From: ESOMAR Global Market Research 2009
This research report included an examination of the trends directly affecting the MR industry, and blurring the boundaries between the MR industry and adjacent sectors. Therefore the competitive set is changing for MR firms. Here is a quick summary of 6 identified trends that effect our companies and our future.
- Changing Client Needs: Clients are re-evaluating their spending patterns and experimenting with new sources of information such as free survey sites and web analytics tools rather than traditional research methods and suppliers.
- Changing Skill Sets: Advisory and consulting skills are growing in importance as researchers are increasingly called upon to draw conclusions and provide advice based on their findings. Therefore, research firms now often face new competitors such as management consulting firms.
- Technology Developments: Rapidly advancing technology opens up new sources of information and new research methods enabling researchers to expand their services and creating niches for new companies.
- New Players: Players outside traditional research are using their brand awareness to enter the market with rival research offerings (e.g., Google Ad Planner).
- Consolidation: Consolidation causes some brands to disappear while others morph and change shape to adapt to new opportunities creating a constantly shifting landscape.
- New and Emerging Markets: More global firms are expanding their operations in developing markets. New players in emerging markets are introducing new techniques that are changing the shape of the industry.