Given the number and pace of changes taking place in the insights industry over the past few years, I was pleased to read that a partnership had formed between the US Insights Association, the UK’s Market Research Society (MRS) and the Australian Research Society. Among the initiatives of the new partnership was the virtual hosting of 2 roundtable discussions with 30 leaders “from amongst the most innovative and influential brands and agencies”.
The final report, The Great Change Accelerator, was released in January 2021, roughly 2 years after the start of the pandemic. Both research clients and providers (suppliers/agencies) were represented and queried during the discussions.
Among the key takeaways
Clients
- An increased emphasis on strategic planning for the short, mid and long-term future of the company is now being made. Such an approach will be necessary if the insights department wants to continue to play a central role in company decision-making.
- Naturally, the pandemic has led to the recognized need for agility and, along with it, quicker decision-making.
- Questions are now being asked about the changes wrought by the coronavirus and, specifically, which changes will remain. In order to answer these questions, the increased monitoring and understanding of one’s customers will be paramount.
- There is also now a greater emphasis on ensuring that the data and accompanying reports being provided to clients will be of value. Many want to be sure they are receiving information that will help them continue to move their company forward.
Providers
- As with the client side, research providers are often being asked to do more with reduced budgets. In cases where the size of a client’s internal insights team has been reduced, providers are often being asked to play an even more integrated role in their client’s research process.
- This should result in more of a partnership role for the provider rather than a transactional one.
- Providers are also now being asked to integrate “secondary and non-survey” data into their traditional offerings.
- Given client interest in the expanding role of DIY research, many providers are now introducing processes and software designed to meet these changing needs.
I invite you to take a closer look at the Great Change Accelerator report. What changes have you observed at your company and what might they portend for the future?