• by Jack Loechner , Staff Writer @mp_research, October 3, 2017

According to a new study by Fuel Cycle, CNBC recently released their Disruptor 50 list, highlighting the top companies from every industry who are dominating the market and creating world-changing technology. The list comprises familiar names, as well as up-and-coming brands.

The study found that even the strongest brands have found themselves looking introspectively at how they can remain relevant. Entire teams are devoted to listening and innovating with the consumer in mind, and the goal is to see the gap between brand and customer completely obliterated, says the report.

Brands that have an invincible presence in the market, (think Amazon and Starbucks) says the report, have a team of dedicated employees whose sole responsibility is to understand the consumer. The role of market researchers, even in the last five years, has vastly changed and is growing in importance.

The survey and its findings were designed to extrapolate a formulated abstract of the market researcher makeup; to light an objective and empirical analysis on the daily tasks and thoughts of market researchers and how work procedures can be changed or expanded to become more efficient.

More importantly, with the ever- growing presence of AI and automation, Fuel Cycle anticipates this study will create a larger conversation about how market researchers can use, and overcome, these disruptions to help lead their industry to become market titans.

As the technological revolution continues, market researchers are facing increasingly more obstacles on a day-to-day basis. This study answers some of the many questions market researchers are asking:

• How can market researchers showcase the importance of market research throughout their organization?
• How does research design affect overall results and ultimately deliverable quality?
• How can market researchers embrace technology to show value by streamlining systems and processes for success?
• What’s next? How do market researchers prepare for the ever-changing corporate environment?

And, the 5 Key Takeaways resulting from the study:

• Showcase Interdepartmental Value
• Research Design Is Paramount To The Success Of Market Research
• Automation Can Never Replace The Human Touch
• Embrace Innovation
• The Future of Market Research

The precarious state of the industry has left market researchers vulnerable to sweeping changes, says the report, particularly due to AI and automation. The question isn’t so much how the superimposed role of AI will play out, but how researchers can expand their roles to highlight cross-departmental value and adopt integrative systems to strengthen studies and findings.

Researchers hold paramount value across the organization, but have been historically siloed into one team or area of expertise, says the report. The future of business relies on accurate and detailed consumer and market reports that can be turned into company-wide initiatives, and market researchers should be recognized as the architects of that bridge.

Properly analyzing data and writing reports hold capital importance in task efficiencies. With that in mind, having an instrumental research design is crucial in aggregating the correct data that produces all-inclusive results.

The role of the market researcher is to enrich business intelligence, and the daily lives of consumers, through a hyper-efficient process. AI and Automation can only truly enhance, expand, and aggregate data, but cannot cognitively replace the storytelling aspect that researchers ascribe to their findings. The future should be embraced as a partnership between the two.

it is time to embrace technological innovation, declares the report: Although Excel and Google Sheets are the most commonly used market research tools, there are much better, time- saving options that could and should be used, says the report. The market offers valuable and integrative tools for research method and design, so finding the right tool is certainly attainable. Tools like SurveyGizmo, Google Analytics, SPSS Reporter, and Tableau can incredibly improve a team’s success and are easy-to-use integrative extensions, suggests the report.

The precarious state of the industry has left market researchers vulnerable to sweeping changes, particularly due to AI and automation. Through findings of this study, industry fears aren’t properly warranted, and the question isn’t so much how the superimposed role of AI will play out, but how researchers, at this very moment, can expand their roles to highlight cross-departmental value and adopt integrative systems to strengthen studies and findings.

Showcase Inter-Departmental Value

• Researchers hold paramount value across the organization, but have been historically siloed into one team or area of expertise. The future of business relies on accurate and detailed consumer and market reports that can be turned into company-wide initiatives, and market researchers should be recognized as the architects of that bridge.

Research Design Is Just As Important As Research Execution

• Properly analyzing data and writing reports hold capital importance in task efficiencies. The goal is to be able to hand over a report that can be easily understood and used in future business decisions. With that in mind, having an instrumental research design is crucial in aggregating the correct data that produces all-inclusive results.

Automation Can Never Replace Human Touch

• The role of the market researcher is to enrich business intelligence, and the daily lives of consumers through a hyper-efficient process. AI and Automation can only truly enhance, expand, and aggregate data, but cannot cognitively replace the storytelling aspect that researchers ascribe to their findings. The future should be embraced as a wonderful partnership between the two.

It Is Time To Embrace Technological Innovation, says the report

• Although Excel and Google Sheets are the most commonly used market research tools, there are much better, time-saving options that could and should be used. Tools like SurveyGizmo, Google Analytics, SPSS Reporter, and Tableau are some of the valuable and integrative tools for research method and design, so finding the right tool is certainly attainable, opines the report.

Concluding, Zoe Rose, Sr. Research Associate, Fuel Cycle, postulates that “Everyone can pull numbers, ‘do research’ whatever that means, and claim to have market research knowledge, but few people know how to thread together different data sources to find that one thing that changes how the client thinks about their customers, their campaigns, or their content strategy.”

For additional information from Fuel Cycle, please visit here.