Change is the only constant, and who knows it better than us.
Since internet and mobile is changing every industry so I decided to have a look at the impact of these two game-changing factors on MR and summed up my thoughts in the attached presentation.
Here is a summary of what I think will happen in Marketing research:-
1. Traditional MR will be replaced by Social Media Listening and Integrated data solutions
2. Revenues of marketing research will mostly come from emerging economies and hence more understanding of local languages and cultures will be required to interpret data meaningfully
3. Integrated data mining tools that will integrate social media data, sales data/ retail data and with customer profile will be used in predictive models to forecast behaviors and trends.
4. Impact of each data based decision will be assessed through financial value i.e. cost of analysis and revenue generated
5. A Research manager will be required to understand the complete value chain of client and how the data is flowing in the value chain. Plus, he will be required to understand strategic planning, forecasting models, data integration methodologies