By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    predictive analytics in dropshipping
    Predictive Analytics Helps New Dropshipping Businesses Thrive
    12 Min Read
    data-driven approach in healthcare
    The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
    6 Min Read
    analytics for tax compliance
    Analytics Changes the Calculus of Business Tax Compliance
    8 Min Read
    big data analytics in gaming
    The Role of Big Data Analytics in Gaming
    10 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    Promising Benefits of Predictive Analytics in Asset Management
    11 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Market Research Agencies Can Thrive in the Big Data Era
Share
Notification Show More
Latest News
ai digital marketing tools
Top Five AI-Driven Digital Marketing Tools in 2023
Artificial Intelligence
ai-generated content
Is AI-Generated Content a Net Positive for Businesses?
Artificial Intelligence
predictive analytics in dropshipping
Predictive Analytics Helps New Dropshipping Businesses Thrive
Predictive Analytics
cloud data security in 2023
Top Tools for Your Cloud Data Security Stack in 2023
Cloud Computing
become a data scientist
Boosting Your Chances for Landing a Job as a Data Scientist
Jobs
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Big Data > Market Research Agencies Can Thrive in the Big Data Era
Big Data

Market Research Agencies Can Thrive in the Big Data Era

bkilcoin
Last updated: 2018/10/31 at 9:48 PM
bkilcoin
6 Min Read
SHARE

Lately I have found it impossible to scan my numerous RSS feeds without the term “Big Data” staring me in the face on nearly every page.  And there’s good reason for that: Big Data is big business. And it’s growing all the time.

To add some scale to big data’s explosion, consider these statistics from wikibon.org:

  • IDC estimates that by 2020, business transactions on the Internet—both business-to-business and business-to-consumer—will reach 450 billion per day.
  • In 2008, Google was processing 20,000 terabytes of data (20 petabytes) a day.
  • Facebook stores, accesses, and analyzes 30+ petabytes of user-generated data.
  • Walmart handles more than 1 million customer transactions every hour, which is imported into databases estimated to contain more than 2.5 petabytes of data. (Source)
  • ATT’s extensive calling records contain the largest volume of data in one unique database (312 terabytes) and the second largest number of rows in a unique database (1.9 trillion). (Source)

As you can see, Big Data is a big opportunity. Wikibon.org also cites an IDC study forecasting the Big Data market is expected to grow from $3.2 billion in 2010 to $16.9 billion globally in 2015. The multi-billion dollar question is this: with players such as IBM, Accenture, SAP, and Microsoft offering both platforms and professional services, can market research agencies ultimately compete in this explosive new space?

The answer is, at least for some, is a clear yes.

More Read

Market Research and Big Data: A Difficult Relationship

The 6 Worst Market Research Mistakes #MRX
Unlocking the Potential of ‘Big Data’ in the Market Research industry
Market Research Bad Practice: If It Ain’t Illegal, It’s All Good
Top-10 Most Innovative Research Firms

There are three core MR competencies that can provide a differentiated offering to prospective clients. I’ll walk you though them below:

  • Focusing on the Why: While traditional sources for decision analytics (like transactional data) can help identify what is going on, it is only in the context of why it is happening that an enterprise can drive meaningful change within its organization. At its core, MR is all about the why; the discipline encompasses a myriad of approaches for solving business problems. Assuming they develop competence in working with non-proprietary data sets (no small feat in and of itself), their ability to guide the collection of primary research and deliver answers can be a true competitive edge.
  • Identifying Insights: There’s an important human dimension to synthesizing complex data and analytics and translating that into a true “Eureka!” moment.  In a phenomenal piece on the Harvard Business Review blog, Executive Strategist Jim Stikeleather writes on big data’s human component:

“We often forget about the human component in the excitement over data tools. Consider how we talk about big data. We forget that it is not about the data; it is about our customers having a deep, engaging, insightful, meaningful conversation with us — if we only learn how to listen. So while money will be invested in software tools and hardware, let me suggest the human investment is more important.”

Sound familiar? Isn’t this the drumbeat we’ve been hearing at MR industry conferences over the past few years? Stikeleather’s post strikes right at the heart of the MR big data opportunity: using our expertise in synthesizing data to turn it into insights that inspire conversation and meaningful change among clients. It’s something critical to our craft, and one that the top firms in our field have been honing for many years.

  • Storytelling that Brings Insights to Life: Beyond identifying critical knowledge, leading MR firms have increasingly focused on how insights are communicated and socialized within client organizations. It has become critical that non-researchers truly grasp the deep meaning of research. The best way to do this is to tell the story of the research in a non-technical, visually compelling way. While this is an art form in and of itself, the engagement it creates amongst the audience is well worth the effort: there’s nothing worse than seeing clients’ eyes glaze over as they’re barraged with chart after chart. A visually compelling story backed by a deep understanding of the data’s meaning is key. As data sets get larger and the analyses become more complex, this skillset will be increasingly important. Clearly an opportunity for MR agencies that have honed their skills in this realm.

The seeds of potential success are clearly there for insights agencies to capitalize.  Those that successfully transition will have access to a fantastic catalyst for future growth.

However, realizing these opportunities is going to require a quantum leap that I don’t believe most MR agencies will ultimately be able to make.  If the statement “we have met the enemy and he is us” was ever true, it will wind up being true here.  Stay tuned. I’ll blog about this particular topic soon…

Until I do, however, what do you think?  Can MR agencies thrive in the era of Big Data, or is it ultimately another force for creative destruction for the traditional MR industry?

Market Research compatible with Big Data

TAGGED: market research, market researchers
bkilcoin February 5, 2013
Share this Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

ai digital marketing tools
Top Five AI-Driven Digital Marketing Tools in 2023
Artificial Intelligence
ai-generated content
Is AI-Generated Content a Net Positive for Businesses?
Artificial Intelligence
predictive analytics in dropshipping
Predictive Analytics Helps New Dropshipping Businesses Thrive
Predictive Analytics
cloud data security in 2023
Top Tools for Your Cloud Data Security Stack in 2023
Cloud Computing

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form id=”1616″]

You Might also Like

Market Research and Big Data: A Difficult Relationship

19 Min Read

The 6 Worst Market Research Mistakes #MRX

5 Min Read

Unlocking the Potential of ‘Big Data’ in the Market Research industry

3 Min Read

Market Research Bad Practice: If It Ain’t Illegal, It’s All Good

2 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

AI and chatbots
Chatbots and SEO: How Can Chatbots Improve Your SEO Ranking?
Artificial Intelligence Chatbots Exclusive
giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?