Earlier this year 2019, #NewMR and Wizu partnered to conduct an experiment with a chatbot. For our experiment, we conducted a chat survey looking at the Threats and Opportunities facing market research and insights. We were able to collect 336 responses from people involved in market research and insights, along with quite a lot of material from online discussions about the project. This webinar is one of two in the 'NewMR Chatbot Experiment – Threats & Opportunities Facing Market Research' series that provides feedback on the experiment. The two webinars are: - Ray Poynter from NewMR reports back on what the research said about the Threats and Opportunities facing market research (these slides) - Sue York from NewMR and Martin Powton from Wizu look at the feedback about the chatbot experience The recordings from both webinars are available via the NewMR website Play Again page here: https://newmr.org/play-again/newmr-chatbot-experiment-report-back/ The NewMR written report will also be shared shortly.

1. Threats and Opportunities Facing MR
Webinar, 4 April 2019
11 am UK Time
Ray Poynter
NewMR

2. Agenda
Introduction
Pessimism versus Optimism
Threats
Opportunities
Summary

3. Introduction
336 interviews conducted via a chatbot
A global convenience sample
- people connected directly or at a second level to #NewMR
Mostly qualitative data and qualitative analysis

4. Pessimism Versus Optimism
In terms of the future of market research are you?
Optimistic, 51%
Neutral, 35%
Pessimistic,
14%

5. Pessimistic – 14%
Six themes
• The economy in general, and the budgets
for market research in particular
• Failure to move with the times, inertia, lack
of innovation
• The use of new tech without protecting
traditional values
• Prioritizing speed over depth
• DIY and/or automation and/or AI replacing
people
• Competition from non-MR companies

6. Optimistic – 51%
Six themes
• New tech will broaden the impact of MR
skills
• Because the world is changing and
uncertain, research is more necessary
• With more data, understanding via research
is more necessary
• Evidence-based decision making is growing
• People will always need market research
• Because my company is really busy right
now

7. Neutral – 35%
Three themes
• New technologies & approaches offer
opportunities, but, will the lack of rigour lead
to a decline in the use of market research
• Doubts about the economy mean that it is
hard to be sure about the future of market
research, because the economy is the biggest
driver
• One theme mentioned by the neutrals was
the potential for fake news and reputational
damage to negatively impact market research

8. Threats to MR
• More ways of answering questions, e.g. big data.
• Being replaced by AI (along with automation, data mining etc)
• DIY and in-house solutions.
• MR not being able to keep up with the changes required.
• Budget cuts (with or without economic downturn)
• Decline in standards, reducing quality of the product, driven by cost
and speed concerns, and lack of knowledge and training.
• Lack of training and talent in MR.
• Rapid chasing of the new, at the expense of the quality of the old.
• Budget cuts (with or without economic downturn).
• Reduced pool of people willing to take part in MR.

10. Opportunities
• Blending the new with the old.
• Leverage the new (e.g. data science, AI, big data etc)
• Make the case for quality (data, understanding, insights, and
recommendations).
• The role of qualitative, explaining more than numbers can.
• Focusing on results not methods, answering business questions,
providing more consultancy
• Finding the why?

12. Summary & Implications
Pessimism versus Optimism
• A key driver is internal pessimism/optimism – not external criteria
• The Neutrals seem to have a view more based on external criteria
Threats
• Wide range of threats, but broadly 1) the economy, 2) not adopting technology,
and 3) adopting technologies in ways that damage the essence of market research
Opportunities
• Narrower than the threats. In essence become masters of the new techniques
using MR and in particular qualitative as our secret sauce
Implications?
• Keep some money in a safe place – just in case
• Master some aspect of the new technologies/approaches
• Use MR and qualitative as the something extra you bring to the game

13. Q & A
Ray Poynter
NewMR
Sue York
NewMR

14. Thank You

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