Why is the insights sector important? Do you know and can you explain it to a key budget holder during a 30 second elevator ride?
Off the back of the inspiring Market Research Society (MRS) Conference yesterday, especially after Dex Hunter-Torricke's words "The market research industry is in a critical position to guide us through the future”, it got me thinking - so given our importance, why do researchers tend to be pretty average at selling our selves, and what if we ALL worked harder, client-side and agency, to collectively become better at selling our huge value? Like our friends over in advertising, PR and marketing teams.
As Katie M. said in the Big Read in Research Live earlier this year, we are at a turning point – or at least an evolution - and we’re going to have to do things differently!
This is an industry that is worth £9bn in the UK – and growing YOY. In a world where facts are hard to pin down, we bring the truth and the rigour, the voice of the consumer and the citizen.
When Katie interviewed me for that article, one of the key skills that I identified as important for the researcher of the future (now, actually) is communications.
And one specific aspect of communication that I think we’re not great at as a sector, as mentioned, is communicating the value of insights.
Now you might say, “Surely the value of the work speaks for itself?” to which I would say, “We are no longer in that world, if we ever were.” Today, we have to fight for budget, for our insights to be heard, to drive action and to be included in decision making. And I think we still suffer from an image problem – many outside the industry still see market researchers as standing around on street corners with a clipboard.
Perhaps not a problem if that is what your Uncle Bert thinks you do. But if the Global CMO thinks that?
So my question to the industry is this: do you know how to explain the value of insights? Can you explain it in five minutes?
In 30 seconds?
On trend, I asked ChatGPT, “Imagine you are the CEO of a traditional full-service market research agency meeting the CEO of a large FMCG brand in an elevator. What would you say to convince them of the importance of the insights sector before the lift gets to the ground floor?”
This is what it said…
"If you want to know what your customers really want—what drives their choices, their loyalty, and their spending—market insights are the key. We help you go beyond guesswork, giving you the evidence to launch products that hit the mark, create campaigns that connect, and stay ahead of competitors. Simply put, insights turn uncertainty into opportunity. Imagine knowing the next big trend before it happens—that’s the power of what we do."
Not bad for a starter for ten – but I think we can do better – show me what you have got!
[Bravo Jane Frost CBE Debrah Harding and your team for the best conference I've been to in years!]
