How Market Research lost its mindshare & how it can gain it back

When Market Researchers like yours truly gather, one of the discussions we often have is how Market research lost its charm & whether it is possible to gain it back.
Andrew Reid, founder of a Canada based Market Research Company – Vision Critical wrote an article on the very same topic – Market Research Has Lost its Mojo & Heres how it can gain it back.. Based loosely on his points, here are my thoughts on what went wrong & how things can be righted:

What Went Wrong?

  1. MR didn’t take to the High tech Customer Adoption life cycle
  2. MR industry was in denial mode with Do It yourself (DIY) tools for a significant amount of time instead of being early adopters & teachers of it
  3. The industry put too much of emphasis on tools & methodologies at the expense of outcome.
  4. End deliverable formats are still too old fashioned – ‘why do researchers still use 15-minute surveys and  deliver 60 page reports that are so difficult to digest’

What Can Be Done Right

  1. ‘Customer opinion’ is the most important need for companies. Using Online, Social & Mobile – new age MR tool   which can deliver very strong & usable customer insights  are very important in the customer’s scheme of things.
  2. Partnering with tech-start-ups & jointly offering solutions that are outcome oriented rather than methodology focussed.
  3. It’s still not too late to incorporate  Do It Yourself (DIY)  tools & offer that as a free point solution –– something that is a standard industry practice in the software industry.
  4. In an era of less than 5 minutes attention span, a sharper insight is the key. And new tools like Pecha Kuch – a less than 7 minutes sequenced presentation, info graphics, Slideshare presentations will continue drawing appreciative audience.