Last week I had the privilege of presenting at the European Pharmaceutical Market Research (EphMRA) Annual Conference in Brussels. My talk was on the important topic of the future of the Market Research profession.
My invitation came as the result of one of the committee members seeing a question I had posted at the end of last year on several LinkedIn groups: “Does your organisation need a market research department? And in the future?” Whether you are a researcher or a user of research data, the following summary of that presentation should help you underst and the need for us all to change the way we work with information and data, in order to increase their value to the business. Recent studies by both IBM and Business Intelligence about the information needs of top management in general and marketing in particular give us some great clues about what they dislike and what we need to change.
Management don’t get what they need
Executives complain that their information currently comes from numerous, disparate sources, is rarely available in real-time, cannot be easily accessed without the help of IT, and anyway takes too long to customise it to their needs. The good news is that they don’t seem to get too much; in fact it looks as if they actually want more, but more of what they need.
Executives don’t get it in the format they need
Management currently get their information primarily via emails and spreadsheets, which I find shocking. Why do we expect them to take the time to sift through all the information to draw their own conclusions? Are we still too scared to voice our own opinions, or to make recommendations? Only one in eight receive dashboards and yet this is their preferred medium. They want someone to have thought about their needs and then to provide a simple form that is easy to scan, interpret and take action on.
Marketing needs their data in real-time
It’s a hard time to be a CMO or head of marketing these days. They are being challenged more than ever before, to prove the ROI of their spending. They want more real-time information so they can take better informed decisions. They also need consistency so they can compare across channels and link sales back to individual campaigns and lead-generation efforts.
Marketing don’t feel ready to manage even more information
More than two-thirds of CMOs feel totally unprepared for the current data explosion, especially as it relates to social media. They also feel that they aren’t keeping up with all the rapid market changes, even when they have the money to do so.
The solution is as easy as ABC
Taking into account what management have said about their current information sources, providing what they need is as easy as ABC:
- Accessibility to the information they need, where and when they need it.
- Business impact so that what they receive enables them to identify and take the actions needed.