More Related Content Similar to How Business is Changing and the Implications for Market Research (20) How Business is Changing and the Implications for Market Research1. © DVL Smith 2016
MRS Business-to-Business Research Conference
What is happening in the world, and to the
marketing intelligence industry, and what we
should do about it!
Dr. David Smith
Director, DVL Smith
Professor, University of Hertfordshire Business School
Vice President, ESOMAR
30th June 2016
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A 15 minute whistle stop tour of . . .
The big global changes
The insight industry
challenges
Implications for our future
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Big Changes. . .
Volatility
Uncertainty
Complexity
Ambiguity
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The world is becoming more polarised
The Gini coefficient: the
rich are getting richer and
the poor are getting poorer
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People feel powerless
The Trump Factor: appealing
to the disaffected middle
classes
Stop Press: BREXIT!
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Big rewards go to creative people who master the technology
Finding the balance
between rewarding those
selling ideas and those
selling their time
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The world of work is changing out of all recognition
A declining elite corporate
world but a growing
freelance economy
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Is the celebrity, sharing, blaming and OMG culture helping us?
The 24/7 Opinion exchange:
The power of being connected
Dysfunctional herd mentality
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People want to ‘curate’ their own lives
Can education meet
people’s self-fulfilment
expectations?
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A complex fragmented world of aspirational consumers
VS
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Challenges for the
insight industry
The Perfect Storm
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It’s about coping with constant disruption
Learning to cope with ever
changing business models
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Brands must thrive in the social media spotlight
You are only as good as
your last like
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Everything must be faster, leaner and more impactful
The minimum viable, not
classic research, approach
I want an insight on a
stick and I want it
yesterday!
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Building the emotional and functional evidence jigsaw
About synthesising multiple
imperfect evidence source:
o Online surveys
o Social media listening
o Passive data collection
o Customer transaction data
o Ethnography
o Qualitative research
. . . .
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Mastering the new data landscape is a challenge
The fight against an anything
goes data world
We need holistic analysis
frameworks that encourage
transparency and
accountability
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Market research will be increasingly automated
Identifying the added value
human insight can provide
over the technology
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Will Big Data experiments replace informed decision-making?
Question: Why did you do
that?
Answer: Because the
computer says so!
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‘Disintermediation’ and market research
Market research agencies are
no longer the only conduit
between organisations and
customers
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Multiple players entering the marketing intelligence space
Data
scientists
Behavioural
economists
Neuroscientists
Brand
strategists
Management
consultants
Infographics
experts
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Agency business models will need transforming
Agencies need to avoid the
commodity trap by offering
insight that people are
willing to pay for
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Client insight departments must constantly add value
Insight teams must integrate
with the rest of the business,
and add value at every
stakeholder touch point
Not adding value is the
same as taking it away.
Seth Godin
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Time for massive
changes to the market
research industry
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Holding the industry frame together
Industry associations
aligned to a Code of
Conduct
VS
A loose affiliation of
skills related to evidence
based decision making
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A business world that recognises the power of customer centricity
After years of paying lip
service, CEOs now believe
in customer insight. . . It is
how they differentiate
their offer
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Survival hinges on promoting the new skills Blueprint
Power skills will be the key
to our success
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Problem Crystalliser
Phenomenon - not default - thinking
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Sense Maker
Holistic data analysts with
entrepreneurial intuition
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Master of behavioural insight
An insight detective, able to
identify actionable game
changing insights
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Insight strategist
Insights are created, not
found – this needs fierce
conversations with
stakeholders
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Influencer and storyteller
Comfortable as a storyteller,
persuader and change agent
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Having Strategic Foresight: early warning radar
Helping to create a proactive
learning organisation
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The skills of tomorrow’s customer insight professional
Problem crystallisers and sense
makers
Behavioral insight experts and
strategists
Influencers and entrepreneurial
change agents
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The successful agency
Lean business model
Nouse and creativity
Entrepreneurial change agents
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The successful insight department
The nerve centre for problem
crystallisation and the outside-in
customer perspective
At the heart of integrating the
business’s customer insights
Always stepping up to the plate and
taking personal responsibility for
driving growth and profitability
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Global insight leaders will be in demand
A rich combo of leadership skills:
o Global visionaries
o Inspirational motivators
o Conceptualisers
o Synthesisers
o Influencers
o Entrepreneurs
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We are on a great journey
The customer insight industry
is a great opportunity for
young people to be creative
evidence based problem
solvers