By Stefan Hök
When running an exchange you normally don’t want to see a price compression on the assets you trade, but as we all know a lower price (usually) means a larger market. And the market research industry is in need of further market spread.
Today market research is still for the few and rich, mainly conducted by larger consumer brands, the health care sector and part of the general business-to-business industry. But imagine if market research was part of every small, medium and large size company’s daily business. This would lead to better business decisions, better products and happier customers; while it would mean a boom in market size for the research industry.
In my mind there is no question whether research creates value for all types of businesses, but we still have some work to do to make it part of everyone’s professional life.
We also need to keep in mind that research is not always easy to approach, it’s still expensive and most tools are created for professionals. However the recent years are showing promising signs that our services will be endorsed more widely.
Cost per interview has been driven down to a fraction of what it used to be. As in many markets, Internet has made it possible to deliver high quality services at much lower costs than what was earlier possible.
Recruiting, inviting, rewarding panelists, etc. is done more or less with no operational costs. The global competition makes suppliers more efficient, weeding out all unnecessary expense.
Large investments are done into systems and technology so that all those business process that can be automated will be automated. This eventually lowers interview costs, making the whole research process more approachable by new customers.
Further we see more and better tools than ever before, intuitive enough to be used by someone who has not spent 5 years in university studying statistics, progression and probability. This allows non-savvy users to test research easily, setting them up for their first step into better understanding their clients and prospects. Once they have seen the value that insights can bring there is no turning back.
Finally we need to continue on the plumbing work that we are currently doing. We need to connect systems so an American DIY user of a media-tracking tool can get feedback from 200 Minecraft players in Korea before the working day is over. Distribution of our services to relevant places is key for our industry to flourish, something we have yet to see but I am confident will happen.
Doing all this and at the same time ensuring a great panelist experience, keeping quality of service high, being flexible in our offerings to meet new client demands and make some money on the way is a great undertaking and makes our industry both challenging and fun to work in!