2016 marked an amazing year; I had the pleasure of meeting, re-connecting and working across many different countries and cultures. My experience revealed that having local market knowledge facilitates greater business-wide alignment on key goals. From Singapore to India; Australia to Hong Kong, each location showcased a distinctive, colourful culture. However, even through all this uniqueness, I encountered a common need: a deeper understanding of consumers. One can see why local brands are so successful in many cases, while global brands are constantly challenged in gaining significant market share.
A recent blog from Lisa Wilding-Brown likened panels to “the polar icecaps of the industry.” It referenced grabbing an ice cold beverage for the read and this was spot on - I found the article refreshing.
Why? Because another panel leader bluntly and accurately outlined the key issue for panels today - that surveys are no longer fit for purpose. We know more than 50 percent of panellists are engaging via their mobile devices, yet they complete only 2 percent of studies on these devices. What’s more, there is nearly double the drop off rate compared to PC users.
Millennials now represent the largest segment in the workforce today surpassing GenXers and Baby Boomers. With this growing pool of talent, we need to step back and look at the marketing research industry. Millennials are known to be tech savvy, social media connected and diverse in their skills, but are we fully tapping into this generation to evolve?
Market research is a complex industry with a simple mission: quality. We take what we do best as researchers and are constantly tasked to create new value for our clients, our partners and our panellists. We are always in a state of transition - altering what we do and how we think to meet the new marketplace realities. Creating growth that is organic, profitable, unique and sustainable requires innovation and risk-taking.
The world is changing, and the way consumers view, access and consume media is evolving faster than any of us could have imagined. There are now devices that people can access on the move, wear and even link into their everyday activities. But as this evolving digital consumer develops, how are researchers keeping pace – or are we falling behind?
Martin Filz is the Managing Director for GMI EMEA.
Topics: Blog Post