Adrian Chedore, the global CEO of Synovate was interviewed yesterday (12/04) by Marketing Daily and provided a look ahead for market research and offerred some helpful advice for businesses of all sizes.  Primary among his observations was the recommendation that the future for research lies in understanding the trends and forecasting the outcomes of markets on the macro level combined with the use of social media to engage in “really in-depth” conversations to understand the attitudes of frequent users who drive those markets.

Technology enables marketers and business managers to see their enterprise and the markets in which they operate on a grand scale.  Trends are easier to spot and business models can be altered accordingly.  But to really understand the “why” behind those trends, you have to get to know the customers who make up the markets.

According to Chedore:

“The key is marrying database analytics and a deep dive [into the targeted consumer]. [Most research] lies somewhere in the middle between these two. We’re rigorous, but stodgy. The industry hasn’t yet really embraced the opportunities to leverage new technology to interact with respondents. We’re online, yes–but we’re using online mainly as a data collection methodology [rather than as a fundamental game-changer.] “

Another important, yet under-used, benefit of market research can be found by turning the analytical eye inward to identify exploitable opportunities that may already exist inside the business.  External market research companies are certainly capable of doing this kind of work for their clients but are rarely invited to do so.  According the the report in Marketing Daily:

Chedore believes that the researcher’s role should lie as much in helping companies to harness their own internal data as in conducting research, although he adds that some in the business do not agree that such activities should fall within the domain of market research. Significant opportunities exist in “taking the available data sources within companies, making them compatible, and then interrogating them to answer questions,” he says.

However, he also acknowledges that today’s typical market research firm/client dynamics tend to stand in the way of such an expanded business relationship. “All market research service companies ask clients to treat them more like partners so that they can serve clients better, and I subscribe to that, as well,” he says. “But I also view it as being supremely the fault of market researchers.

The take-aways
So, what to make of all this talk about research – often an area most small and mid-sized agencies (and their clients) try to avoid?  Here are some simple recommendations:

1. Collect or conduct research that takes a look at the broader market to understand where things are going and to identify key market issues you’re facing in 2009.

2. Spend time to meet with and understand the attitudes and outlook of customers who represent the frequent users of your product or service.  Social media is one way to do this.  So are face-to-face meetings and shopping experiences/interviews on location.

3. Work with an objective advisor who can help you remove your natural biases from the results.  The clearer the view, the more helpful in the long run.

4. Consider taking the same clear-eyed approach to your existing customer/client base.  Get to know the story behind the trends and understand why things are working the way they are today in order to make the subtle course corrections that could yield significant dividends in a tough economic year.

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