Connecting the consumer insight ecosystem
The market research landscape is changing. It needs to move faster, be more accessible, and have more capabilities than ever before. Organizations of all kinds need to keep pace with their customers’ changing habits and attitudes, and they are turning to research technology to help them do this.
COVID-19 contributed greatly to the evolution of the consumer, and in turn it has played a large part in accelerating the digital transformation of market research by at least 5 years. The estimated size of the research technology eco-system is more than $16.5 billion worldwide across 800+ companies. This exponential growth of research technology is only going to continue, with more research being brought in-house.
Owing to this explosion of research technologies, the research process can easily become messy, convoluted, and out-of-control. While each technology serves an important and distinct purpose, they need to be able to work together in a cohesive and streamlined manner. All of these facets need to be connected, and an operating system does just that.
What is an operating system? It is a platform that allows multiple technologies to exist in one place. The Apple App Store or Google Play Store on smartphones are an excellent example of this. Any app can be added to the store by a developer, and they can serve any function. Users choose the app that makes sense for their needs from the platform, and download it to their device where all their apps work in harmony.
This kind of ecosystem obviously works, with Apple’s App Store generating over $500 billion in sales and billings. In addition, the iOS apps now support 2.1 million jobs in the US, and the Android app ecosystem, including Google Play, helped create 1.7 million jobs in the United States in 2019.
There are many other examples of operating systems for different areas. WeChat could be called the operating system of life, Salesforce could be called the operating system of customer relationships, and Shopify could be called the operating system of eCommerce. These platforms all help to streamline processes, making things simpler for the user while encouraging collaboration between technologies.
With market research being flooded with technologies, it is time for them to begin to work together. To do this, an operating system of market research is needed. A platform that connects technologies, sample, and organizations will be a critical next step in the evolution of consumer insights.
An operating system of market research will help to make insights more accessible, even by those not traditionally conducting the research. It will help make the research process faster without sacrificing quality, and foster an environment of collaboration that will ultimately push the entire community ahead.
Author: Raj Manocha | CEO | Methodify
Raj Manocha is the newly appointed CEO of Methodify, an automated market research platform that gives modern insights professionals direct access to consumers and innovative research technologies. The platform enables decision-makers and researchers to automate their research processes, and gain insights and data within hours.