Market Research Evolution: The Reality of Modern Insights

The market research sector is experiencing a swift evolution due to technological innovations, changing consumer habits, and dynamic business demands. In this Q&A from our Sago Vision ’25 session, Uncovering the Market Research Reality: A Candid Discussion on the State of the Industry, we delve into important questions regarding the industry’s future. Join our esteemed panel featuring Sago CEO Steve Schlesinger, Insights Association CEO Melanie Courtright, and M/A/R/C Research CEO Merrill Dubrow as they discuss strategies for companies to maintain their edge during this transformative period. Continue reading as these experts discuss strategies to stay competitive during this transformative period.

Q: What does the industry look like right now?

The latest findings from the Insights Association U.S. Insights & Analytics Industry Report indicate that the insights profession is valued at approximately $77 billion, but its growth has slowed to about 7.6% from previous years. Additionally, the digital data analytics segment is now the largest in the market, signaling a trend toward data-driven methodologies in research.

Q: What are the expectations for technology’s role in market research by 2025?

The technological shift will likely lead to an increased reliance on AI and data analytics. Companies are expected to focus on using advanced technology to mine and analyze data, enabling them to draw insights more swiftly and accurately. There is also an emerging trend of brands setting aside budgets specifically for experimentation with new tools.

“So there is a new segment that is being born into the insight space. It’s sort of wrapped up in digital data analytics a little bit because it’s all these AI-generated insights, AI-generated data, and AI-generated solutions. So there’s a whole segment coming in, and people are interested in that.” – Melanie Courtright, Insights Association

Q: What main challenges do market researchers face in the current environment?

The main challenges include the need for speed and actionability in insights, as clients demand quicker decision-making without sacrificing quality. Additionally, there is a significant focus on cost management due to rising expenses across various factors, such as labor and business insurance.

“We’re under pressure for speed of decision-making more than anything, and speed of insights more than anything, so we’re having to play and experiment a lot more to find insights at the speed of decision-making.” – Melanie Courtright, Insights Association

Q: How should market researchers adapt their strategies to meet the evolving needs of clients?

Researchers need to take a more strategic approach instead of focusing solely on transactions. By understanding overarching client objectives and how their products fit into these goals, they can better align their services and insights. Focusing on community-building, collaboration, and partnerships will also enhance their ability to provide actionable insights.

“Even though we may not get all the specifics on goals, I think we would get an understanding of how they’re thinking about the business, what they’re hearing from their CEO or from their leadership team, and where they are driving in the next year or two.” – Steve Schlesinger, Sago

Q: Do you have any advice on what industry leaders should focus on in the next few years?

Leaders should work to transform various aspects of their work, including improving data quality, enhancing diversity, and revolutionizing data utilization. Addressing these areas will strengthen the profession’s adaptability and relevance in the face of ongoing changes.

“If we really transformed how we ask questions, really transformed the quality issues that have plagued us, and we really transformed our hallways and we really transformed our tools, we would be really in a great position to, as you said, not just survive, but thrive.” – Melanie Courtright, Insights Association

Q: What is the role of AI compared to traditional methodologies?

AI improves the speed and quality of insights, making it a perfect complement to traditional research methodologies by improving the speed and quality of insights. However, there’s an emphasis on ensuring that any integration of AI is purposeful and fits the broader strategic needs of the business.

(On AI) “It is poised to change the way we do discovery as a profession, potentially. It is poised to change automation, and it is poised to make a difference in the things we generate.” – Melanie Courtright, Insights Association

Q: What is the sentiment in the industry right now when it comes to revenue growth versus cost control?

The current mindset is leaning towards a stronger focus on revenue growth, with companies eager to get back into a growth mode despite the pressures of rising costs. There’s an ongoing balancing act between pursuing top-line revenue and managing expenses efficiently.

“It’s been a weird couple of years and there’s been a lot of rising costs. There’s certainly differences by company, but overall, people are trying to get back into a strong growth mode and absorb the costs a little bit more. It’s really cyclical in our profession, and it’ll swing back at some point.” – Melanie Courtright, Insights Association

That wraps up our deep dive into the rapidly evolving market research landscape during our engaging Sago Vision ’25 session. The future of market research looks promising, armed with a blend of traditional wisdom and innovative tools like AI and data analytics. The challenges range from balancing the need for quick, actionable insights with the imperative of cost management to the demands for more strategic, value-added partnerships.

Yet, as this discussion unveiled, the market research community is ready and equipped to tackle this head-on, steering toward the potential for growth, evolution, and enhanced value delivery to clients.

Stay curious, remain adaptable, and let’s continue to push the boundaries of what’s possible in market research together.