Past, Present & Future of Market Research
A report just out, published by Forrester and titled 'Past Present & Future of Market Research' came our way today, as we've been sited as an example of how to use private online communities to capture the views, opinions, experiences of consumers via our forward-thinking, task-based engagement platform.
The report sites three major trends in Market Research (MR) as being 1) Global market research spend is increasing year-over-year, 2) Online surveying is here to stay, and 3) Market research is transforming to market insights.
Naturally, we're delighted to learn of the increased spend in market research, though it is the the third and final point that I'm going to discuss further. Traditionally, market research has been contained within departments that can, on most occasions, be somewhat disconnected to the wider decision-making process within an organisation. Often, MR is commissioned to validate ideas or hunches, and fails to deliver more powerful and engaging strategic influence.
Dub's work in developing online customer communities overcomes this by creating a forum and a voice that can deliver hard and fast research, but also a stream of actionable insights that, by the power of technology and design, can be shared throughout an organisation in a more digestible and engaging manner. As such, it's ability to shape decisio-making, promoting organisations as more 'listening' or 'customer-centric'.
Insights, information and data garnered from online customer communities can include new ideas for product and service innovation, sales leads and new business opportunities and advocacy, among other things. So, while it ticks the research box, it goes much further and brings with it new relationships, sales increases and greater innovation capabilities.
We recommend you consider this, and other reports from Forrester to keep in touch with the advancements of online customer communities, or alternatively subscribe to this blog!
Categories: Co-creation.
Tags: forrester, research
6 responses.
February 4th, 2009 at 4:57 am
Thanks for the interesting post.
It is encouraging to see Forrester’s research in this area. I also agree that private online communities often referred to as mrocs or Market Research Online Communities can garner rich consumer insights.
Unlike many online branded communities private communities overcome one of their key failures – lack of clear objectives and good community management (cited in the Tribalization of Business study).
Understanding the not only that platforms are changing (ie face to face, CATI, online and now online communities) but research methodologies are also now more fluid spanning both the qualitative and quant side – the end result a more engaged participant and richer insights for the client.
Cheers,
February 4th, 2009 at 5:30 am
The Forrester research is, obviously, great and a really good way to keep up to date with the research and marketing industries.
There is a real push towards using technology and social media across the market research industry – from using it as a sampling technique (with the growth of River sampling in Europe predicted this year) to online research communities.
What’s most interesting about these developments, as you say, is that they mean that market research conflates with other things – marketing, PR, CRM… This is an obvioud development – for too long market research engagement has been kept away from the brand’s core engagement approach. This is a real false split.
These developments also present a real challenge for the market research industry. There are many firms now offering to build communities and many of these end up being used for research, without the kind of expertise in research skills or methods you’d get from a research agency. I fear that means brands are being let down. They’re often not making the most of their communities from a research perspective because they just don’t know how to.
The market research industry really has to start responding to this. I go to too many conferences where there is lots of talk but no action.
Action please. For the benefit of brands.
Matt
FreshNetworks
February 6th, 2009 at 12:56 pm
But are the firms who interested in the use of social media for input just jumping on the latest band wagon?
February 6th, 2009 at 1:06 pm
Hi Pat, your point is very valid, and of course there are those that, as you say, jump on the wagon with little or no appreciation of the skills required, and the discreet benefits it can offer over traditional methods. Online research methodologies should be viewed as one of a number of approaches, but very rarely should they be used in isolation.
Where online communities go beyond many traditional research methods is there ability to facilitate vibrant, ongoing two-way discussion that can, over time, cover off all manor of issues, thus providing a cost-effective research resource that is on-tap 24-7.
Stephen
February 10th, 2009 at 9:42 am
Well said Stephen.
We use Online Communities in conjunction with online quant surveys and offline focus groups. It is important to view them as part of the solution not the entire solution.
Cheers
February 10th, 2009 at 10:02 am
Hi Stephen
Some further thoughts on online communities to add to the discussion;
http://zebrabites.com/2009/01/27/using-online-communities-to-gather-insights/
http://zebrabites.com/2009/01/29/manufactured-insights-online-communities-part-2/