Is Market Research valuable or dead?
Stephanie Atkinson
Purpose Driven Executive | Advisor | Strategist | Marketer | Analyst
So much has changed since I first entered into the tech (telecom, mobile) market research industry 22 years ago and the industry has changed in many ways, some for the good and some for the bad. I started my career in market research at Frost & Sullivan (working in the Telecommunications division working on Toll-Free, 800 number, and vertical markets), and then a few years later joined In-Stat MDR (focused on verticals and B2B tech), a division of Reed Business Information. I have seen our industry consolidate, shift, and grow; and fast forward to today, many of the most trusted and respected analysts have branched out on their own. I love seeing the successes of many of my colleagues and friends that I have seen since we started so long ago. BUT, our industry has been tainted and in a bad way. I will start with what I am seeing that makes me sad, is not good for customers, and what I am seeing that is just flooding the industry with poor research. Buyer beware!
COMPASSINTEL BUSINESS CARDS OVER THE YEARS
THE BAD
Our industry has some damn good experts, influencers, analysts, consultants, and advisors. Unfortunately, many of the best knowledge base tech analysts and experts are working amongst a flood of new market entrants. Of course, many think Google is a competitor as many think well ANYONE can do their own market research. That might be true in small cases, but market research is a science and methodologies are an important aspect to delivering quality results. Some methodologies are in-depth and structured, while some are just plain superficial and too shallow to provide clients with actionable deliverables to be used for strategic planning, go to market execution, competitive positioning, and executive advice.
Over the past 5 years or so, there has been an explosion of what I call "me too" firms popping up all over the world...a global growth of publication houses. Many of these market research firms are publication machines that spit out 100s and 1000s of reports annually. How do they do produce this type of volume? Is the content trusted and well researched? The answer is short and sweet...NO! Beware of these mass production firms, as their methodologies lack the breadth needed to provide valuable research. Do your homework on their history, their sources, their methodology, their clientele, etc. Unfortunately some are stealing intellectual property, run a copy and paste factory floor, and overhype the market with dreams of billion dollar markets. AND this is bad for the industry as it makes it even more challenging for technology vendors and companies to vet and understand what firms can be trusted verses those producing "vapor" reports.
At any given day, you can do a Google search and change the settings to show what the news is on a specific tech topic for the last 24 hours; and 90% of the articles are report press releases. I continue to inquire and look into these firms and most are less than 5 years old, and many less than 2 years old. A great deal of them have very junior analysts that may or may not even know the market that they are writing about, and it is very uncertain that there is a history or team with a solid knowledge base. We in the industry are aware of these firms, and we also know that many run their research arms on a Google search methodology...i.e. looking up other's forecasts, companies covered, articles, press releases, etc...and taking that and changing things slightly to create and sell their own report/research on the same market.
There is also a HUGE problem with IP or intellectual property theft. I have a personal colleague that found an Asian market research firm that must have purchased one of his firm's reports, changed the cover page and a few other markings and republished that very same report under their own firm's name. My fear is that companies are 'buying into' these firms as being legitimate market research firms. These companies are marketing engines and have found the best in SEO and ad algorithms to show up on the top of technology searches (page 1 and 2). This flooding of unreliable firms, in my opinion, has tainted our industry and has made it even more challenging for the best industry analysts and advisors to market themselves and sell their expertise. This is extremely bad for clients who may rely on the inside contents of these reports for planning and executive decision-making. This also might be why, you see another 'spinoff' trend of industry influencers, brand builders, and company ambassadors as companies themselves are fighting for recognition. Companies are needing to shuffle through the deck more than they ever have.
The best advice I can give is to have a personal conversation, briefing, call, or meeting with the company. Just as we do in market research, do your homework. Beware of purchasing studies, reports, and content from these large aggregators of reports (not all are bad), as any company can join those platforms and sell their reports, and there are no requirements to validate their methodology and whether they take the IP of other firms. In addition, because companies may partner with a few of the larger market research firms (Gartner, IDC, etc.), there may already be a solid library of trusted reports and content. So what else do you need?
A CHANGING INDUSTRY
领英推荐
One of the more promising trends happening in our industry is that companies are realizing the superficial nature of market research reports. Many of these reports are great because they give you 3rd party validation, they further support your executive plan, and can be used to share with your teams for education, support, and buy-in. However, in my opinion, research reports are becoming a smaller percentage of the tools (or toolbox) that companies need to take their company to the next level. The best results I personally have seen are when companies take their research or knowledge base foundation, and push even further through strategic advisory and consulting. YEP, this sounds expensive but it does not have to be (start with small projects, and choose smaller firms)...in addition, I would rather see my clients spend valuable dollars on actionable deliverables and advice that is hard-hitting, impacting their bottom line, adjusting their strategic plans, and better preparing their organization for competition (including go-to-market, sales/marketing channels, etc.) than to buy a fluff piece. Market research reports just can't deliver this type of experience! If you need more or want more, there are some great next-level resources out there.
My approach at CompassIntel is a bit different than traditional market research firms. I like to fill the gaps, augment your team approach, find ways to be an extension of your team, and perform those projects you have been putting on hold each year. We have all been there...we put together a plan and only a small piece gets accomplished because priorities change and we may be being pulled in numerous directions. Some recent examples of what I have personally accomplished for my clients as an extension of their teams include:
COMPASS INTELLIGENCE OVER THE YEARS
MARKET RESEARCH IS NOT DEAD
While much has changed in the overall market research industry, companies are requiring more in-depth services. I highly recommend a hybrid approach and evaluating a combination of services including reports, research content, advisory services (structured or unstructured annual plans), survey research, panels, webinars, influencer support, awards/recognition programs, events, and other services specific to your industry and teams. While the market may be flooded with a host of questionable market research firms, there are many insightful and trusted firms and individuals that can support your company at any budget. It is time to build some new excitement and cater to customer needs, and that is exactly my plan at Compass Intelligence. Please let me know how I can best support you and become an extension of your team!
Stephanie Atkinson, compassintel.com