In one of my posts titled ‘Recession in market research industry: Pandemic or Infodemic?’, we looked at how the recession has affected the market research industry and what are the possible ways companies would like to re-invent themselves and keep the cash registers full: Ka-ching!!

As per a report by Morgan Stanley, out of the certain areas in research (viz insights, market research, etc.), insights has been one area whose revenues have been largely hit. Insights require high end analytical tools and a consultative approach which companies around the world would rather avoid at the time being, due to budgetary constraints. On the other hand, research companies around the world have been innovating through their use of methodologies and tools to come up with new online survey methods. The use of social media and online tools has  in a way helped research companies keep their data collection costs in check.

Although we have seen cuts in marketing budgets for companies around the world, data collection and research activities would still not be affected in a way that would cause a sense of havoc. In fact, in the current economic climate, firms  are doubly vigilant about consumer opinions  (for their offerings, competitor’s offerings, etc.). It is thus real time updated data about products/services and consumer behavior that will help companies make quick decisions and react to the dynamic and volatile market. Research companies need to look at plugging in the latest company/industry updates and observations to enable companies to react in real time. It is only then that real time benefits would follow suit for research companies. Ka-ching, indeed!!