Research Business Report

Nuggets from Best Practices, LLC’s Innovation Report

Research Business Report’s latest issue highlights a study from Best Practices, LLC titled, “Consumer Marketing Research Innovation: Assessing New Tools, Technologies and Approaches to Understand and Communicate with Consumers.” With a title that long, I was a bit scared to try to read it. So, I was glad Bob Lederer at RBR provided some summary points. A few of those stood out to me since I’m a qual guy and we do technology.

While only 8% of client companies believe a lack of innovation is a major obstacle, pharma companies reported it as an obstacle in 40% of the cases. Apparently, a lot of pharma researchers believe they are simply not getting it done with current practices and their companies are loathe to change things. If you do what you’ve always done…

“Having quantitative and qualitative researchers work as a team on select project can reduce study timelines.” Faster research is only one of the benefits of the yin and yang of quant and qual. Many times, such teamwork is simply better research. In today’s world of similar online formats for quant and qual, the benefits are easier to access than ever before. Unfortunately, most research firms built the Great Wall of China between quant and qual functions. Often, researchers in one function so not even know their counterparts in the other function. Going forward this has to change.

“Online qualitative research offers advantages over traditional qualitative studies (because) the online format removes the geographical boundaries that can make the creation of a representative sample so challenging in focus groups. Online qual (also) makes it easier to do asynchronous studies. It gives participants more of a feeling of anonymity and thus makes them more likely to talk about how they really feel.” True, yet only part of the story. The Best Practices report might add saving time and money and giving researchers additional tools to do better research through the use of longitudinal, ethnographic or diversity research methods.  Online qualitative has exploded the researcher’s toolset.  An expanded toolset challenges researchers to be smarter and more knowledgeable.  It also enables them to produce better research with more and deeper insights than ever before.

Market Research Industry Shown Growing Again

People have been telling us that business is pretty good everywhere. At 20/20 Research, we concur. We have seen increases across the board and a virtual explosion in our online qualitative research software business. Today, I read “confirmation’ of all the anecdotal evidence.

Research Business Report quotes RONIN President and CEO Harry Bunn that there is “a glimmer of light at the end of the tunnel.” Their industry survey showed the number of market research firms negatively impacted by the recession down to 43% from 49% in September.  That is still a pretty high number, but things are looking up. Kantar Media reports that ad spending was up 5.1% in Q1, the first increase in 2 years.

Lets hope all this talk of a double dip recession is just that, talk. Here’s to a steep growth curve for all of us.

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