Monday Morning Marketing Mulling

Market research as we know it, is dead!!

Only joking, it is evolving like most industries. I got to thinking about the positions I have held over the last 15 years and how lucky I have been to connect with some great people. I get a lot of joy and satisfaction from helping connections improve their roles and target performance. Being in the #marketresearch business you understand that agencies are a small part of the mind share of the brands we deal with. Whilst agencies think there are the most important it is not the case. With leaps in tech the market research agency market has exploded and in turn creates agency burnout.

Any one brand deals with 5 or more agencies just around marketing and sales performance and if you add data companies the number increases almost threefold. Market research is used for market sizing through to consumer sentiment and all the tools between are very useful when given the time and dedication. The issue of market research consumers now being time poor has increased. Automation, self-help, servicing, dashboarding are all terms banded around but the fact remains that budget over need, sets the tone of the #mrx usage. Don't get me wrong, budget is often seen as a limiter but if you find enough pain in the business the solution pays for itself.

The research industry is going through the same as many, in the fact that the saying "get big, get niche or get out" also applies. Consolidation in the market will reduce the need for different agencies serving different needs, meaning less agency burnout but it will also hamper slightly some competition. I believe the competition issue is largely mute as there are still, after consolidation, many players in the market. Each #agency has its own acronyms and methodologies which baffle long after onboarding sessions have finished. The fact remains that there is no comparing apples with apples when using multiple agencies. The MRX industry continues to carve out its niche players but the consolidation will also simplify brands interaction.

So when is this mulling going to conclude? With a market research industry valued over 70 billion there are plenty looking to take their slice. My advice is to look to those that future proof your business, add value and give true thought leadership. Don't buy a DIY tool when you want hand holding and don't go full metal jacket with an agency and keep them arm's length. Every agency goal is to sit on your side of the boardroom table but few achieve this. In a #digital first economy and with #ai breathing down the neck of anyone in a vaguely automated role there needs to be clear definition of what an agency does for you. I said before that market research is often a tiny mind share of the brands but to counter that I have witnessed in my career true integration where targets have been exceeded and where the basic plan, do and review using MRX accelerates performance. MRX data lakes and forward looking #insights are the terms which are resonating today but not all CIOs and CMOs are ready for that. People buy off people and but by that description, you should buy intellectually as well as emotionally. If your agency is not relevant and doesn't care then find one that does, you only have so many hours in the day.