NEWS12 March 2013
US — Traditional researchers will have to move away from data collection if they are to survive in a world of social media monitoring, according to the latest survey on market research trends.
The Winter 2012 GreenBook Research Industry Trends (Grit) study warned that with Google, Twitter and Facebook already offering research, there was a realisation in the business community that “insights do not arise solely as a product of traditional research models”.
It added: “With the growth of social media analytics being a significant new trend, traditional research is being redefined before our very eyes”.
Grit predicted that the future of the industry was simply not based on data collection as a driver of business and that was “a big problem for many of the current suppliers”.
The report continued: “It’s also going to be a big adjustment for clients who are accustomed to the status quo.”
“The bottom line is if you are a market researcher, and especially if you are in a senior role within a supplier organisation, you must adapt and get ahead of the curve, or face marginalisation and eventual irrelevance,” said Grit.
The survey found that 45% of respondents planned to use online communities followed by 42% for mobile surveys and 36% for social media analysis.
However, social media brings in only a small amount of revenue for supplies – 12% according to Grit – which could explain why 27% of agencies say they still did not provide social media monitoring or analysis services.
Download a copy of the report here.
- Find out why agencies must evolve to be broader information partners to clients in this interview with Richard Jameson, MD of our 2012 Best Agency award-winner GfK NOP.