Industry Overview Services: The Data Economy
The question as to what is going to be the fate of the market research industry few years down the line is often speculated in the research world. The impact of the tremendous technological advancement in the data collection done by the market research companies and its immediate influence on the trends of the market research industry in the years to come is often analyzed by experts.
Based on the study of the present scenario in the market research industry and also after interviewing various young specialists working in the market research field, the general opinion of experts all over the world is that the information collected by market research companies alone won’t be influencing the marketing decisions in future.
A survey undertaken in 2014 reflected the surge in mobile internet users over the desktop users. More than 60% of users were found to be logging on to nearly 2online devices in a span of nearly 24 hours and 40% of people were found to be using at least 3 devices per day.
The data collection done by individual companies alone won’t have much impact on the overall marketing decisions but just one of the many factors influencing the industry of data providers. With data becoming accessible from different technological companies, some reputed and some not so reputed, survey data will become one of the many data sources available.
With easy accessibility to software programmed research tools, most clients would prefer to have their in-house resources to conduct research. Such research conducted by companies will also have a far greater impact on the world of market research in future.
This is because many factors such as consumer attitude, values, change in consumer behavior and lifestyle can be easily ascertained with the help of information systems rather than relying on surveys.
The Data Economy
The personal or individual data economy is slowly gathering momentum in the world of market research making the environment adapt the newer model of business where the individual becomes the focal point for gathering data about himself.
With consumers becoming more technical savvy and also more aware today about the marketing questions that are asked to them, it is becoming increasingly difficult to hold the pressure and retain their full attention. With many economies seeing development, the market research globally is likely to see a greater change either for the good or bad.
Market research firms with the flexibility to adapt game-changing strategies along with an openness to integrate both the primary and secondary marketing techniques are only likely to survive and rule the roost in the coming years.