The 6 Biggest Challenges in Market Research

The Top 10 Challenges in the Market Research Industry

According to the most recent GRIT report, the biggest challenges that researchers are finding with the state of today’s industry can be grouped neatly together:

  • Impactful reporting: The ability to provide or receive reports that work to tell a succinct story and account for all the puzzle pieces,
  • Technology: How is it used, and how reliable is it in answering business questions in efficient and creative ways, and
  • Data Management: The overwhelming amount of data points in today’s world – direct and indirect – need to be collected, managed, and interpreted.

What matters to Client-side Researchers

The ability to develop behavior models or forecasts based on all available data will prove to be the most fruitful for this group. Specifically, 40% want actionable reports that directly relate to business needs above all else while 37% feel that management of data – specifically the marrying of traditional research with Big Data – is the biggest challenge that needs to be overcome. It’s become increasingly difficult to connect the dots and develop them into actionable insights.

What matters to Suppliers

Suppliers understand that there are great benefits when technology is used well, but there are also costs associated with its proliferation. 45% of suppliers feel the greatest focus should be on technology, which means not only embracing trends to enhance their own differentiation, but also as a way to deal with the increasingly difficult timelines/budgets. And of course it’s nearly impossible to embrace the emerging, untested tech that clients expect while keeping budgets in check.

The Top 6 Responses

The Top 6 responses to the question “What do you feel is the biggest challenge facing market research in 2015?” are below, but be sure to read the source article at GreenBook Blog for the full Top 10 and an expansion on each:

  1. Methodology – what data collection techniques should we use?
  2. Clientele – expectations are growing while budgets are shrinking.
  3. Outcomes – vague, unactionable insights are becoming more common, all while timeline expectations dwindle.
  4. Technologies – How can we fuse our existing research methodology with Big Data, Mobile, Social Media, etc?
  5. Differentiation – staying relevant amidst a rapidly changing landscape.
  6. Data Quality – non-representative or dishonest respondents with no statistical assurances.

So where’s the shining light at the end of all this? Like all industries, we’re having our bumps in the road, but the opportunities in greater data sources and rapidly changing technology will surely greatly outweigh the challenges in the long run. Truly an exciting time to be a part of Market Research.

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