' series that provides feedback on the experiment.
The two webinars are:

- Ray Poynter from NewMR reports back on what the research said about the Threats and Opportunities facing market research (these slides)
- Sue York from NewMR and Martin Powton from Wizu look at the feedback about the chatbot experience

The recordings from both webinars are available via the NewMR website Play Again page here: https://newmr.org/play-again/newmr-chatbot-experiment-report-back/

The NewMR written report will also be shared shortly.

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Threats and Opportunities Facing Market Research

  1. 1. Threats and Opportunities Facing MR Webinar, 4 April 2019 11 am UK Time Ray Poynter NewMR
  2. 2. Agenda Introduction Pessimism versus Optimism Threats Opportunities Summary
  3. 3. Introduction 336 interviews conducted via a chatbot A global convenience sample - people connected directly or at a second level to #NewMR Mostly qualitative data and qualitative analysis
  4. 4. Pessimism Versus Optimism In terms of the future of market research are you? Optimistic, 51% Neutral, 35% Pessimistic, 14%
  5. 5. Pessimistic – 14% Six themes •  The economy in general, and the budgets for market research in particular •  Failure to move with the times, inertia, lack of innovation •  The use of new tech without protecting traditional values •  Prioritizing speed over depth •  DIY and/or automation and/or AI replacing people •  Competition from non-MR companies
  6. 6. Optimistic – 51% Six themes •  New tech will broaden the impact of MR skills •  Because the world is changing and uncertain, research is more necessary •  With more data, understanding via research is more necessary •  Evidence-based decision making is growing •  People will always need market research •  Because my company is really busy right now
  7. 7. Neutral – 35% Three themes • New technologies & approaches offer opportunities, but, will the lack of rigour lead to a decline in the use of market research • Doubts about the economy mean that it is hard to be sure about the future of market research, because the economy is the biggest driver • One theme mentioned by the neutrals was the potential for fake news and reputational damage to negatively impact market research
  8. 8. Threats to MR •  More ways of answering questions, e.g. big data. •  Being replaced by AI (along with automation, data mining etc) •  DIY and in-house solutions. •  MR not being able to keep up with the changes required. •  Budget cuts (with or without economic downturn) •  Decline in standards, reducing quality of the product, driven by cost and speed concerns, and lack of knowledge and training. •  Lack of training and talent in MR. •  Rapid chasing of the new, at the expense of the quality of the old. •  Budget cuts (with or without economic downturn). •  Reduced pool of people willing to take part in MR.
  9. 9. Opportunities •  Blending the new with the old. •  Leverage the new (e.g. data science, AI, big data etc) •  Make the case for quality (data, understanding, insights, and recommendations). •  The role of qualitative, explaining more than numbers can. •  Focusing on results not methods, answering business questions, providing more consultancy •  Finding the why?
  10. 10. Summary & Implications Pessimism versus Optimism •  A key driver is internal pessimism/optimism – not external criteria •  The Neutrals seem to have a view more based on external criteria Threats •  Wide range of threats, but broadly 1) the economy, 2) not adopting technology, and 3) adopting technologies in ways that damage the essence of market research Opportunities •  Narrower than the threats. In essence become masters of the new techniques using MR and in particular qualitative as our secret sauce Implications? •  Keep some money in a safe place – just in case •  Master some aspect of the new technologies/approaches •  Use MR and qualitative as the something extra you bring to the game
  11. 11. Q & A Ray Poynter NewMR Sue York NewMR
  12. 12. Thank You
  13. 13. NewMR Sponsors Communication Gold Silver