Share this
Aligning Priorities: The 2021 GRIT Business and Innovation Report
by Infotools on 15 Jul 2021
The GRIT report clearly illustrates where the focus needs to be for market research buyers and suppliers to meet current market demands in the insights space.
The recently released 2021 GRIT Business and Innovation Report shows that the market research industry continues to evolve quickly. Editor in Chief Lenny Murphy dove into some of the high-level findings during Greenbook’s June 30 Forum, ranging from how companies in various industry segments are positioning themselves to the highest priorities for buyers and suppliers.
One statistic that stood out to us was that 70% of client companies (buyers of research) are looking for partners with knowledge about their business. This was compared to only 56% of suppliers who thought this issue was a priority. We saw this kind of discrepancy across most “skill development emphasis” topics covered in the report, where buyers and suppliers are not fully aligned on which skills are the most critical for success. This is an important point.
A valuable tool in bridging this gap, the GRIT report provides a clear picture of where the focus must be to meet current market demands in the insights space. Suppliers need to be willing to pivot to meet buyer needs and educate buyers about how underlying skills - like technical and market research expertise - plus innovative solutions can directly benefit their business. They may be reaping the benefits without knowing it. For example, automation may be speeding up time to insights, but it isn’t clearly correlated with outcomes, so it isn’t seen as a core necessity.
The GRIT report spotlights this misalignment with some of the data it uncovered. We have even written about part of this challenge for Greenbook in “The Growing Disconnect Inside Market Research” by our EVP John Bird. In this article, John writes about the need to give clients instant, dynamic access to insights. He says: “The disconnect continues to widen, and the only way to stop it is to start listening.”
Inside the GRIT report, our Group Services Director, Horst Feldhaeuser, contributed commentary on the data (page 85). While he does note that there is some symbiosis between buyer and supplier priorities, he writes more in-depth about areas that may require some work.
- Synthesizing the data:
Buyers believe that integrating data from multiple sources is of great importance. They are looking for partners that can offer a blend of expert service and the right (fit-for-purpose) technology solution to accomplish this goal. - Prioritizing data quality:
Horst writes that it is “our responsibility as research partners” to highlight the importance of data quality. Anything that positively impacts quality outcomes needs to “be on the table” for both buyers and suppliers. - Aligning on ROI: Insights professionals on both sides of the marketplace need to focus on the long-term benefits of making investments in market research and how it can positively impact organizational bottom lines, rather than settling for a cheap short-term trade-off.
Horst concludes, “As our industry continues to transform, there are pressures on both sides of the market research marketplace to meet new demands. Buyers and Sellers alike look to the data to find places to align and work together toward a future that delivers quality, value and understanding.”
You can read his full article here on page 85.
Share this
- November 2024 (6)
- October 2024 (4)
- September 2024 (4)
- August 2024 (6)
- July 2024 (7)
- June 2024 (4)
- May 2024 (7)
- April 2024 (6)
- March 2024 (3)
- February 2024 (8)
- January 2024 (3)
- December 2023 (6)
- November 2023 (5)
- October 2023 (3)
- September 2023 (8)
- August 2023 (4)
- July 2023 (6)
- June 2023 (6)
- May 2023 (3)
- April 2023 (6)
- March 2023 (6)
- February 2023 (4)
- January 2023 (2)
- December 2022 (2)
- November 2022 (8)
- October 2022 (6)
- September 2022 (6)
- August 2022 (7)
- July 2022 (5)
- June 2022 (6)
- May 2022 (5)
- April 2022 (4)
- March 2022 (8)
- February 2022 (7)
- January 2022 (1)
- December 2021 (2)
- November 2021 (2)
- July 2021 (4)
- June 2021 (2)
- May 2021 (4)
- April 2021 (2)
- March 2021 (5)
- February 2021 (3)
- January 2021 (3)
- December 2020 (1)
- November 2020 (5)
- October 2020 (2)
- September 2020 (5)
- August 2020 (4)
- July 2020 (4)
- June 2020 (1)
- May 2020 (3)
- April 2020 (6)
- March 2020 (3)
- February 2020 (4)
- January 2020 (2)
- December 2019 (4)
- November 2019 (4)
- October 2019 (3)
- September 2019 (2)
- August 2019 (4)
- July 2019 (5)
- June 2019 (2)
- May 2019 (4)
- April 2019 (4)
- March 2019 (2)
- February 2019 (4)
- January 2019 (3)
- December 2018 (5)
- November 2018 (2)
- October 2018 (1)
- September 2018 (3)
- August 2018 (5)
- June 2018 (4)
- May 2018 (4)
- April 2018 (3)
- December 2017 (1)
- November 2017 (2)
- October 2017 (1)
- September 2017 (3)
- August 2017 (2)
- June 2017 (2)
- February 2017 (2)
- January 2017 (2)
- December 2016 (2)
- September 2016 (1)
No Comments Yet
Let us know what you think