Presented by Ray Poynter
In this webinar, Ray Poynter provides a summary of the key trends that are shaping the world of insights. Addressing questions such as:
- What is really happening in insights with AI?
- What is happening in the field of Synthetic Data?
- What is happening with data quality?
- What forces outside market research are shaping insights?
- What are the key skills that people should be developing?
- What plans should you be making for 2024?
To access the presentation recording, visit NewMR.org/Play-Again
6. The Main Positives of Insights
1. Embracing new technologies like AI and machine learning
– AI, ML and advanced analytics could put insights back on centre stage
– Advances in leveraging AI
2. Increased demand for research and insights
– Despite several mergers within the industry, there are still a lot of companies existing
that are pushing the boundaries of research for their clients to collect insights.
– For the most part, proven research principles continue to drive quality research and
adapt into new technology and methods. Meanwhile, the need for insights continues to
grow.
3. Focus on the quality of research and human expertise
– Quality of research / insight is the best it's ever been and tech developments
(particularly AI) are exciting.
– The industry will finally move towards focusing more of providing thought leadership
and consultative feedback as opposed to focusing on data provision?
8. Most Negative or Worrying Things in 2023
1. Concerns about AI
– Reluctance to acknowledge the impact of ai on the industry
– AI is a worry - both on the quality and perception of conducting market research (e.g.
clients just thinking they can 'ChatGPT it') and lack of job security as.
2. Potential recession and impact on budgets
– Inflation, oncoming mortgage crisis might generate a recession
– Inflation and potential recession in Europe/UK constraining client budgets?
3. Need for better data quality and sample sources
– Data quality. We need better sample sources and I don’t trust the current players to do
the right thing. They are only looking to maximize profits.
– Poor data quality, lack of survey respondents, fraud, bots, lack of engagement, and
perhaps lack of representativeness of our sample universe
9. Using More – Next 18 Months
+ More qual and qual/quant, e.g. “Qualitative
research to contextualise the amount of
data we will collect automatically”
+ More platforms & digital tools, e.g. “Mostly
online/ digital mode for all kinds of qual
quant studies”
+ More analysis, e.g. “Online analytics, data
visualisation tools like Tableau”
More AI
10. Using Less – Next 18 Months
- Less in-person or face-to-face research, e.g. “Less
in-person focus groups are likely as they are
replaced by virtual groups or IDIs.”
- Less of everything traditional, e.g. “Agency-led
brand tracking - most enterprise insight teams can
do it themselves.”
- Less Manual Processing, e.g. “Manual coding of
open ended responses; building PowerPoint slides.”
Nothing
in
Particular
21. The Balance of Internal/External
Source: User and Buyer Study, 2023
Internal,
48%
External,
52%
Change over next 12 months %
Internal increasing 51%
No major change 41%
Internal is declining 7%
22. User and Buyers Study - 2023
• The main internals:
CRM, simple, low risk, surveys, Ux, & Cx
• The main externals:
Large & complex surveys, Market, Strategic/High Risk
• Main issues for clients:
Actionable Insights, Influencing Change, More Agile
• Main asks from clients to agencies:
– 1) Understand/be a partner
– 2) Strategic Analysis/Consultancy
– 3) Expertise/Specialisation
24. Key Trends in Adoption
Clients
• Agile methods and approaches
• Data Integration
• Text Analytics
Suppliers
• Alternatives to panel samples
• Agile methods and approaches
• Data Integration
• Text Analytics
• Mobile Qualitative
Specialists are becoming
more specialist
GRIT 2023
26. Key Client Views
Selecting Agencies
1. Data Quality
2. Service Quality
Key Elements Used
1. Online Surveys (no change)
2. Storytelling (big increase)
3. Data Visualisation/Dashboards (big increase)
Overall Satisfaction* with Suppliers 52%
– Value for cost 36%
– Recommending actions 35%
– Data Visualisation 32% GRIT 2023
* Completely or
Very Satisfied
30. Listening to the Vibe
• Plenty of hiring freezes, some downsizing – but some are booming
• Companies are up for sale, but many of the vendors overvalue
• Live events are back, and many are doing well (over 1200 in
Amsterdam for ESOMAR Congress)
• Main worries
1. Economy
2. Negative effects from AI
3. Data Quality
33. AI Today
• Some client-side organisations banning its current use
–Most in a ‘wait and see’ mode
• Lots of experiments
–Haters ‘proving’ it does not work
–Lovers ‘proving’ it works
• Plenty of new products/services
– Including co-pilots, synthetic data, and text analytics
• Associations are working on new codes and guidelines
34. Coming Soon
• Legislation
• Synthetic Data
• Smart DIY
• New Solutions
–Watch out for ResearchWiseAI
• Big Changes
– IMHO: ”Over the next 10 years this will be a bigger disruptor than the
internet was for insights and research was in its first 10 years”