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Top Challenges Faced by Market Researchers and How to Solve Them

It’s been a challenging few years, to say the least. As we look ahead to the coming years, we wanted to uncover the biggest challenges currently facing market researchers. So we did what we do best: designed and conducted a study of 145 insights pros to learn more about the difficulties they’re facing – and then provide ways to address them. Here’s what we learned.

Watch the on-demand webinar here to see the full research report from our study.

Common difficulties

We all know that conducting research in today's landscape has been challenging. in many ways, the pandemic amplified the challenges we were already facing. top issues included:.

• Limited budget and staff
• Team is stretched too thin
• Hard to get both the numbers and stories needed to inform internal decision making
• Slow internal approval process for vendors
• Unrealistic timelines
• Changes in scope after starting a project  

Participants said the most problematic and common issues they faced included the need to:

• Conduct research faster to meet internal deadlines
• Offer simpler and less expensive ways to conduct iterative research
• Conduct quality research with limited resources
• Conduct more research with the same amount of resources

In other words, the top challenges revolved around the need to move faster while dealing with limited resources. These are the biggest challenges because insights pros are just that – pros – who want to do quality work. We all get that – we take pride in our work, and we know it takes more than an algorithm to come up with meaningful insights and recommendations for a team.

Key research study takeaways

We asked insights pros how they are dealing with these challenges today. their workarounds to time, budget and resource constraints are....

• Working more hours
• Using experience and qualitative insights to get to more actionable stories behind the data
• Seeking out new tools and partners to drive automation and efficiencies

How to address these challenges

In talking to leaders across the industry, we have seen firsthand that it is possible to get more from limited resources and budgets. it isn’t simply about working harder or faster, but about using technology to build flexibility into our methods so we can move faster while getting more targeted, relevant insights. i have two suggestions for any company that wants to take their insights to the next level., build research agility to deliver speed and efficiency. being able to do both qual iteration and quant validation is key. creating a build, test and learn cycle will speed up processes and deliver faster insights..

Use best practices to ensure quality. Here’s what we suggest:

• Find more targeted participants for your research: people who have demonstrated the specific behavior you want to talk to them about, or who have the knowledge you’re seeking in terms of user experience. Doing this will help ensure quality results and enable focused learning that ties to behavior.

• Use qual and quant together for better context in decision-making by the team. Making these two work together more seamlessly will allow you to create stories while still providing validation.
• Build on learning by re-engaging participants to ask follow-up questions. Newer qual + quant methods allow you to iterate on learning by inviting targeted participants to participate in qual follow-ups to drill deeper into the “whys” and improve as you build.
• Take a flexible approach, using automated research studies with customizable templates that don’t oversimplify for the sake of time/cost. The more you can tailor your questions, the higher likelihood that your team will get the results they need.

Four key ways insights technology can help you deliver

Timelines: Seek out insights technology providers that can offer highly targeted qual + quant recruiting within hours or days. They have automated study templates and reporting dashboards, so you can get instant reporting to drive faster decisions.

Quality: Look for tech solutions that can capture context and experiences rather than just attitudes. You also want the ability to recontact quantitative participants or have multiple touchpoints in your qualitative studies, so you can drill deeper into the whys and iterate on your learning.

Resources:  Seek out technology with reporting dashboards that include built-in sentiment and theme analysis in addition to charts and graphs. Also look for built-in comparisons, benchmarking and stat testing. When looking at your tech options, also consider on-demand services or assisted DIY capabilities. It’s a great alternative to full DIY, if you’re limited on time and need some help getting it all done. It’s also a doable, cost-effective alternative to working with full-service vendors.

Budgets: Working with a tech platform on a subscription basis can be a smart decision. Not only do you save more than traditional discounts with full-service vendors (sometimes 20% or more), but it can save your team time in dealing with bids and approvals on every project. And tech solutions that offer on-demand services can give you the benefits of full-service partners, without the cost.

Next steps to become more agile

So what should you do next if you want to be more agile? First, get leadership buy-in by demonstrating the potential benefits to your timelines and budgets. Next, start building agile skills in your team by experimenting with smaller research sprints. Find a technology partner that can help you – you need to feel comfortable with them and be able to collaborate. As you move forward, take time at the end of each agile study for a short retrospective. Look at your results: Did you get what you needed? Did you work too many hours? What went well? What was inefficient? How can you streamline going forward?

To learn more about agile methods and best practices , check out our new 3-part eBook series:  Ready, Aim, Fire: A Guide to Agile Insights for Consumer  Product Teams.

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Topics: Market Research , Strategic Best Practices , Quantitative Research , Online Communities , Agile

Monika Rogers

Monika Rogers is the CEO and Co-founder of Digsite. She has more than 20 years of marketing, innovation and market research experience, including positions at General Mills, Pillsbury and the A.C. Nielsen Center for Marketing Research at the University of Wisconsin-Madison.

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What are the top market research challenges in 2022?

We all know that conducting market research in today’s landscape is nothing short of challenging — from the need to deliver deeper and more meaningful insights faster to developing strategic, always-on research functions.

In many ways, the pandemic amplified existing challenges while creating new ones: the role of the market researcher has evolved from just the deliverer of insight to the supporter of strategy, while organizations are gradually moving towards end-to-end research platforms to support every area of the business.

These are, of course, early days, and many organizations are still finding their footing — but those that are aware of and combating these challenges are those leading the charge.

In this blog, we analyze some of the top market research challenges from our 2022 Market Research Trends report, and provide tips and tricks on how to overcome them.

Challenge 1: Addressing market uncertainty

For market researchers, acting during times of uncertainty is nothing new. After all, much of their expertise lies in analyzing large amounts of disparate data to uncover conclusions and highlight opportunities. And it’s through this data, specifically experience data, that researchers can chart a course forward.

However, in times like these (with the pandemic and shift to digital), there’s a tendency to pause or cancel projects and initiatives — perhaps to recoup lost investments, protect employees or ensure the business can continue to run.

That said, there’s a compelling argument for organizations to weather the storm — to continue pushing through and put more faith into their research activities to understand how business and customer mindsets have shifted. By investing more time and resources into market research, organizations can get ahead of the competition and start to deliver experiences fit for the new world of work.

And most organizations have responded positively. Through our research, we discovered that while market uncertainty is one of the top challenges for market researchers — the vast majority of respondents (67%) are investing more in specialized market research technology to get a grasp of the post-COVID-19 world. As important, 77% see these technologies as critical to their organization’s success.

There’s more — these organizations are also investing heavily in product, brand and customer experience technology to close gaps across their activities. It’s through these tools that they can improve brand recognition and sentiment, customer engagement and satisfaction, and ultimately deliver more valuable products.

The reality is that uncertain times are highly dynamic. Needs, priorities, concerns and perceptions change frequently. But the only way to be successful in an ever-changing landscape is to adapt and understand the new state of play.

Challenge 2: Improving data quality and insights

For almost a third of our report’s respondents (31%), the most helpful innovation for addressing their business’ challenges in 2022 would be an automated data quality solution. Indeed, gathering and processing data, especially with a series of disconnected, disparate tools and a growing list of digital channels — often leads to inconclusive or low-quality insights.

But as well as lacking the right tools, some organizations lack the expertise and resources required to properly utilize the assets at their disposal. According to our report, 20% of respondents cite a lack of skills and training as one of the reasons their market research is being held back. Another variable affecting data quality.

Similarly, data from Forrester Consulting’s report (The State of Evidence-Based Experience Design) — commissioned by Qualtrics — highlights that limited use (by almost half of the respondents) of analytics tools and siloed processes poses major challenges to data-driven experience design and adoption.

Typically, data quality issues arise from these problems:

Therefore, to get the most value from market research in these instances, organizations must do the following things:

1. Develop and implement a repeatable, scalable and robust data gathering and collection process.

As business outcomes are built around new market research, ensuring you have a solid strategy and approach to using the data is absolutely critical. This means embedding consistency at every phase of your research project, carefully evaluating the methods you (or your market research agencies) use and asking yourself: “is there a better way of doing this?”

And in most cases, there is. You may have disconnected processes and knowledge gaps, or your approach to market research is outdated. The idea here is that you build a best-in-class research culture that’s supported by the technology you choose to use. If your strategy and approach are riddled with problems, your data will suffer the same.

At every opportunity, try to identify ways of doing things better and more efficiently to support your overall market research goals, whether that’s automating specific elements or outsourcing the data collection so you can focus on analysis. What’s key is that the process is repeatable, scalable and robust.

2. Acquire a solution that empowers everyone, across the organization, to carry out and analyze research

We’ve spoken previously about the benefits of platformification for the market research industry, but it bears repeating here. Considering the challenges facing market research projects, including the need to glean higher quality insights faster — platformification offers a solution.

By consolidating data, and combining qualitative and quantitative capabilities and datasets in a single platform, platformification enables organizations to connect the dots at every stage to surface more holistic insights efficiently. This is also incredibly important as less than half of organizations (45%) use qualitative and quantitative data to uncover new experiences.

Analytically, platformification means organizations can use modern technology to capture data from multiple sources and deliver richer insights, faster. For the expert market researcher, it enables them to use advanced statistical analysis tools to elevate findings and get significantly more from the same amount of data.

Finally, with the right choice of platform, it becomes possible for anyone in the organization to carry out data collection and research projects — all without training. It’s the natural evolution of market research, an approach that gives everyone the capabilities they need.

3. Clearly define research methods, analysis and use the right tools

Relying on a platform that offers all types of research, quantitative, qualitative and more, vastly increases your data collection and analysis capabilities while giving you the flexibility you need to carry out specific projects.

Furthermore, using the right tools and technology means that you can make sense of certain types of data, such as structured and unstructured data. For example, the ability to capture and analyze open-text responses across multiple channels to determine customer sentiment and engagement.

4. Establish collaboration across the enterprise

A core part of developing and deploying successful market research projects is collaboration across the entire enterprise. Having a singular platform helps — in that everyone is effectively working from the same location — but it’s also important to get buy-in and clearly articulate the purpose of the research in advance.

It’s also worth setting up regular meetings or sessions with teams before, during and after any market research project to understand progress, highlight opportunities or issues, and then identify ways of improving upon the process.

This kind of collaboration fosters not just good relationships with departments (enabling market researchers to become trusted advisors and strategists, rather than just analysts), it also builds a culture where market research is put at the heart of all campaigns.

Challenge 3: Getting leaders to invest

Conducting market research today is perhaps one of the most important things an organization can do. With the right data sources, market researchers get better insights, leaders can push business decisions and product developers can come up with solutions to business problems.

The challenge is getting leaders to continually invest. According to our report, 21% highlight communicating ROI and business impact as one of their top market research challenges. The same percentage highlights competing internal priorities as another.

At some organizations, market research is a means to an end — done to support new product initiatives or marketing campaigns. But the real value is in ongoing market research supported by an embedded research function.

The first step to getting leaders to invest is to clearly demonstrate, regularly, the impact of market research on business outcomes. For example, by using role-based dashboards, you can provide stakeholders and executives with high-level summaries of how market research projects have contributed to business outcomes.

As for ongoing product development, let’s say you carry out some product research, using conjoint analysis, to identify which product features customers value most. You can then compile this information for product teams and executives to see before making the necessary changes. You could also carry out market research to identify the ideal product pricing point before going to market — or do that same research to work out how to alter your product prices in the current market.

What about ongoing improvements? Well, you can apply market research to products in situ and run focus groups and surveys to uncover new customer preferences. You could even use listening tools on digital platforms to capture customer feedback and reviews and use that information to create new products or add features to existing ones. Then, communicate the results of these changes to teams, executives and stakeholders with ease.

Of course, all of the above requires the right platform — one that can listen, understand and act on market research data to empower you and your teams to create better experiences.

Discover the market research trends of 2022

At the heart of business success is market research, but overcoming the problems and capitalizing on the trends requires a well-thought strategy.

In our second annual study into the state of market research globally, we delve deeper than ever before to uncover the market research challenges and opportunities for organizations in 2022.

From the changing role of the market researcher to what you should be prioritizing, discover everything you need to know.

Just download your free copy using the button below.

Learn more about the 2022 market research trends and challenges

Qualtrics // Experience Management

Qualtrics, the leader and creator of the experience management category, is a cloud-native software platform that empowers organizations to deliver exceptional experiences and build deep relationships with their customers and employees.

With insights from Qualtrics, organizations can identify and resolve the greatest friction points in their business, retain and engage top talent, and bring the right products and services to market. Nearly 20,000 organizations around the world use Qualtrics’ advanced AI to listen, understand, and take action. Qualtrics uses its vast universe of experience data to form the largest database of human sentiment in the world. Qualtrics is co-headquartered in Provo, Utah and Seattle.

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Top Market Research Challenges

Market research and the processes it entails have dramatically transformed over the past decade. In the age of information overload,  no longer is it enough to collect and sort through endless streams of information. Today, the real task becomes separating crucial or relevant insights from the noise—and doing so faster than your competitors.

However, many businesses have not realized this reality, still digging a tunnel with a teaspoon . By relying on manual methods of market research and neglecting tools that could enhance and accelerate their research, companies are choosing to be reactive, rather than proactive.

Below, we dive into the top market research challenges that corporate, financial services, and consulting professionals face in their day-to-day, as well as our solutions to overcoming them.

• Siloed Content in Disparate Locations

More often than not, professionals  conducting market research have to rely on multiple sources scattered across disparate locations. This is problematic for several reasons.

First, manually toggling between multiple sources increases the likelihood of missing key insights or overlooking connections between data points, simply due to human limitations or potentially unreliable sources. Second, without a centralized platform that provides access to all necessary data, researchers, and analysts will consistently face access barriers, such as privacy restrictions or paywalls. These restrictions are particularly common for some of the most high-value content, such as broker reports or company call transcripts. 

Together, these challenges  leave organizations vulnerable to research blind spots and missed opportunities while wasting valuable time and resources. 

• Limited Data Availability

While premium data can be leveraged to give a company a competitive edge in an oversaturated market, it’s often hard to find or even access. Publicly available sources will very rarely provide you with the valuable insights you need for comprehensive and differentiated research. And even if you do come across a resource that provides access to high-value information, you’ll most likely encounter roadblocks (i.e., prohibitive paywall) that prevent you from gaining the full value of these insights.

As a result, organizations that  lack access to premium, proprietary, public, and private sources find themselves at a disadvantage as they struggle to compete with peers who can access the key perspectives of market research .

Tedious, Time-Consuming Work

Traditional market research is much like searching for a needle in a haystack—tiresome, time-consuming, and ultimately, unlikely to yield fruitful results. Manual research leaves researchers and analysts vulnerable to human error and missed insights, while also taking valuable time away from high-value tasks like strategy and analysis. 

• Limited Search Experience

Public search engines are not capable of providing comprehensive, holistic market intelligence. Search results are not tailored to unique researcher settings and preferences, and some key sources of information (e.g., private company documents, analyst reports) don’t even show up on public search engines because they require special entitlements to access.

Additionally, sources found on public search engines require manual sifting (and a heavy reliance on CTRL+F) to find keywords or data points—meaning, you could miss certain insights that you didn’t even know to look for. 

Moreover, traditional search engines are not purpose-built for business or financial needs, which means they cannot identify variations in business language or analyze sentiment that could provide deeper insight or context to text. 

Difficulty Separating the Signal From the Noise

With the sheer amount of data available to organizations today, it’s imperative that your market intelligence strategy can cut through the noise and extract insights that are actually relevant to your business strategy. Otherwise, you find yourself bogged down by data, much of which is either irrelevant to your goals or simply unreliable..

However, effectively accomplishing this is a real challenge, as unstructured data makes up the majority of available data . This is why having an artificial intelligence (AI)-based tool that can analyze unstructured data and extract critical information is key. Otherwise, you’re leaving crucial business insights on the table for your competitors to take advantage of first.

Reactive Research and Strategy

Far too often, businesses conduct their market research in a reactive way: they look for insights on competitor or market moves once they’ve already happened, and then try to implement a  strategy to respond. This results in playing catch-up with your peers and being at the mercy of unpredictable market events. In order to gain a competitive edge, businesses need to have a proactive approach to market research.

Traditional research methods are not conducive to a proactive strategy. Gathering information  from disparate data sources results in confusion and information overload. Without a way to look at the market holistically, it’s also hard to make inferences on how certain trends impact one another other or predict how the market will react to key events in the future. Thus, the cycle continues—professionals are blindsided by the unexpected and act from an impulsive, reactionary place, which ultimately puts them at  risk for business missteps.

• Bias in Data Collection

For professionals relying on manual market research methods, avoiding bias in data collection, sourcing, and strategy implementation is nearly impossible. Human researchers are predisposed to not only select certain resources due to preference,  but are likely to use data that fits with their own research objectives (rather than integrate information that may misalign with one’s argument but is factually correct).

Ultimately, this can lead to skewed data, as well as missed insights researchers were unaware of—leading to negative repercussions for company strategy. A centralized AI-based platform that automatically extracts the most relevant insights from a vast universe of unbiased data is the only way to avoid the pitfalls of manual market research. 

Solving Market Research Challenges With AlphaSense

AlphaSense is an AI-based market intelligence platform that aggregates premium, proprietary, public, and private content in one place—enabling financial research and business professionals to enhance and accelerate their market research.

Here’s how AlphaSense solves the top challenges professionals face today:

Aggregated Access to Premium, Proprietary Content

Challenges Solved:  

With a platform that provides access to all content necessary for market research, professionals can avoid the possibility of missing key insights or overlooking patterns in data. Instead, a centralized platform provides a big-picture, 360-degree view of a market, industry, company, or trend. And without ever having to worry about paywalls or restrictions, you can collect insights effectively and efficiently.

AlphaSense provides access to the four key perspectives of market research in a variety of content forms:

• Company – 10Qs, earnings call transcripts, ESG reports, global and SEC filings, press releases, and other internal documents
• Analyst – Broker reports (e.g., company reports, market reports, industry reports, and more) published by top Wall Street research firms
• Journalist – News, trade journals, and regulatory documents
• Expert – Tens of thousands of expert call transcripts sharing first-hand company and industry perspectives

AlphaSense has two proprietary content sets that take your market research to the next level:

• Wall Street Insights® – a collection of equity research for corporate use from 1,000+ sell-side and independent firms, covering global sector themes, industries, and companies. Research professionals can even preview the contents of a broker report, saving them from wasting time and money on potentially fruitless research
• Expert Insights – 45,000+ transcripts of one-on-one calls with industry experts, competitors, customers, professionals, as well as current and former executives. Research professionals can also conduct their own 1:1 expert calls for less. 

In addition to these sources, you can upload and search through your own content, as part of our Enterprise Intelligence offering, which includes:

• Internal research, notes, and presentations
• Investment memos and CIMs
• Meeting and conference notes
• Reports from industry and market intelligence providers
• Newsletters, web pages, and RSS feeds
• Email content
• Excel documents

By having access to premium external content, coupled with your firm’s internal knowledge, you can increase your research efficiency and be confident that the insights you are using are accurate and reliable. This also helps decrease bias, as you are relying on insights from both primary and secondary sources, and spanning across various perspectives of research. 

AI Search Technology

Challenges Solved:

• Too Time-Consuming and Manual
• Difficulty Separating the Insights From the Noise

In addition to our vast content universe, our platform leverages advanced AI search technology that does all the heavy lifting for you to extract the most meaningful insights, all while filtering out the excess noise. 

Here are some of our key AI features that solve market research challenges:

Semantic Search

Our Smart Synonyms™ technology analyzes speech patterns across tens of millions of search documents, resulting in a robust library of synonymous words. AlphaSense does the legwork of searching for your query, as well as all relevant synonyms, within text-heavy documents.

Sentiment Analysis

Our sentiment analysis technology utilizes natural language processing (NLP) to uncover market perceptions about a given topic. Further, it color-codes positive and negative sentiment for easy recognition as you browse search results. These AI features are executed in seconds, saving analysts precious hours that were previously spent combing through broker reports and other complex datasets.

Generative AI

Unlike other consumer-grade generative AI (genAI) tools trained on publicly available data, AlphaSense takes an entirely different approach. Our industry-leading suite of generative AI tools is purpose-built to deliver business-grade insights and leans on 10+ years of AI tech development. 

Our suite of tools currently includes:

• Smart Summaries – This feature allows you to glean instant earnings insights, allowing you to reduce time spent on research during earnings season, quickly capture company outlook, and generate an expert-approved SWOT analysis straight from former competitors, partners, and employees
• Enterprise Intelligence – Our first-of-its-kind knowledge management offering that delivers AlphaSense’s AI-powered search and summarization capabilities to customers’ internal organizational knowledge
• AlphaSense Assistant – A generative AI chat experience that transforms how users can extract insights from hundreds of millions of premium content sources

Together, these technologies accelerate and enhance your market research process, resulting in faster, better, and more confident decision-making.

Integration Capabilities

Even the best companies fall victim to silos. But forward-thinking organizations know to avoid this pitfall by leveraging the advanced collaborative tools found in modern market intelligence platforms.

AlphaSense works with the apps and tools you already use to help you be more productive with less effort. Connect with integrations to Box, Sharepoint, OneNote, or leverage our API suite to securely upload your proprietary content.

Our integration capabilities allow for even greater knowledge sharing with members across your organization and improve overall team productivity. Our proprietary AI technology allows you to search across all internal IP and external company content to find crucial insights, catching what other platforms miss in a secure and automated way.

Lastly, AlphaSense offers content processing and content management. Content processing allows company recognition within user documents, while content management features support custom tags and folder structures to better index and organize internal content.

Monitoring, Analysis, and Collaboration Tools

• Reactive Research and Monitoring

AlphaSense is designed to help users find insights faster. In order to do that, we offer a number of tools that extend beyond search and summarization to help accelerate research workflows.  

• Customizable Dashboards create a centralized information hub for monitoring key companies and themes, while tailored real-time alerts provide real-time updates.
• Powerful collaboration tools like Notebook+ and commenting features help teams manage and share insights more effectively.
• Table Tools allow you to streamline your quantitative analysis by enabling you to export modeled time-series data on company financials.
• Image Search allows you to discover insights buried in charts to quickly capture data without reading through pages of documents.
• Snippet Explorer allows you to effortlessly look at any topic or theme and all its historical mentions in a single view.
• Our black-lining feature allows you to automatically identify any QoQ changes in SEC filings
• Automated Monitoring allows you to set up real-time alerts that send instant updates on any relevant market movements, news, emerging trends, and competitor activities. We also generate snapshots of companies and topics regularly that keep you ahead of the curve with actionable insights .

All together, our monitoring and automation tools help you be more proactive, rather than reactive, with your strategy because you can easily uncover patterns, forecast future market movements, and always stay in-the-know about relevant updates with our real-time alerts. This way, you increase the effectiveness, accuracy, and speed of your research and set yourself up with a competitive advantage. 

Enhance Your Market Research With AlphaSense

With AlphaSense’s AI-based search functionality, customizable alerts, intuitive user interface, and extensive library of premium content, it is truly the all-in-one market intelligence solution your business needs to succeed. We provide all the tools you need to avoid common market research pitfalls, ensuring that you stay on the leading edge and that your business keeps growing and succeeding.

Start your free trial of AlphaSense today.

Fueled by empathy-driven storytelling and good coffee, Nicole is a content marketing specialist at AlphaSense. Previously, she has managed her own website/blog and has written guest posts for various other publications.

Read all posts written by Nicole Sheynin

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The biggest obstacles for market researchers – and how to overcome them

Many market researchers face similar obstacles when conducting research. Not having enough time, the right data or skillset can lead to inaccurate or unexplored results.

Overcoming the largest marketing research challenges

Editor's note: Emily Smith is the marketing content specialist at Brandwatch.

Market research can be time-consuming, expensive and hard to implement correctly. Brandwatch has researched the toughest obstacles for insights teams and in this article we’ll offer effective solutions to help your business get ahead of the competition.

The biggest obstacles for market researchers

For our latest report on market research, we asked businesses what was impacting their ability to get to know their customers. We surveyed 63 respondents from Brandwatch’s network. Here’s what they said – and how you can overcome the challenges that arose.

Not having enough time

Over half of respondents said that time was a key obstacle getting in the way of market research efforts at their organization. With most teams in the field pressed for time, important research questions that could help drive business results are being left unexplored.

An effective way to save time is to work with specialist agencies who can conduct research for you. They can offer a second opinion on areas to target while giving you regular feedback on outcomes. Alternatively, a social listening tool  can do all this and more. A great tool will transform the way you conduct market research internally by providing both real-time signals for changes in your market and historic analysis to help you dive deep into trends with just a few clicks.

Lack of budget

Budgeting issues can be the biggest roadblock for market researchers. Being short on the funds needed to conduct effective research might mean your findings are inaccurate, out of date or irrelevant.

Using a consumer intelligence tool  can help save money for your business as they don’t rely on recruiting or incentivizing research participants. Instead, you can simply access unprompted feedback from millions of online sources about your brand, products or market. As you improve understanding of your market and audience, you’re able to use these insights to inform better business decisions.

Not having the right data

Working with data can be complicated and time-consuming – especially if you’re not sure what to look for. Our survey participants agreed that data can help inform strategic decisions and empower businesses to become smarter and more effective in all areas. Being truly consumer-centric means continuously gathering, processing and analyzing various data sources to stay on top of shifting consumer behaviors.

Working with the right data tools takes away the complications of data management, allowing you to work with a wide breadth of data sources in one platform and make important business decisions with confidence.

Not having the right technology

Having the right solutions in place is fundamental to gathering and analyzing the data that can help your organization thrive. According to our survey, 82.54% of respondents thought that having the right social data analysis tool in place will best support consumer insights generation and sharing in 2022.

The right analysis tool can help you search millions of online mentions, segment this data in a way that’s relevant to you, analyze insights and act on them to improve your business results.

Not having the skillset

The final challenge we’ll highlight from our research is not having the right data skills, which can significantly impact the success of an organization. Adapting to a rapidly changing market is much easier when the right skills are explored within an organization and encouraged across teams.

Investing where there are gaps in skills or knowledge in the workforce can help you stay abreast of all the changes that will impact your organization.

Key takeaways

Understanding how to conduct time-effective, budget-friendly research is important for every business, whether you’re an up-and-coming SMB or a well-established enterprise.

The right consumer intelligence tool  can transform your approach to market research in rapidly changing times, enabling your organization to act with agility and confidence.

You can read about these insights in more detail in our report on The Researcher of 2022.

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How one research agency navigated the challenges of automation Related Categories: Research Industry, Data Analysis, Marketing Research-General, Agile Research Research Industry, Data Analysis, Marketing Research-General, Agile Research, Artificial Intelligence / AI, Automation, Innovation, Software-Automated Reporting, Software-Data Analysis

Data Use: Beyond Excel: Why you should integrate software development tools and principles into your research Related Categories: Research Industry, Data Analysis, Marketing Research-General Research Industry, Data Analysis, Marketing Research-General, Automation, CX/UX-Customer/User Experience, Coding, Market Statistics, Software-Data Analysis, Statistical Analysis

8 Top Generative AI Companies Related Categories: Research Industry, Data Analysis, Marketing Research-General Research Industry, Data Analysis, Marketing Research-General, Artificial Intelligence / AI, High-Tech, Information Technology (IT)

Adapting to change: How marketing research can detect and avoid risks Related Categories: Research Industry, Data Analysis, Marketing Research-General Research Industry, Data Analysis, Marketing Research-General, Artificial Intelligence / AI, Data Security, Information Technology (IT), Research Industry – COVID-19

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Market research challenges

Turning challenges into strengths, final thoughts.

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5 Market Research Challenges And How to Turn Them into Strengths

Market research is one of the most important things a brand can invest in. Without good market research, your product is likely to be entirely unprepared for hitting the market.

That said, market research isn’t always easy, especially in this fast-changing world. Market researchers and analysts face significant challenges.

With the right tools and tactics, these challenges can be turned into strengths. But how?

Let’s take a look at five of the biggest challenges facing today’s market researchers, and how those challenges can be transformed into strengths.

Image sourced from proactiveworldwide.com

Limited access to relevant data

Market research is powered by data. Lack of (or limited) access to relevant data is a significant challenge for market researchers.

Often, the problem is not lack of access to data as a whole, but to relevant data. Market researchers may pull in a wealth of data, but to draw truly actionable insights that data needs to be pared down into the metrics that matter.

Unfortunately, the most relevant and useful data can also be hard to obtain. Data protection laws mean that companies cannot take sensitive data from customers without explicit permission. While things like anonymous surveys can help, gathering relevant data can still be difficult.

Without a degree of trust (and maybe an incentive), customers are often reluctant to hand over things like demographic information and their email addresses.

Complexity of data analysis

Image sourced from theaiminstitute.com

Data analysis can be complex. Even well-trained data experts may find it tricky to comb through the reams of available data, extract what is relevant, spot important patterns/anomalies, and draw useful insights.

Even when the data experts have drawn market insights from the available dataset, communicating what they’ve learned can be difficult. Due to the complex nature of data analysis, a phenomenon known as the ‘insight gap’ may occur.

The ‘insight gap’ is the space between what qualified data experts can discern and how decision-makers understand this. There are often communication failures between data analysts and management teams, which can lead to misinterpretation and confusion over what market research data is actually saying.

Changing consumer behavior and preferences

The fast-changing modern world is a major challenge for market researchers. Real-time insights from consumers are the gold standard of market research, but consumer preferences and behaviors can change very quickly. By the time the insights gleaned from your market research can be put into action, those insights may no longer be relevant.

We are living in a time of great market ambiguity. Needs, concerns, behaviors, and solutions fluctuate all the time. This can make it hard to pin down what your market needs from you at any given time.

Competitive intelligence

A big part of market research is competitive intelligence. To get a clear view of the market situation, it is vital to understand your competitors’ strategies, USPs, plans, and more.

However, collecting and analyzing competitive intelligence can be a difficult task. Competitors are naturally eager to keep their most valuable tactics to themselves, which makes it hard to glean deep insights.

While you can get a reasonable view of your competitors through things like monitoring their social media profiles, signing up to their marketing, a degree of networking, and things like product market-fit surveys , it’s harder to get insider-level information on competitor strategy.

Similarly, the sheer volume of competitor content out there can be overwhelming. Trying to sift through all competitor messaging and reverse-engineering it to reveal insights about their strategy is an enormous task.

Image sourced from datazymes.com

Budgetary constraints

Conducting market research is incredibly important for any brand that wants to get ahead. Despite this, it’s often hard to get leaders to properly invest in market research.

All too often, market researchers find themselves working on a shoestring budget. This means that they are unable to deploy the high-quality resources and expertise they need to gain truly actionable insights.

One problem is that market research is often seen as a means to a specific end. For example, market research will be done in sporadic bursts, perhaps before the launch of a big new marketing campaign or during the development of a new flagship product.

Ideally, market research should be continuously ongoing. This gives brands the agility they need to move with market fluctuations and anticipate big new trends. Despite this, it is rare for market researchers to get the kind of budget they need.

Leveraging technology and data sources

There is a wealth of data out there and you can draw a wealth of insights from the data you already have. The challenge is collecting and harnessing this data so you can use it.

The right automation and AIs can automatically gather data from relevant sources, filter it for relevance, and send it for further analysis. This is especially true if you have an integrated Enterprise Resource Planning system.

An ERP system integration will bring all of your customer, marketing, and product data into one central hub. From here, you can quickly and easily sort it into categories and extract the relevant data for your market research. It’s a fast and efficient way of getting high-quality data for effective market research.

Enhancing data analysis capabilities

Enhanced data analysis capability allows you to close the insight gap. A smaller (or nonexistent) insight gap can give you a considerable edge over your competitors. But how can you enhance your data analysis capabilities to the point where the insight gap disappears?

The answer, again, is a blend of technology and strategy. These are just a few of the factors that can have a huge impact on your data analysis capabilities:

• Regularly cleansing your data.
• Integrating data across departments.
• Improving your data collection  techniques.
• Clarifying outcomes and objectives.
• Improving communication between researchers, analysts, and leadership.
• Deploying the right tools.
• Training team members in data interpretation

Embracing agile research methodologies

Image sourced from greenbook.org

As mentioned above, market research is at its best when it is done on an ongoing basis. To achieve this, brands can use agile research methodologies.

Agile research involves collecting, testing, and analyzing data quickly and continuously. Rather than running long-form market research campaigns, agile brands use modern technology to quickly gather consumer feedback and test the waters of the market.

Automated market research platforms allow marketers to put together questionnaires within minutes and get relevant responses within hours. This allows for decisions to be made extremely quickly. In a fast-changing market, this speed is a huge strength.

The process can be sped up even further with the right business management software. ERP project management systems, for example, can give you greater research agility by allowing you to monitor your data and project development, so you know when new changes can be implemented.

Strengthening competitive intelligence efforts

Competitive intelligence can feel like a battle of wits between you and your competitors. But there are ways to strengthen your competitive intelligence efforts without having to resort to espionage!

The right technology is very useful. Marketing platforms like Sprout Social can monitor your competitors’ social media presence and provide you with insights. Similarly, you can use your CRM and/or ERP to gather consumer feedback on things like the competitor products they use and why they like/dislike them.

In general, enhancing your market research and your overall understanding of the market will give you the foundation you need to strengthen your competitive intelligence.

Optimizing research budget utilization

Optimizing a research budget doesn’t have to mean throwing more money at it. There are ways to increase your market research spending power without having to fight leadership for it.

For example, you could:

• Utilize the right technology and automation. These can do a huge amount of work very quickly and for a relatively low cost
• Prioritize your spending, and ensure that all of your budgets is being spent on tools, time, and methods that you genuinely need
• Try to obtain slightly more money than you think you need, in order to cover emergencies

Brands can gain a big competitive advantage by turning market research challenges into strengths. The right technologies and strategies can make a huge difference here.

By utilizing the right strategies in combination with the right technologies, it is possible to pull relevant data out of the sea of numbers, close the data insight gap, give your research more agility, and strengthen your competitive intelligence. What’s more, this can all be done for relatively low cost, enabling you to perfectly optimize your budget.

5 Market Research Challenges And How to Turn Them into Strengths FAQ

How can i ensure i am getting accurate market research data, conducting rigorous quality control checks throughout the research process is the best way to ensure you are getting accurate data. additionally, double-checking the data for patterns or inconsistencies can help you identify any potential issues., how can i make sure i am targeting the right people for my market research, it is important to identify your target audience and use the right methods to reach them. for example, if you are targeting a younger demographic, consider using digital methods such as online surveys to get their feedback., how can i ensure my research is cost-effective, consider using the most cost-effective research methods for your project, such as online surveys or focus groups. additionally, ensure you are negotiating the best possible rates for the research., how can i make sure i am getting actionable insights from my research, it is important to focus on getting insights that can be used to make informed decisions. consider asking specific questions that can be used to identify trends, patterns, and insights that can be used to inform decision-making., like what you see share with a friend..

Vimala Balamurugan

Vimala heads the Content and SEO Team at BlockSurvey. She is the curator of all the content that BlockSurvey puts out into the public domain. Blogging, music, and exploring new places around is how she spends most of her leisure time.

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5 Market Research Challenges (And How to Solve Them)

Tien-Anh Nguyen

December 31, 2013

Conducting buyer insights research can be overwhelming. From planning to the actual studies, there are a lot of responsibilities and hurdles to manage. Here are a few of the most common market research challenges that companies face, as well as some of the simplest solutions to get everyone up and running.

Few initiatives will provide your company with as many in-depth insights into your customers as effective buyer insights research. By asking your customers and prospective buyers the right questions you’ll further your understanding of:

• The distinct buying roles that exist in your buyer’s organization
• The different stages in the customer buying process
• The features that matter most to buyers’ business goals
• How your buyer views your product and your competitors’

While it provides a wealth of information, market research also comes with its share of challenges: generating support from stakeholders, difficulty contacting prospects, and unforgiving time constraints. Before you give up, we’d like to stress that the benefits of buyer insights certainly outweigh the challenges. Here are five of the most common market research challenges and the simply solutions to each.

The 5 Market Research Challenges (And Their Solutions)

Photo by : Michael Lokner 

Chief Business Officer at UserTesting

Tien Anh joined UserTesting in 2015 after extensive financial and strategic experiences at OpenView, where he was an investor and advisor to a global portfolio of fast-growing enterprise SaaS companies. Until 2021, he led the Finance, IT, and Business Intelligence team as CFO of UserTesting. He currently leads initiatives for long term growth investments as Chief Business Officer at UserTesting.

What’s in store for B2B marketing in 2024. Marketing expert Jon Miller shares his eight game changing predictions here.

ABM, or account-based marketing, is a powerful strategy to push relevant leads further down the funnel towards purchase. But for many companies, it’s often led by sales’ own criteria, rather than driven by powerful marketing data. Here’s how to do ABM the right way.

Ready to use paid advertising to grow your B2B startup’s customer base? Here’s an in depth guide to get you started.

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GRIT Report: Top Challenges in the Market Research Industry

Stop guessing at what Buyers want. The biggest disconnects between Suppliers and Buyers come from these unmet needs.

by Leonard Murphy

Chief Advisor for Insights and Development at Greenbook

Opportunities and Challenges in Market Research: A Look at Unmet Needs

In past editions of the GRIT Business & Innovation Report , we saw contradictory responses in participants’ views toward the greatest opportunities and challenges in the market research industry. What one segment considered to be a marketing research challenge, the other thought was an opportunity for innovation, and vice versa. There was no clarity on what the Opportunities and Challenges section hoped to achieve.

In this latest edition, we wanted a way to compare gaps between the actual and perceived needs of clients and suppliers. Our questions had to be cleaner if suppliers were to deliver on the needs of buyers. Thus the Opportunities and Challenges section evolved into Unmet Needs .

A Better Way to Ask

For the first time, we asked insights, Buyers, to describe their unmet needs, in particular, needs that could be filled by external Suppliers:

What, if anything, is the biggest need you have that could be filled by an external supplier, but currently is not?

We also asked Suppliers to articulate the needs that they think insights Buyers have that could be filled by external Suppliers:

What, if anything, do you think is the biggest need that insights buyers have that could be filled by an external supplier but currently is not?

If we don’t know there is a market research problem, we can’t fix it. But too often, we forget to ask what we don’t know. Defining unmet needs is the first step in filling them and moving the industry relentlessly forward.

The goals were to identify potential areas for innovation, as well as any areas of disconnect between Buyers and Suppliers. Areas of disconnect could indicate that Suppliers don’t understand what Buyers need, or it could mean that Suppliers have keen insights into the Buyer’s challenges that Buyers cannot see on their own.

Suppliers, for example, may have expertise that is quite different from a Buyer’s. They may have the objectivity of a participant-observer, and, most importantly, they likely have experience with a variety of Buyers and exposure to different ways that Buyers have addressed common insights challenges. Finally, if a Supplier has a different view of a Client’s market research challenges and the potential ways to address it than a client has….isn’t that why Clients hire them in the first place?

These were verbatim questions, and responses were coded and then further aggregated into categories. We have grouped the top ten topics in the accompanying chart for simplicity.

In fact, the entire set of needs is pretty well aligned across Buyers and Suppliers; the largest percentage differences are for creating business impact (Buyers are 7% higher) and innovative technology (Buyers are 5% higher). All other needs are mentioned within 3% of each other, which leaves us with the question of why there is a larger gap for Buyers’ most pressing needs.

Arguably, GRIT Supplier respondents are more diverse than Buyers, at least with respect to insight generation. Suppliers may specialize in particular areas and not have much insight into others, or perhaps they are jacks-of-all-trades but masters of none. In either case, they are likely to have a fragmented view of the insights world. Buyers, on the other hand, have the opportunity to “travel the world” by engaging different types of Suppliers and so on, gaining a more holistic, ringside view of the insights and analytics industry. Therefore, Buyers are more likely to be more homogeneous than Suppliers , to agree more, and, as a consequence, stand out more in a column or bar chart.

Suppliers differ with respect to creating business impact and innovative technology , and these differences are related to their areas of focus. If we consider only Strategic Consultancies and Full/ Field Service providers, the gap on creating business impact is only about 3% (28% for Buyers/25% for these Supplier types). If we consider only Technology providers, Buyers are actually 6% less likely to name innovative technology as a need. On the other hand, if we considered only Strategic Consultancies, Full/Field Service, and Data & Analytic providers, Suppliers look completely out of touch on innovative technology.

In fairness, however, these gaps are partially a function of limitations of the methodology. On average, Buyer comments touched 1.4 of these 10 categories while Suppliers averaged 1.3. Realistically, if you were a Strategic Consultancy or a Full/Field Service provider and you had one bullet, would you waste it on innovative technology or would you take a shot at business impact? If you were a Technology provider, would you take aim at creating business impact or innovative technology?

We mentioned that the verbatim comments were coded, then aggregated into 10 categories. If we peel off some of the individual topics, there’s another interesting finding.

Earlier in the report, we discussed how Buyers were more interested than Suppliers in new data sources, multiple data streams and so on. With respect to unmet needs, however, Suppliers are more than 3 times as likely as Buyers to name synthesis of results across multiple sources/types as an unmet need that a Supplier could fill. Further, this proportion holds pretty steady across Supplier types; each is at least 3 times more likely to mention this than Buyers, so this result is not driven by an outlier Supplier type.

There are possible explanations for this apparently counter-intuitive result. We could go back to the “single bullet theory,” but it doesn’t seem to fit this scenario as well as it did for creating business impact and innovative technology. If we flash back to the Organizational Success Factors section, we’d see that analyzing multiple data streams and synthesizing data from multiple sources were in the bottom half of Suppliers’ critical priorities. Fewer than half said synthesizing data was a best-in-class goal for them, and fewer than 40% said analyzing multiple streams was a critical priority. However, if only a third of those who felt these rated best-in-class attention mentioned synthesis of results across multiple sources/types as an unmet need, we’d easily achieve the 13% who mentioned it.

Why are Buyers so much lower than Suppliers? Perhaps synthesis of results across multiple sources/types is a salient issue for them, but they may have too many other priorities to mention before they get to this one. Or, perhaps they consider it to be an unmet need, but not an unmet need that Suppliers can fill. Fewer than half of Suppliers have made this a top priority, and many Buyers may not have met a Supplier that would be credible in filling this need.

It is interesting to note that many of the unmet needs mentioned aligning with priorities and benchmarking measures identified multiple times in earlier in this report. There is a definite theme that has emerged of both Buyers and Suppliers recognizing that consulting skills, analytics, and data synthesis, and more efficient insights generation are critical for the industry.

We also found it interesting to look at the ungrouped coded responses through the filter of Buyer organization positioning, which we identify in our GRITscape as strategically focused, tactically focused, or both.

Across all three groups, the use of technology and/ or innovative products is the most frequently mentioned unmet need.

The Top Unmet Needs

For Strategic & Tactical, the top 5 unmet needs are:

• Use of technology/product innovations
• Data Science / Statistics / Mathematics related
• Better insights
• Better samples/sampling/reach
• Understanding the client’s business/ Faster time to deliverables (tie)

For Tactical, the top 4 unmet needs are:

• Use of technology/product innovations and Better insights (tie)
• Better quality of research or data and Better samples/sampling/reach (tie)
• Understanding the client’s business
• Faster time to deliverables (tie)

Finally, for Strategic, the top 4 unmet needs are:

• Research and data automation
• Cheaper costs / Cost-effectiveness
• Behavioral science and related and Other research methods/approaches (tie)

Solving Market Research Problems Related to the Needs Gap

According to Buyers, Suppliers have roles to play in helping them fill unmet needs. Buyer needs range from business-focused to technology-related to analytics to core research skills; Suppliers happen to have specialties in strategic consulting, technology, analytics, and full-service research. On the surface, there may appear to be disconnects between how Suppliers see Buyer needs and the needs that Buyers actually have. However, if you focus on the perspective of the Supplier whose professional focus is best positioned to meet a particular need, Buyers and Suppliers are very well aligned.

Similar to arguments made elsewhere in this report and in the most recent GRIT editions, the key to closing the gap on unmet Buyer needs might be an “Avengers, assemble!” strategy: calling together the right portfolio of Supplier super-powers necessary to successfully combat specific and unique business challenges. Complex business challenges need to be met with the right set of skills and capabilities, and these are out there, but perhaps not under one roof. Someone must have the vision to diagnose the marketing research challenges, the ingenuity to define a solution, the knowledge to find the right skills and capabilities suited to the challenge, and the temperament to bring it all together.

Editor’s Note: This commentary is featured in the GRIT Business & Innovation Report . The latest Business & Innovation edition looks at the big picture of the insights industry and how individual organizations fit into this ecosystem. Learn how external changes (like COVID-19) are spurring innovation and how they impact business outcomes, expectations, and strategies. Also featured is the ‘ Top 50 Most Innovative Supplier’ list.

Read the full report>>

Leonard Murphy

100 articles

The views, opinions, data, and methodologies expressed above are those of the contributor(s) and do not necessarily reflect or represent the official policies, positions, or beliefs of Greenbook.

Comments are moderated to ensure respect towards the author and to prevent spam or self-promotion. Your comment may be edited, rejected, or approved based on these criteria. By commenting, you accept these terms and take responsibility for your contributions.

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The 4 top challenges and opportunities in market research industry

The 4th Industrial Revolution is technology-driven and will impact the business market unprecedentedly, adding US$14.2 billion to the global economy in the next 15 years (Accenture), and affecting industries. Within this context, if the market research sector wants to survive such a deep transformation, it must overcome significant barriers. But… what are the challenges for market research and how can this industry be accelerated?

The fourth industrial revolution is here

According to Klaus Schwab and many other experts, we are entering the so-called “4th industrial revolution”:

“Of the many diverse and fascinating challenges we face today, the most intense and important is how to understand and shape the new technology revolution, which entails nothing less than a transformation of humankind. We are at the beginning of a revolution that is fundamentally changing the way we live, work, and relate to one another. In its scale, scope and complexity, what I consider to be the fourth industrial revolution is unlike anything humankind has experienced before.”

First paragraph of the book “ The Fourth Industrial Revolution ”.

Klaus Schwab, Founder of the World Economic Forum.

In preparation for this revolution, many companies have already started their digital transformation to be more competitive, which by definition supposes a deep change in organizations. The digital transformation is much more than just the acquisition of technology: it demands that we are up to speed on new technological advances and implement those that fulfill strategic objectives. In this sense, Microsoft remarks that the transformation must encompass four basic pillars: optimization of operations, empowerment of workers, achievement of higher engagement with clients, and transformation of products.

Digital transformation will have a great impact on all sectors, and market research is no exception. On one hand, market research must think about how to apply the technology within the sector. And on the other hand, it must address important challenges associated with digital transformation such as loss of exclusivity at the time of obtaining insights on the clients. Next, the biggest challenges and opportunities are explained in detail.

Challenge 1: On the optimization of operations

One of the clearest effects of digital transformation on the market research sector has been the optimization of data collection processes . Currently more than 56% of today´s market research has been digitized (digitization process).

In quantitative research , data compilation carried out with digital technology surpasses 70%, which has helped collect large amounts of data, reduce prices and times, and improve data quality. In qualitative research , there is a slightly growing interest in online communities, but this currently only represents 37% of data collection.

Regarding other research tools, there are no concrete data but, for example, typical  neuromarketing  techniques such as implicit response tests have been digitized and can already be taken online (learn more about neuromarketing techniques ).

Nevertheless, technology can contribute even more to the sector, for example, through the automation of many operations required to carry out research. Although automation is already used for the development of graphics and infographics, in survey analysis, data analysis and analysis of social media, there is still a wide margin for automation and optimization of processes.

In this line, some experts estimate that 90% of the typical tasks  carried out in market studies could be automated in 10 years [ Dirk Huisman ] and that the probability of teleoperators, data transcriptors and encoders disappearing is 99%, while the probabilities of interviewers and market research analysts disappearing are 94% and 61% respectively [ Benedikt, C. y Osborne, M. A. ].

CHALLENGE 1

How to make better use of technology to offer more reliable and cheaper market research that will not disappear along the way?

Challenge 2: On the empowerment of the worker

Regarding the possibility of empowering the employees, the market research industry, as other sectors, has adopted cloud and mobile devices/technologies that have helped researchers collaborate anywhere, anytime. However, market research is technologically behind in comparison with other industries and should be aware of some innovations that start to be a reality . For example:

The use of collaborative platforms to outsource specific and limited tasks to market research professionals located anywhere in the world.

The use of virtual reality (VR) to train human resource interviewers to be more empathic.

The use of artificial intelligence (AI) tools to help the researcher (learn more about artificial intelligence and feelings ). It is especially interesting that ESOMAR has implemented an intelligent search tool ANA , to obtain 70-year data on scientific papers, videos and white papers, but ANA seems to remain underexplored and underutilized.

The use of new technologies, such as neurotechnology to improve cognitive performance of employees.

Being on the cutting edge and empowering employees is fundamental in the case of millennials , who do not accept to work in companies that are sub-optimal in this sense. Maybe this is why the data scientist is the most attractive and in-demand occupation of the 21st century, being much more attractive than the market researcher position, despite the fact that both professionals are responsible for obtaining actionable insights.

CHALLENGE 2

How to make use of technology to offer an attractive professional career and attract/retain talent in the industry?

Challenge 3: On how to connect with the client

During many years it has been said that “the customer is always right”. However the truth was that very few companies focused their strategy on the client. The digital transformation of the society has empowered  the client and this has changed the strategy of companies, which now focus on creating customer experiences : rather than being only good practice, now it is mandatory to be “customer-centric”.

The companies are not only concerned on whether their product is going to be sufficiently liked and purchased, but they also know that connecting with the client is increasingly important and that if they do not project attractive values and personality, sales will be affected. This is an excellent opportunity for the market research firms, as now, more than ever, it is important to know the consumer. However, technological companies have also detected this necessity (and also business opportunity), and numerous Big Data solutions have started to emerge, along with DIY (do it yourself) solutions that enable data collection from clients, putting at risk the privileged position once occupied by the market research industry. Nowadays, traditional market research is no longer the only way to obtain consumer insights .

The development of Big data is unstoppable: real-time data that is currently already collected (such as the digital behavior of consumers) will be soon complemented by data from the Internet of Things IoT (information on how consumers relate to any object) and from the revolution of wearables with neurotechnology (information on the emotional and cognitive reactions of consumers). Regarding the latter, it will be very important to implement ethics to support the use of neurotechnology in our society.

CHALLENGE 3

How to coexist the new “parallel world” to market research created by Big Data and DIY?

Challenge 4: On how to transform products/services

The digital transformation of companies leads to indispensable  innovation in the development of products and new business models . Highly technological startups have been converted into references to all types of companies. More specifically, the extremely popular Lean Startup methodology created by Eric Ries in 2011 is crucial to with traditional market research methods, as a tool to design new innovative products or business models.

According to Ries, companies must establish a market hypothesis , design a basic version of the product to validate the hypothesis (the so-called minimum viable product, MVP), place it in the hands of clients and target market, and then observe and learn whether the hypothesis was actually correct. Once there is sufficient and validated knowledge, this process is repeated with a new hypothesis. With this iterative process, business decision-making is agile and risks are reduced when launching innovative products because failures are detected early and can be corrected in time.

CHALLENGE 4

How to address the perception that market research is not compatible with agile methodologies and innovation?

Some additional opportunities, ideas and thoughts

Thanks to the artificial intelligence tool ANA, we have analyzed the information compiled by ESOMAR since January 2011 on  the future of market research  and we now share some ideas and new opportunities:

• Industry must develop a more powerful brand identity.
• High standards must be defended and valued, along with the rigorousness of industry and the capability of asking the right questions.
• Innovation is mandatory and agility and intelligence must be added to processes in a proactive manner (it might be too late to do this later on…)
• It is important to understand which research methodology is better for each specific problem: “What” versus “Why”.
• It is necessary to find partners and generate collaborations that help us grow, adapt and learn. And as a result, offer more holistic investigation approaches.
• Business and strategic recommendations must be made, based on the results of the research. The “must know” has to be separated from the “nice to know”. Focus on the message and not on data.

Therefore, the implementation of these ideas is absolutely mandatory for the market research sector to face the technological revolution that emerges, but it is still unknown whether this will be sufficient. The changes that will come in the following years are unpredictable.

These and many more ideas were debated in the digital research event La @ de AEDEMO , in which María López, Bitbrain’s CEO participated.

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Bitbrain pioneers cutting-edge neurotechnology with exceptional usability for comprehensive multimodal monitoring .

Market research - top challenges and ways to overcome them

Research provides valuable insights into customer behavior, competitors, and market trends and should never be overlooked. In this blog post, you'll explore some of the top challenges market researchers face today and discuss ways to overcome them.

Sandra Idjoski , Gordana Lasković

As the business environment becomes increasingly complex and fast-paced, market research professionals are facing several challenges that can make their work difficult.

Research provides valuable insights into customer behavior, competitors, and market trends and should in no way be left behind.

In this blog post, we'll explore some of the top challenges market researchers face today and discuss ways to overcome them.

Lack of reliable data

One of the biggest challenges in market research is ensuring that the data you collect is both accurate and reliable .

Many companies struggle to find reliable sources of information and are unsure of the accuracy of the data they receive. Inaccurate data can lead to poor decision-making and ultimately hurt a business's bottom line.

According to a study by the Marketing Research Association, 53% of market research professionals report that data quality is their biggest concern .

To overcome this challenge, there are several ways to ensure reliability during research:

Establish a repeatable, scalable, and robust data collection process

This means embedding consistency at every phase of your research project, carefully evaluating the methods you (or your market research agency) use, and asking yourself:

“Is there a better way of doing this?”

And in most cases, there is .

Invest in a proper solution

Using a platform that combines different types of research data can help companies get a better understanding of their customers. This is called platformification .

Platformification is a plug-and-play business model that allows multiple participants to connect to it, interact with each other, and exchange value. – Ron Shevlin, Managing Director of FinTech Research

In other words, platformification is the process of using technology platforms to improve data collection and analysis, to deliver better and faster insights. It makes it easier to see connections between different pieces of information and helps researchers make better decisions.

It also allows researchers to use modern technology to gather information quickly. And, with the right platform, anyone in a company can do research without needing special training.

For market researchers, this means they can use advanced statistical analysis tools to enhance their findings and gain more knowledge from the same amount of data. Additionally, platformification can also be used by professionals to lead teams with data-driven decision-making.

This is an exciting way for companies to do market research more efficiently. It also allows you to gain better and faster insights , make data-driven decisions, and improve the performance of teams and organizations.

Clearly define research methods, analysis, and use the right tools

Conducting research is an integral part of any business, and having a platform that offers a wide range of research methods can make all the difference. With the ability to collect and analyze both quantitative and qualitative data, you can adapt to any project needs.

But it's not just about the data itself, it's also about how you analyze it .

Using the right tools and technology can help you make sense of different types of data, including structured and unstructured data.

One great example of this is being able to capture and understand customer sentiment and engagement through open-text responses from various channels.

This can provide valuable insights that can help guide your business decisions.

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Establish collaboration across the company

A collaborative research approach ensures that there is learning that happens within the organization not just outside of it.

By having a centralized platform, teams can work together efficiently and effectively. It certainly takes time and effort to build a collaborative workplace, but the payoff is well worth it.

On the one hand, researchers get access to various know-how and expertise from professionals across the organization. On the other, by fostering strong relationships with other departments, market researchers become valued advisors and strategists.

Regular check-ins throughout the project, including before, during, and after, can help track progress, identify any issues, and continuously improve the process.

This approach can also help to embed market research as an integral part of key decisions across departments.

Limited budget

Let's face it, working with a tight budget can be a real pain for market researchers. After all, to gain a deep understanding of your target market and make informed decisions, you need the right tools and resources to collect and analyze data.

But what do you do when the budget is just not there?

Well, don't throw in the towel just yet!

There are plenty of ways for market researchers to overcome this challenge and get the insights they need, without breaking the bank.

Here are a few tips to help you get started:

• Get creative with data collection : There's no need to spend a fortune on fancy survey tools or focus groups. Utilize online survey platforms that offer free plans or low-cost options, and leverage social media and online communities to gather data and insights.
• Think small : Conducting a smaller-scale study can still provide valuable insights, and it won't cost you an arm and a leg.
• Collaborate : Partnering with other organizations or academic institutions to share resources and costs can help you stretch your budget further.
• Use open-source data : There's a wealth of publicly available information that can be used for market research, so don't overlook this valuable resource .
• Be selective : It's important to be selective about research projects and focus on the most important and impactful ones that will drive business growth.

By being resourceful and utilizing cost-effective methods , market researchers can still gain valuable insights , even on a tight budget.

So don't let a limited budget hold you back from understanding your target market and making informed decisions.

According to a study by the Marketing Research Association, businesses that invest in market research see an average return on investment of 591%. Therefore, companies need to overcome these challenges to gain valuable insights and make data-driven decisions.

Facing competition

Increasing competition from other brands is a major challenge for marketers and businesses in general in 2023. To stay ahead on top of the competition and their next steps, conducting a competitive analysis is crucial.

By examining your biggest competitors' websites, social media, and search keywords, you can identify their strengths, weaknesses, and gaps in strategy.

Reviews and opinions of their users can be extremely helpful when deciding on what you should highlight in your communication as you directly see what people value most.

Use this information to create a unique selling point and innovate on what your competitors are missing.

Make sure to not copy the competition but instead stand out with new ideas and strategies.

Market research is a vital tool for businesses looking to stay ahead of the competition and make data-driven decisions.

By understanding your target audience, tracking your competitors, and staying on top of the latest industry trends, you can uncover valuable insights that give your brand the edge it needs to thrive.

With the right approach , and the use of modern technologies, market research in 2023 can help you uncover hidden opportunities that can revolutionize your business.

So, don't be afraid to dive deep into your research and explore new methods. The insights you uncover could be the key to unlocking your brand's true potential and taking it to new heights.

Remember, in today's fast-paced market, staying informed and adaptable is the key to success .

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Six challenges facing Market Research and Insights

Posted by Ray Poynter, 5 August 2019

One of the questions I am often asked relates to the challenges facing market research and insights. The first thing to highlight is that the world of market research and insights is a very diverse group, including leaders of client-side insight teams, leaders and entrepreneurs from research agencies, leaders of suppliers to the research industry (e.g. panel and software companies), and employees of all of these (ranging from neophytes to veterans). Some of the key points are the same for all of these groups, but for some situations the emphasis is different.

Here are six key challenges.

• The need for speed
• The decline of science
• The human dimension

What AI? When? How?

• New business models

The Need for Speed

Most of the projects that organisations undertake are not research projects. They are projects where research can provide help, but they are not research projects. A new product is not a research project, the management of 160 stores is not a research project, and optimising the media mix from a new advertising campaign is not a research project. The speed of business is getting faster; agile product development, real-time, big data integrating with the management of stores, and programmatic advertising is taking the human out of the process. If research is going to expand its role, to promote the use of evidence-based decision making, it needs to operate at the speed of business.

Things that will help deliver increased speed are standardisation, automation, AI, and new business models.

There is too much data to handle in the ways we used to handle data. The data streams that are available today are not being adequately blended to maximise their usefulness. There are two key aspects to curation:

• Reducing the size of information presented to users. When the size of the data doubles, the size of the delivered answer should normally not increase. When the data becomes 1000 times bigger, the size of the answer should remain short and succinct.
• Drawing information from different sources to provide a clear and succinct answer. Note, blending data should not result in a bigger answer, just a better answer.

Curation is one of the key skills that needs to be taught to insight professionals. Curation is the art and the science of extracting answers that help businesses make better decisions. There is also a need for a major change from the suppliers of analytic and visualisation software. At present most software providers highlight how much they can produce, but they need to find a way of highlighting how little they need to produce to provide the relevant answer. One of the interesting developments in AI is the growth in summarising techniques (including topic modelling).

The Decline of Science

There seems to be a decline in the confidence in science and an increase in the acceptance of opinion. The rise of interest in the Dunning-Kruger effect is perhaps a symptom of this change. It is clear that there are many leaders, followers, and others who feel their views on climate change, the impact of trade tariffs, and the economic consequences of Brexit are equally valid to those of the experts.

The challenge for insight professionals is that evidence from research that contradicts the views of stakeholders is likely to be ignored. This change means that the rise of tools such as video and storytelling even more important. Insight professionals may choose to use science to find their answers, but they need to utilise emotional techniques to convey their results.

The Human Dimension

In the rush to big data, automation, and AI, the human dimension is becoming increasingly important. The more we know what people do, the more we need to know why they do it and what interventions might cause people to change what they do. Market research has always focused on understanding people, and since the 1940s has sought to do that by utilising both qualitative and quantitative approaches. Key elements of this human-centric focus will include:

• Establishing what the business question really is.
• Defining a research question, something that research can find out that will help answer the business question.
• Understanding the research results. With Big Data, AI and automation the calculation of the results will increasingly be a task for data scientists and bots, but the interpretation requires human insight.
• Finding the story in the results.
• Communicating the story in ways that lead to action.

Automation is now a mainstream component of market research and insights, but there are a large number of questions about how and when AI is going to be deployed more widely in market research. We are seeing some early steps in areas like panel management, the coding of open-ended comments, speech-to-text translation for video, sentiment analysis, and chatbots. However, none of these have made major changes, yet. For example, companies not using AI are still able to compete.

Coming back to the issue of speed, I think the key developments will be those that facilitate faster research. I foresee three levels of AI

• Things which optimise processes (data cleaning, routing, management etc)
• Things which improve the scope of DIY tools – so non-experts can do more, and do it quicker and safer.
• Things that will enable power users to do more. One of the key shortages in the future will be in the area of experts (including data scientists, business analysts, and ethnographers) – tools that make experts more productive (i.e. faster) will be valuable.

New Business Models

The traditional research model was that a client would speak to a small number of agencies, and issue RFQs. The agencies would bid for the project, centring their timeline and costing on the data collection process, and one agency would be appointed. The project would then be conducted and debriefed, with the focus of the presentation being the research that has just been conducted.

Clients are increasingly finding this business model, based on commissioning data collection, does not work for them. Data is cheaper, data is plentiful, data sources need blending, and the value is in the answers, not in the process. Models with low marginal costs (for example a simple, automated project from a self-serve portal), or a DIY project, or a project that is part of a subscription (e.g. an online community) are all more attractive than the traditional model. Perhaps other new models will appear, for example, perhaps somebody will get the market place model to work. Or perhaps a gig economy system where an app or company sits between end clients and large numbers of skilled freelancers will evolve. But I think it is clear the old business model will decline.

Advice to Young Researchers

Whilst the picture is different for different people, the group I am most often asked about are the people new to the world of market research and insights. Here are my thoughts specifically for them.

• Understand business – for example, how does your client make its money?
• Understand people – even data scientists need to understand motivations and psychology
• Be T-shaped – have a broad understanding of the core skills for market research and insights and have a deep speciality (it could be coding, it could be semiotics, it could be visualisation – the topic almost doesn’t matter, as long as you are good at it and passionate about it).
• Learn how to be fast – keep looking for approaches, tools, methods, apps etc that will allow you to work faster than other people around you.

7 thoughts on “ Six challenges facing Market Research and Insights ”

You are so on point – as always. Great summary. Thanks for providing such a well articulate synopsis! I will be quoting you – if that’s ok!?

Thanks Janet, always happy for my things to be used, that is part of why I put them out there.

As insightful as ever Ray. It’s interesting to me that you point out the “decline of science” yet numbers are still king in so many places. There is a misconception that Qualitative = Opinion when, in fact, it’s simply additional data to curate.

My advise to more experienced researchers is to challenge the status quo. Just because you’ve always done it this way doesn’t mean you need to continue to do it the same way. Occasionally go back to the start: “What is it that the business needs to make great decisions?”

Ray. I found your analysis of the main challenges facing market research spot on. Thank you for these observations and reflections. Looking on the positive side – if as a industry we become the go-to experts in being the wide angle lens of organisations, able to make sense of (curate) multiple sources of (often imperfect) data, then we will always be in demand. If we add to this the ability to create powerful business solutions by applying agile methodologies – mastering the build the plane as you fly it philosophy – then this will further strengthen our position. And, if we can boost our capabilities as storytellers, able to tell the insight story in an influential and persuasive way, then we will be offering organisations a powerful skills package – particularly if we cultivate the ability to win both the evidence based (rational) and the emotional argument. Mastering these skill-sets is a challenge, but as an industry we start from a sound platform. A lot of our success will be about thinking big, believing in ourselves and enjoying the journey to the next level of what it takes to be a high performing customer insight professional. David Smith

Hi Ray – many thanks for an excellent and very thought-provoking article.

The sentence that stands out for me is when you speak about new business models, and clients finding self-serve portals, DIY/ subscription projects being more attractive than the traditional model for data collection.

I do agree with you, but would be really interested to hear your thoughts on whether you feel the profile (i.e. skill-set/ job role) of the clients responsible for the data collection and analysis is changing/ has changed too?

We know the numbers of those working in a pure insight function in client companies have been on the decline for a while, so do you think there is a still a future role for an insight professional within this new model, or do you think that role will be squeezed by marketers/others at the front end and the data scientists at the back?

One of the questions any industry has to pose from time-to-time is what are our core competencies. Like you I think the ability to understand business problems and to employ critical thinking to answer them is a core competence we need to have to thrive over the next 20 years.

Any article mentioning Dunning-Kruger makes me clap in glee.

The advice for younger researchers to understand their client’s business, so important. And appreciated by the client. That should drive the study design more than anything else imo.

Using video as an example of ‘unambiguous’ data point sure is a good recommendation. Also, that does liven up a research report.

Thanks, Ray for sharing this.

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Common Challenges Faced by Market Research Analysts

Introduction.

Market research analysts play a crucial role in businesses by analyzing market trends and consumer behaviors. They gather and interpret data to help companies make informed decisions. Their work involves studying market conditions to assess potential sales of a product or service. The importance of market research analysts cannot be overstated. They provide insights that guide product development, marketing strategies, and business expansion. By understanding consumer preferences and market dynamics, they help companies stay competitive and make strategic decisions. Despite their critical role, market research analysts face several challenges in their work. One significant challenge is data accuracy. Analysts must ensure that the data they collect is reliable and representative. Inaccurate data can lead to flawed insights and misguided business strategies. Another challenge is dealing with data overload. Analysts often have access to vast amounts of data from various sources. Sifting through this data to find relevant information requires careful analysis and time management. They must also stay updated with the latest tools and techniques to handle complex data efficiently.

Lack of sufficient data

The challenge of not having enough data to make informed decisions.

Market research analysts often grapple with the challenge of insufficient data. Limited data impedes their ability to make well-informed decisions. When data is scarce, analysts struggle to form accurate insights into market trends and consumer behaviors. This lack of data can result in flawed conclusions and ineffective business strategies. For instance, decisions about product launches or market entry may be based on incomplete information, leading to suboptimal outcomes. Insufficient data also hinders the ability to predict market changes or customer preferences, which can impact strategic planning and competitive positioning.

Ways to Overcome This Challenge, Such as Conducting Additional Research or Utilizing Secondary Data Sources

To address the challenge of insufficient data, analysts can employ several strategies. One effective method is conducting additional research. This can involve designing and implementing new surveys, focus groups, or interviews to gather more relevant data. By expanding their research efforts, analysts can obtain a more complete view of the market. This additional data can help fill gaps and improve the accuracy of their findings. Utilizing secondary data sources is another valuable approach. Secondary data refers to information that has already been collected by other researchers or organizations. Analysts can access industry reports, academic studies, and government publications to supplement their primary data. By integrating secondary data, analysts can enhance their analysis and provide more robust insights. Combining primary and secondary data sources can also be beneficial. Analysts should integrate various data sets to cross-verify findings and strengthen their conclusions. This triangulation of data helps mitigate the limitations of individual sources and improves overall accuracy. Evaluating the reliability and relevance of secondary data is crucial. Analysts must carefully select data that aligns with their research objectives and market context. This ensures that the supplementary information adds value and supports their analysis effectively. Data modeling and simulation techniques can also help address insufficient data. Analysts can use statistical models to estimate missing data points based on existing trends. These methods provide provisional insights and help bridge the gap until more comprehensive data is available. The challenge of insufficient data in market research requires proactive solutions. By conducting additional research, leveraging secondary data sources, and employing data modeling techniques, analysts can overcome this hurdle. These strategies enhance data accuracy and support more informed decision-making, ultimately leading to better business outcomes and strategies.

Keeping up with rapidly changing market trends

The difficulty of staying updated on market trends in fast-paced industries.

Market research analysts face significant challenges in keeping up with rapidly changing market trends, particularly in fast-paced industries. The speed at which trends evolve can overwhelm analysts, making it difficult to stay informed. Industries like technology and fashion experience constant shifts in trends and consumer preferences. Analysts must sift through a vast amount of information to determine which trends are worth noting. The volume and velocity of data make it challenging to discern meaningful patterns from fleeting fads. Balancing the need to stay updated with established patterns adds to the difficulty, requiring analysts to be both agile and informed.

Offer Strategies for Staying Current, Such as Attending Industry Conferences or Subscribing to Relevant Publications

To effectively navigate this challenge, analysts can adopt several strategies to stay current with market trends. Attending industry conferences is a highly beneficial approach. Conferences offer direct access to expert opinions and the latest industry insights. They provide opportunities to network with peers and learn about emerging trends and innovations firsthand. Engaging in these events helps analysts stay ahead of new developments and enhance their knowledge base. Subscribing to relevant industry publications is another effective strategy. These publications deliver in-depth analyses, forecasts, and updates that are crucial for staying informed. Regular reading of these resources helps analysts keep up with new developments and trends. Publications often include case studies and success stories that illustrate current market dynamics. Leveraging technology can also aid in staying current with market trends. Data analytics tools offer real-time tracking of market changes and trends. These tools provide visualizations and insights that highlight significant changes and emerging patterns. Integrating these technologies into daily workflows allows analysts to adapt quickly to new information. Joining industry forums and online communities provides additional support. These platforms facilitate discussions with peers and experts, offering diverse perspectives on recent trends. Engaging in these communities helps analysts identify emerging trends that may not yet be widely recognized. Maintaining professional relationships with industry insiders is crucial for trend awareness. Networking with experts and colleagues can provide valuable insider information. These connections often offer early warnings about upcoming market changes, giving analysts a head start in their research. Finally, continuous learning is essential for market research analysts. Pursuing additional training or certifications can enhance their skills and knowledge. Staying educated on the latest best practices and methodologies helps analysts remain adaptable in a fast-changing market environment. In fact, staying updated on rapidly changing market trends presents a significant challenge for analysts. However, attending industry conferences, subscribing to relevant publications, leveraging technology, engaging in industry forums, maintaining professional relationships, and pursuing continuous learning can all help. By employing these strategies, analysts can navigate the complexities of fast-paced industries and deliver accurate market insights.

Balancing Quantitative and Qualitative Research

The challenge of balancing quantitative data analysis with qualitative insights.

Market research analysts face a significant challenge in balancing quantitative data analysis with qualitative insights. Quantitative data provides measurable and objective results, ideal for identifying patterns and trends. It relies on statistical methods and numerical measures to deliver concrete evidence. However, quantitative analysis alone might not capture the underlying reasons behind these patterns. Qualitative research, including interviews, focus groups, and case studies, offers rich, detailed insights into consumer attitudes and behaviors. It adds context and depth to the data, revealing motivations and feelings that numbers alone cannot explain. Balancing these two approaches is crucial to obtain a comprehensive view of market dynamics. The challenge lies in integrating these different types of data effectively. Quantitative methods can generate broad trends, but they may lack the nuance that qualitative research provides. Conversely, qualitative insights might be too specific without the broader context offered by quantitative data. Finding a way to combine these perspectives enhances overall analysis but requires careful management.

Tips for Achieving a Balance, Such as Using Mixed Research Methods or Collaborating with Other Team Members

To achieve a balance, analysts can employ mixed research methods. Begin with quantitative research to gather generalizable data and identify patterns. Use surveys, statistical analysis, and numerical data to build a foundational understanding. Complement this with qualitative research to explore underlying reasons and gain deeper insights. Techniques like interviews and focus groups can reveal the context behind the quantitative results. Collaborating with team members who have expertise in both quantitative and qualitative research is another effective strategy. A diverse team can integrate different perspectives and skills. Quantitative analysts can focus on data collection and statistical analysis, while qualitative researchers can interpret the context and meaning behind the data. Regular team discussions ensure that both approaches are effectively combined. Leveraging software tools can also facilitate balancing quantitative and qualitative research. Advanced analytics platforms can handle both types of data, providing a comprehensive view. Data visualization tools can present quantitative results clearly, while text analysis tools can extract themes from qualitative data. Using these tools together helps in creating a well-rounded analysis. Setting clear objectives for each phase of research is crucial. Define what insights are expected from quantitative data and what questions qualitative research should address. This clarity ensures that each method complements the other and meets specific research goals. Incorporating feedback from stakeholders can guide the balancing process. Stakeholders often have specific expectations and requirements regarding data analysis. Understanding their needs helps in aligning both quantitative and qualitative efforts. Their input can also indicate areas where more detailed qualitative exploration is needed. Lastly, be flexible and ready to adjust the balance as the research progresses. Initial quantitative findings might prompt further qualitative investigation, or qualitative insights may necessitate additional quantitative testing. Adapting to new discoveries ensures a dynamic and thorough approach to market research. Balancing quantitative and qualitative research involves using mixed methods, collaborating with team members, leveraging software tools, setting clear objectives, and being adaptable. This approach ensures a comprehensive understanding of market trends and consumer behavior.

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Dealing with limited budgets

Address the challenge of conducting thorough research with limited financial resources.

Market research analysts often face the challenge of working with limited budgets. Conducting thorough research with restricted financial resources can be daunting. Analysts must prioritize research objectives to focus on the most critical aspects. Clearly defining goals and narrowing the study scope helps allocate resources to the most impactful areas and avoid unnecessary expenditures. Leverage existing data sources to reduce costs. Publicly available reports, industry publications, and databases offer valuable insights without additional expenses. Utilizing data from previous research projects or internal sources can also supplement new findings. Collaborate with other departments or organizations. Partnering with industry peers or academic institutions provides access to additional resources and expertise. Joint research initiatives can share costs and enhance the study’s depth. Building these partnerships fosters valuable relationships for future projects. Monitor and review budget allocations regularly. Keeping track of expenses and assessing alignment with research goals helps identify areas where costs can be reduced or reallocated. Regular reviews ensure that the budget is used effectively.

Suggest Cost-Effective Research Methods or Tools That Can Help Maximize Budget Allocation

Utilize cost-effective research methods to stay within budget. Online surveys are a low-cost option for gathering data. Platforms like SurveyMonkey or Google Forms allow analysts to create and distribute surveys easily. These platforms also provide a range of analysis tools to interpret results efficiently. Engage with social media for insights. Social media platforms offer a wealth of data at minimal cost. Tools like Google Trends or social listening platforms track trends and public sentiment. Monitoring social media conversations provides real-time insights without extensive financial investment. Use data visualization tools to maximize the impact of research. Tools like Tableau or Power BI help present findings clearly and effectively. Many of these tools offer free versions or trials, making them accessible on a tight budget. Effective visualization makes data interpretation straightforward and actionable. Consider adopting agile research methodologies. Agile methods focus on iterative processes and rapid feedback. Conducting smaller, iterative research phases allows analysts to adjust their approach based on findings, avoiding overspending on unproductive strategies. Outsource specific tasks when necessary. While outsourcing adds costs, it may be more economical than hiring full-time staff for specialized tasks. Freelancers or consultants can provide expertise in areas such as data analysis or report writing, often at a lower cost than in-house resources. Most importantly, addressing the challenge of conducting thorough research with limited budgets requires strategic planning and creative solutions. By utilizing cost-effective methods and leveraging available resources, analysts can maximize their budget and conduct valuable research efficiently.

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Interpreting and presenting complex data

The struggle of analyzing and effectively communicating complex data to stakeholders.

Market research analysts often face challenges when analyzing and presenting complex data. One key struggle is transforming large datasets into clear, actionable insights. Analysts must sift through intricate details and statistical analyses, which can be overwhelming. Communicating these findings to stakeholders who may lack technical expertise adds another layer of difficulty. The data, while rich and detailed, can become obscured by its own complexity. Stakeholders may struggle to grasp the essential insights if the presentation is too technical or cluttered. Another issue is selecting appropriate visualization methods. Advanced statistical techniques and detailed graphs might be difficult for non-specialists to interpret. Overly complex visuals can confuse rather than clarify, leading to misunderstandings. This can result in stakeholders misinterpreting the data, which can affect decision-making and strategy development.

Offer Recommendations for Simplifying Data Visualization and Storytelling to Enhance Understanding

To overcome these challenges, analysts should prioritize simplicity in data presentations. Start by using straightforward visuals such as bar charts, pie charts, and line graphs. These types of charts can effectively highlight key trends without overwhelming the audience. Clear labels and color coding can further enhance the clarity of these visuals, making the data more accessible. Storytelling is another crucial tool for improving data communication. Frame data within a narrative that contextualizes the findings. A compelling story can make complex data more relatable and engaging for stakeholders. This approach helps in illustrating the significance of the data and guiding the audience through the insights. Including a summary or executive overview can also be beneficial. This section should distill the core findings into a concise format, allowing stakeholders to quickly understand the main points. The summary serves as a prelude to more detailed discussions if needed, ensuring that key messages are communicated effectively. Interactive elements can further enhance data presentations. Using interactive dashboards or visualizations allows stakeholders to explore the data on their own. This hands-on approach can help users focus on specific areas of interest and gain a deeper understanding of the information. Finally, seek feedback from stakeholders to refine presentation techniques. Understanding their needs and preferences can guide improvements in how data is communicated. Regular updates based on feedback ensure that presentations remain effective and relevant, enhancing overall comprehension and impact.

Read: HR Specialist vs. HR Manager: Duties, Pay, and More

Handling Tight Deadlines

Explore the pressure of delivering timely research results within tight deadlines.

Market research analysts often face intense pressure to deliver results quickly. Tight deadlines can create a high-stress environment where accuracy and speed must coexist. Balancing the need for detailed, reliable data with the urgency of meeting deadlines is a significant challenge. Analysts must perform under pressure, ensuring that their research is both timely and precise. The demand for swift turnaround times can lead to long hours and increased stress, potentially impacting the quality of the work if not managed properly.

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Propose Time Management Techniques and Strategies for Prioritizing Tasks to Meet Deadlines

To handle tight deadlines effectively, analysts can use several time management techniques and strategies:

• Prioritizing Tasks: Identify and tackle the most critical tasks first. By focusing on high-priority items, analysts ensure that essential aspects of the project are completed on time. This strategy helps in managing deadlines without compromising on quality.
• Creating a Detailed Schedule: Break down projects into smaller, manageable tasks. Allocate specific time blocks for each task to stay organized and meet deadlines. A structured schedule helps analysts monitor progress and avoid last-minute rushes.
• Time-Blocking: Dedicate specific time slots to individual tasks. This technique enhances focus and efficiency by minimizing distractions and ensuring that each task receives adequate attention. Time-blocking helps in maintaining a steady workflow.
• Using Project Management Tools: Leverage tools like Gantt charts or task management software. These tools assist in visualizing workloads, tracking deadlines, and monitoring progress. They facilitate better organization and communication within the team.
• Setting Realistic Deadlines: Communicate clearly with clients or stakeholders about achievable deadlines. Setting realistic deadlines prevents over-promising and under-delivering, reducing stress and maintaining high-quality work.
• Delegating Tasks: Share responsibilities with team members when working on larger projects. Effective delegation allows analysts to focus on high-priority tasks while others handle supplementary activities. This approach distributes the workload and helps in meeting deadlines.
• Adopting Stress Management Techniques: Incorporate regular breaks, exercise, and maintain a healthy work-life balance. Managing stress effectively enhances productivity and helps analysts cope with the pressure of tight deadlines.

By implementing these strategies, market research analysts can navigate the challenges of tight deadlines more effectively. Prioritizing tasks, staying organized, and managing stress are key to delivering timely and accurate research results.

Read: How HR Specialists Navigate Remote Work Challenges

Navigating Ethical Considerations in Market Research

The ethical dilemmas that market research analysts may face.

Market research analysts encounter various ethical dilemmas that can affect their work and reputation. One major challenge is data privacy concerns. Analysts often handle sensitive information about individuals and companies. Protecting this data from unauthorized access is crucial. Data breaches can lead to severe consequences, including legal action and loss of trust. Another ethical issue is biased research practices. Analysts must ensure that their research methods and results remain impartial. Bias can distort results and mislead clients. To prevent bias, analysts should use diverse data sources and avoid manipulating findings to fit preconceived notions.

Guidelines for Upholding Ethical Standards and Maintaining Integrity in Research Processes

To uphold ethical standards, analysts should adhere to clear guidelines. First, they must obtain informed consent from participants before collecting data. Participants need to be aware of how their data will be used and agree to its use. This practice ensures transparency and respects participants’ autonomy. Second, analysts should implement robust data protection measures. Secure systems for storing and processing data are essential. Encryption and access controls can help safeguard sensitive information. Regular audits of data handling practices also help prevent security lapses. Third, analysts should follow established codes of conduct from professional organizations. These codes provide frameworks for ethical decision-making and conduct. For example, the American Marketing Association’s Code of Ethics outlines principles for ethical research practices. Adhering to these guidelines helps maintain professionalism and trust. Additionally, analysts should disclose any conflicts of interest that may affect their work. Transparency about potential biases or financial interests helps clients understand the context of the research. This practice enhances credibility and trustworthiness. Moreover, analysts should provide accurate and honest reporting of research findings. Misrepresenting results to favor a client or conceal unfavorable outcomes compromises research integrity. Clear, honest communication helps clients make informed decisions based on reliable data. Training and education in ethical practices are also vital. Analysts should regularly update their knowledge of ethical standards and best practices. Workshops and courses on ethics in market research can help analysts stay informed and avoid common pitfalls. Finally, analysts should foster a culture of ethics within their organizations. Encouraging open discussions about ethical issues and supporting ethical decision-making promotes integrity. A strong ethical culture helps prevent unethical practices and supports overall research quality. Navigating ethical considerations in market research requires vigilance and adherence to established guidelines. By focusing on data privacy, avoiding bias, and upholding transparency, analysts can maintain integrity and deliver reliable, trustworthy results.

Coping with job burnout

The risk of burnout due to demanding workloads and high-pressure environments.

Market research analysts often face the risk of burnout due to demanding workloads and high-pressure environments. Long hours, tight deadlines, and the constant pressure to deliver accurate insights can be overwhelming. These factors can contribute to job-related stress and eventually lead to burnout. Recognizing the signs early is crucial for addressing this issue before it worsens. Symptoms such as fatigue, irritability, and reduced performance may indicate burnout. Ignoring these symptoms can have severe consequences for both health and job satisfaction.

Self-Care Practices, Stress Management Techniques, and Seeking Professional Support to Prevent Burnout

Implementing self-care practices is essential for coping with job burnout. Regular exercise helps in reducing stress levels and improving mood. Physical activity releases endorphins, natural stress relievers. Additionally, maintaining a balanced diet and ensuring adequate sleep are vital for overall well-being. Incorporating mindfulness practices, such as meditation or deep breathing exercises, can further alleviate stress and promote a calm mindset. Stress management techniques are also crucial in preventing burnout. Effective time management, such as setting clear priorities and breaking tasks into manageable parts, can help handle workloads more efficiently. Creating a supportive work environment is equally important. Open communication with supervisors about workload and stress levels can lead to necessary adjustments and support. Seeking professional support can provide valuable assistance in dealing with burnout. Consulting a mental health professional, such as a therapist or counselor, offers strategies to cope with stress. Professional guidance can help analysts develop effective coping mechanisms and address underlying issues contributing to burnout. Participating in employee wellness programs offered by organizations can be beneficial. These programs often include resources for mental health support, stress management workshops, and relaxation techniques. Utilizing these resources can aid in managing stress and preventing burnout effectively. Encouraging a culture of support within teams can also help in coping with burnout. Team members can share experiences and provide mutual support, creating a collaborative and understanding work environment. This approach fosters a sense of community and helps alleviate individual stress. In summary, coping with job burnout involves recognizing the risk factors associated with demanding workloads and high-pressure environments. Adopting self-care practices, utilizing stress management techniques, and seeking professional support are key strategies for prevention. By addressing burnout proactively, market research analysts can maintain better well-being and sustain productivity in their demanding roles.

Market research analysts face several key challenges in their roles. One primary issue is data accuracy. Analysts often struggle with incomplete or inaccurate data, which can skew results and hinder decision-making. They must diligently verify data sources and ensure the information used is reliable. Another significant challenge is managing large volumes of data. Analysts need to process vast amounts of information, which can be overwhelming. Effective data management tools and techniques are essential to handle this influx efficiently. Changing market trends also pose a challenge. The fast-paced nature of market dynamics requires analysts to stay updated with the latest trends. Regular training and continuous learning are crucial to keep up with industry changes. Dealing with stakeholder expectations is another common issue. Analysts often face pressure from stakeholders to deliver quick and actionable insights. Balancing thorough analysis with timely delivery requires effective communication and prioritization skills. Budget constraints can limit the resources available for research. Analysts must often work within tight budgets, which can affect the scope and depth of their studies. Creative problem-solving and resourcefulness can help in managing these limitations. Additionally, analysts must navigate the complexity of integrating various data sources. Combining data from multiple channels can be challenging, especially when dealing with inconsistent formats or conflicting information. Using advanced analytics tools and methodologies can streamline this process.

Effective Strategies for Market Research Analysis

Importance of Market Research Analysts in Business Strategy

How to Transition to a Market Research Analyst Role

Top Market Research Analyst Blogs and Resources

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What is a Market Research Analyst?

Learn about the role of Market Research Analyst, what they do on a daily basis, and what it's like to be one.

• What is a Market Research Analyst
• How to Become
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Definition of a Market Research Analyst

What does a market research analyst do, key responsibilities of a market research analyst.

• Designing and executing market research studies, including surveys, focus groups, and interviews
• Collecting and analyzing quantitative and qualitative data from primary and secondary sources
• Identifying and monitoring market trends, consumer preferences, and competitive activities
• Conducting competitive analysis to assess the strengths, weaknesses, and positioning of competitors
• Developing and presenting comprehensive market research reports and data visualizations
• Collaborating with cross-functional teams, such as product development, marketing, and sales, to align research efforts with business objectives
• Recommending data-driven strategies and actionable insights to support decision-making processes
• Evaluating the effectiveness of marketing campaigns and product launches through post-launch analysis
• Identifying potential market opportunities and threats by analyzing industry trends and consumer behavior
• Staying up-to-date with the latest market research techniques, tools, and industry best practices
• Managing research projects, timelines, and budgets to ensure efficient and cost-effective execution
• Mentoring and training junior research analysts to enhance team capabilities and knowledge sharing

Day to Day Activities for Market Research Analyst at Different Levels

Daily responsibilities for entry level market research analysts.

• Conducting secondary research using online databases and industry reports
• Assisting with the design and execution of surveys and focus groups
• Performing data entry and cleaning tasks for research datasets
• Conducting basic statistical analysis and preparing data visualizations
• Supporting the development of research reports and presentations
• Assisting in the coordination of research projects with internal and external stakeholders

Daily Responsibilities for Mid Level Market Research Analysts

• Developing comprehensive research plans and methodologies
• Managing and mentoring junior research team members
• Conducting advanced statistical analysis and modeling techniques
• Collaborating with cross-functional teams to align research efforts with business objectives
• Presenting research findings and recommendations to stakeholders
• Overseeing the implementation of research insights into business strategies

Daily Responsibilities for Senior Market Research Analysts

• Developing and overseeing the implementation of comprehensive market research strategies
• Leading and mentoring large research teams across multiple specializations
• Collaborating with C-level executives to align research initiatives with business goals
• Identifying and evaluating new research methodologies and technologies
• Managing relationships with key partners, vendors, and industry experts
• Driving research innovation and best practices across the organization

Types of Market Research Analysts

Consumer behavior analysts, market segmentation analysts, competitive intelligence analysts, product research analysts, brand equity analysts, what's it like to be a market research analyst , work environment, working conditions, how hard is it to be a market research analyst, is a market research analyst a good career path, faqs about market research analysts, how do market research analysts collaborate with other teams within a company, what are some common challenges faced by market research analysts, what does the typical career progression look like for market research analysts.

How To Become a Market Research Analyst in 2024

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Uncovering insights through data, driving strategic decisions with informed analysis

Transforming data into insights, driving strategic business decisions and growth

Uncovering market trends and insights to drive strategic business decisions and competitive edge

Uncovering consumer behaviors and trends to drive strategic business decisions and growth

Driving business growth and efficiency through data-driven insights and strategic analysis

Unlocking business insights through data, driving strategic decisions with numbers

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Overcome market research challenges: market researchers on top challenges.

Adam Cliff-Brown

In the dynamic world of business, the ability to effectively take marketing actions hinges on the depth and accuracy of market research. As we delve into the insights of leading market researchers, we uncover the top challenges they face and the innovative marketing research approaches they employ. This round-up post features specialists who share their expertise on navigating these challenges.

Table of Contents

Section 1: Understanding and Defining the Target Audience

Jenna Little, Senior Market Analyst at Dou Agency: “The first step in the marketing research process is setting the research objectives and identifying possible marketing actions. A crucial part of this step is understanding the characteristics and trends among ultimate consumers. For instance, marketing dashboards showing sales data for different household types over a four-year period can reveal invaluable insights. However, the challenge lies in interpreting this data correctly to define the problem and develop findings that truly resonate with our target households.”

Section 2: Navigating Data Overload as Top Challenges

Marcus Reed, Lead Researcher at Insightful Analytics: “In today’s data-driven world, one of the research challenges we frequently encounter is data overload. The right data is essential for developing findings that lead to successful business results. However, the abundance of data sources can be overwhelming. It’s like sorting through flashcards; you need to know what’s relevant. Our approach to market research involves systematically analyzing data to ensure we’re not just collecting data but using it to develop actionable insights.”

Section 3: Adapting to Rapid Market Changes

Emily Zhang, Director of Research at TrendTrackers: “Conducting market research in times of change, like during the pandemic, requires agility and an innovative marketing research approach. The market is constantly facing new challenges, and as researchers, we need to adapt quickly. For instance, we had to shift our focus to online platforms and utilize digital tools to collect data, all determined in the step of developing the research plan. This adaptability is not just about survival; it’s about leveraging opportunities to get ahead of the competition.”

Section 4: Integrating Qualitative and Quantitative Data Tips and Tricks

Alan Fiddlegith, Head of Research at DataBlend: “A balanced marketing research approach involves both qual and quant methods. Qualitative data helps us understand the ‘why’ behind consumer behaviors, while quantitative data gives us the ‘what’ in terms of hard numbers. For example, when assessing whether a new product or service meets the needs of our target market, we look at sales trends and also gather feedback from teams in the field. This dual approach helps us develop findings that are both comprehensive and actionable.”

Section 5: Ensuring Data Privacy and Ethical Research Challenges

Sarah Kim, Ethics Officer at Global Research Ethics Board: “In the realm of market research, respecting data privacy and conducting ethical research are paramount. These are not just constraints on the activity; they are essential to maintaining trust. When we define the problem and develop the research plan, we always consider the ethical implications. For instance, when using marketing dashboards showing sales data, we ensure that the data for different household types is anonymized to protect privacy. This approach not only meets legal requirements but also upholds our commitment to ethical standards.”

Section 6: Leveraging Technology and AI in Market Research

Dario Dokic, Tech Innovator at AI Market Solutions: “The use of AI in market research represents a significant step in the marketing research process. AI helps us analyze large datasets quickly, providing time and cost savings. For example, when evaluating sales data for different household types over a four-year period, AI can identify patterns and trends that would take humans much longer to uncover. This technology is not just about processing data; it’s about extracting meaningful insights that can inform marketing actions and help businesses stay ahead in competitive markets.”

Section 7: The Role of the Marketing Manager in Conducting Research

Linda Garcia, Marketing Manager at Bright Innovations: “As a marketing manager, I’m deeply involved in every part of the research study. My role is crucial in defining the research objectives and identifying potential solutions to a problem. The AI data needed for decisions is systematically analyzed when we evaluate the results, ensuring that every decision is a restriction placed only after thorough consideration. This approach is vital in developing strategies that resonate with our ultimate consumers, such as age groups or specific demographics.”

Section 8: Time and Resource Constraints in Research 

Raj Patel, Senior Analyst at Efficient Res:  “Conducting research within the limit on time or money is a common challenge. For instance, in a recent project for Tony’s Pizza, we had to gather facts and figures over a four-year period in the U.S. market. The key was to prioritize the most relevant information to develop insights and recommendations efficiently. This often means starting with the last known data and working our way back to identify trends and patterns.”

Section 9: Understanding Consumer Preferences 

Emily Chen, Consumer Insights Expert at VioletDeer :  “Our teams in the field, especially salespeople, are in frequent contact with customers and are likely to understand their likes and dislikes. This firsthand information is invaluable for a research study. When we know that conducting such direct research can provide insights into consumer behaviors, we’re better equipped to tailor our marketing actions to meet their needs and overcome market research challenges.”

Section 10: Forecasting in Market Research

Tomás Alvarez, Forecast Analyst at Predictive Today: “Forecasting is part of which step in the research process? It’s often seen as the culmination of our efforts, where we evaluate the total sales of a product that a firm expects to sell during a specified time. By listing the factors that could affect the forecast, such as market trends or consumer behaviors, we can provide a more accurate prediction. This is crucial, whether the forecast is positive or negative, as it guides the company’s strategy.”

Section 11: Leveraging Sales Data for Market Research

Sarah Johnson, Data Analyst at SalesTrend Analytics: “In our research for different household types over a four-year period, we focused on sales data as a primary source. This data, when systematically analyzed, reveals not just the value of the item being forecast but also the trends and preferences of consumers. It’s a treasure trove of information that, when used correctly, can significantly impact the marketing strategy.”

Section 12: Integrating Multiple Data Sources for Comprehensive Insights

Kevin Lee, Research Director at Integrated Data: “The challenge in today’s market research is not the lack of data, but how to integrate it from various sources onto one platform. When conducting research, a researcher needs information from multiple angles to develop a comprehensive view. This includes sales trends, consumer feedback, and market analysis. By bringing all these elements together, we can provide insights that are not only relevant but also actionable for the marketing team.”

Section 13: The Evolving Landscape of Market Research

Carlos Vilad, Senior Market Strategist at Dynamic Research Group: “Facing market challenges, especially in volatile sectors, requires a dynamic approach. As research experts, we often encounter restrictions placed on potential solutions due to emerging trends or unforeseen market shifts. For example, during our four-year study for Tony’s Pizza, we had to adapt our strategies from 6 to 12 months to reverse declining sales trends. This adaptability is crucial in ensuring that the facts and figures obtained remain relevant and actionable.”

Section 14: The Importance of Direct Consumer Interaction

Fiona Cudderfield, Field Research Coordinator at Consumer Direct Insights:  “There’s immense value in direct consumer interaction. Salespeople are in frequent contact with customers, providing a wealth of information on consumer behaviors and preferences. This firsthand data, when systematically analyzed, can reveal patterns that are not visible through other research methods. For instance, in our recent project, we were interested in identifying specific behaviors known only to those who interact regularly with our target demographic. The figures obtained by asking direct questions were instrumental in shaping our marketing strategy.”

Section 15: Utilizing Organizational Resources in Research after Pandemic

Jerry Toad, Research Manager at Efficient Solutions Inc.: “Organizations use various resources to collect data, all determined in the step of defining the research problem being studied. It’s about using what’s available effectively to overcome market research challenges. For instance, we often probably resort to internal databases and employee insights to gather relevant information. These internal resources, combined with external data, help develop a comprehensive view of the market. Tips and tricks from experienced team members often provide shortcuts to understanding complex data sets, making our research more efficient and effective.”

Section 16: The Process of Data Collection and Overcome Analysis Bias

Angela Dych, Data Analysis Lead at Volatile Metrics: “The process to collect data is all determined in the initial stages of our research plan. It’s crucial to decide early on what kind of data will be most beneficial. For instance, during our four-year period study for Tony’s Pizza, we focused on customer feedback cycles, adjusting our methods every 6 to 12 months to reverse any negative trends. This approach ensured that the data we systematically analyzed when we evaluate our strategies was both current and relevant. It’s about continuously adapting to ensure the information we develop is pertinent to the problem at hand.”

Section 17: Leveraging Field Insights for Market Research

Brian Turson, Field Research Director at Sales Dynamo: “In market research, insights from salespeople who are in frequent contact with customers are invaluable. These individuals understand customer behaviors and preferences intimately – behaviors that are known only through regular interaction. By tapping into this resource, we can gather relevant information that might otherwise be overlooked. This approach was particularly effective in our recent project, where we needed to develop strategies based on real-time customer feedback. It’s a testament to the importance of integrating field insights into the broader market research strategy.”

Know that Conducting Research Project is not a One-Off

As we’ve explored through the insights of various experts, conducting market research is an ongoing journey, not a one-off task. The strategies and methods are determined in which step of the research process we are in, and they evolve as the market changes. Take, for example, the four-year period study for Tony’s Pizza, where methods were adjusted every 6 to 12 months to reverse trends and adapt to new findings. This is a clear demonstration of how research is a continuous process, systematically analyzed when you evaluate each phase of your strategy.

Moreover, the invaluable contributions of salespeople who are in frequent contact with customers highlight the dynamic nature of market research. These frontline interactions provide insights into behaviors that are known only through continuous engagement, emphasizing the need for ongoing research efforts. The relevant information developed from these interactions is crucial for tailoring strategies that resonate with the ever-changing consumer landscape with biggest challenges, respondent answers, and marketer dilemmas. That’s how you overcome market research challenges.

In conclusion, market research is a perpetual process, requiring constant adaptation and reevaluation. To overcome market research challenges, it’s about staying connected, being responsive to new data, and continuously seeking ways to improve. Remember, the journey of market research in AI is as important as the destination, providing ongoing insights that help shape successful marketing strategies.

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8 years of marketing experience. At the heart of every project, Adam infuses a blend of bold creativity and data-driven insights, making him an unstoppable force in the industry. Cat lover.

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Vaxcyte’s VAX-31 Vaccine Poised to Dominate PCV Market: A Comprehensive Buy Rating Analysis

Analyst Jason Gerberry from Bank of America Securities reiterated a Buy rating on Vaxcyte ( PCVX – Research Report ) and increased the price target to $140.00 from $101.00.

Jason Gerberry has given his Buy rating due to a combination of factors impacting Vaxcyte’s potential in the pneumococcal vaccine market. The company’s recent Phase 2 data for their vaccine, VAX-31, shows promise, meeting all statistical non-inferiority criteria for existing serotypes when compared to the current market leader, Pfizer’s Prevnar-20. Moreover, VAX-31 has also hit the mark on statistical criteria for novel serotypes. Gerberry sees this as a significant de-risking of VAX-31, positioning it to potentially dominate the lucrative PCV market, which is valued at over $8 billion. He has also increased the probability of success (POS) estimation for the program and raised the peak sales estimate, leading to an enhanced price objective for Vaxcyte’s stock. The strong immunogenicity data from VAX-31 not only suggests a robust profile for combating pneumococcal infection in adults but also bodes well for its application in infants, a major segment of the PCV market. The adult immunogenicity data is expected to be translatable to infants, which increases confidence in the vaccine’s broader development. Gerberry underscores that the absence of generic risk in vaccines could warrant a premium valuation for Vaxcyte in the pre-commercial biotech space. These factors collectively contribute to the analyst’s Buy rating and a price objective that suggests a significant upside from the current trading price.

In another report released yesterday, Needham also reiterated a Buy rating on the stock with a $140.00 price target.

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Vaxcyte (PCVX) Company Description:

Vaxcyte Inc is a vaccine company seeking to improve global health by developing novel vaccines to treat patients suffering from most common and deadly diseases.

Read More on PCVX:

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Barry Callebaut AG

Ch0009002962, food processing.

• Barry Callebaut : to acquire Inforum in Russia
• Expansion of Barry Callebaut's presence in Russia, the world's second largest chocolate confectionery market
• Inforum is a leading, privately owned B2B chocolate manufacturer, serving many of the well-known consumer chocolate brands in Russia
• Highly complementary in terms of products, customers and expertise

The Barry Callebaut Group, the world's leading manufacturer of high-quality chocolate and cocoa products, has signed an agreement to acquire Inforum, a leading Russian B2B producer of chocolate, coatings and fillings, serving many of the well-known consumer chocolate brands in Russia. This strategic acquisition will strengthen Barry Callebaut's presence and production capacity in the high-growth Russian market, allow it to expand its market position, to leverage its value-adding Gourmet & Specialties business and to further increase market penetration in CIS countries and export markets.

Inforum was founded in 1989 by four entrepreneurs, including Evgeny Bulytov. The company started its business selling cocoa products. Sales revenue in 2017 was about RUB 5.1 billion (CHF 86 million / EUR 77 million). The company operates a production site in Kasimov, Ryazan Oblast (285 km southeast of Moscow) and employs more than 300 people, who will transfer to Barry Callebaut upon completion of the transaction.

After importing industrial and specialty chocolates to Russia since the late 1990's, Barry Callebaut built a chocolate manufacturing plant in Chekhov, Moscow Oblast (60 km south of Moscow), which became operational in 2007, and also has a CHOCOLATE ACADEMY™ center - a training center for professional users of chocolate - inMoscow. Barry Callebaut currently employs about 80 people in Russia.

The acquisition of Inforum will enable Barry Callebaut to significantly expand its presence and manufacturing capacity in Russia, the world's second largest chocolate confectionery market in volume terms. Russia is a traditional chocolate market and has a consumption of 4.8 kg per capita according to Euromonitor. Growth rates in volume terms are significantly above the global chocolate confectionery market according to Nielsen 1 .

Antoine de Saint-Affrique, CEO of the Barry Callebaut Group, said: 'We are delighted to join forces with such an established, locally engrained Russian company. Inforum's heritage and local knowledge, combined with our innovation capabilities and international experience, will reinforce each other's strengths. Together, we will be able to bring further excellence and innovation to the market and to serve Russian consumer chocolate manufacturers even better.'

Evgeny Bulytov, Director of Strategic Development of Inforum, added: 'I am very proud of the great chocolate business we have built from scratch during the last three decades. Our agreement with Barry Callebaut will ensure the successful future of Inforum and our team as part of a large, international group. We really like the business principles and the team spirit on which Barry Callebaut is based. One of the co-founders, Victor Voitov, will remain associated with the company as future Chairman of the Board of Barry Callebaut NL Russia and actively support the integration of Inforum into the Barry Callebaut Group during the transition period.'

The transaction is subject to regulatory approval and other closing conditions. Expected completion is by the end of the calendar year. The parties have agreed not to disclose any financial details of the transaction.

1 Nielsen: Aug 2017-April 2018: Russia +9.2%; global +2.5%

About Barry Callebaut Group : With annual sales of about CHF 6.8 billion (EUR 6.3 billion / USD 6.9 billion) in fiscal year 2016/17, the Zurich-based Barry Callebaut Group is the world's leading manufacturer of high-quality chocolate and cocoa products - from sourcing and processing cocoa beans to producing the finest chocolates, including chocolate fillings, decorations and compounds. The Group runs close to 60 production facilities worldwide and employs a diverse and dedicated global workforce of about 11,000 people. The Barry Callebaut Group serves the entire food industry, from industrial food manufacturers to artisanal and professional users of chocolate, such as chocolatiers, pastry chefs, bakers, hotels, restaurants or caterers. The two global brands catering to the specific needs of these Gourmet customers are Callebaut® and Cacao Barry®. The Barry Callebaut Group is committed to make sustainable chocolate the norm by 2025 to help ensure future supplies of cocoa and improve farmer livelihoods. It supports the Cocoa Horizons Foundation in its goal to shape a sustainable cocoa and chocolate future.

About Inforum ( www.inforum.ru ): INFORUM PROM Ltd is a leading producer of industrial chocolate, covertures, compound coatings and fillings in Russia. The company has displayed steady growth since its establishment. Inforum supplies key international and local producers in Russia and CIS.

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Barry Callebaut AG published this content on 04 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 04 October 2018 05:07:03 UTC

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