In the modern world, data is the most valuable resource that exists. It is the lifeblood of any business, the foundation of strategies, and the key to making the best decisions. The more accurate the data, the better the decisions will be, which in turn helps businesses to grow.
Market research organisations gather, compile, analyze and present marketing, survey, and public opinion data. They conduct in-depth qualitative and quantitative research on behalf of clients to identify the needs and preferences of specific demographics or consumer groups. These insights can help companies customise their products, services, and marketing efforts to fit the intended target market.
The market intelligence that research firms provide can help clients make broad strategic decisions such as how to expand business operations, enter new markets, or establish distribution channels effectively.
The last five years have seen a dramatic change in the market research industry as their client’s appetite for data has increased. The industry has expanded to include, business intelligence, media monitoring, brand health platforms, consumer insights, market data, real-time consumer trends, etc.
The global market research services market increased from $69.6 billion in 2016 to $76.37 billion in 2021 at a compound annual growth rate (CAGR) of 1.87 percent, according to a recent report by The Business Research Company. An even higher growth rate is expected in the future. The global market research services market is forecast to grow from $76.37 billion in 2021 to $108.57 billion in 2026 at a CAGR of 7.29 percent.
Here at Carter Murray, we saw a big increase in sales and marketing hiring across the MR sector during covid. With an ever-changing economic landscape across the globe, organisations were purchasing a record amount of data as they tried to pivot to new markets and territories. Fast forward two years and in the post-covid world, organisations are relying on market research, even more, to help them grow their businesses.
In the last few years, we have seen traditional market research organisations go from producing surveys, reports, and white papers and transform into SaaS organisations with cutting-edge technology platforms. These platforms house an enormous volume of content and insights across all subjects, sectors, industries, and geographies.
Organisations are buying access to multiple platforms with access to features such as competitor intelligence, market analysis, M&A details, expert sector analysis, macroeconomic indicators, real-time intelligence, opinion polls, and real-time consumer buying trends to name a few.
We have seen continued hiring in the market research space. These roles have generally been new growth sales roles such as Business Development, Account Management, and now a lot of Customer Success roles. With market research organisations now being more SaaS focused, they are investing in a lot of customer success teams as they look to renew and grow their yearly and multi-year subscriptions.
2022 has seen continued growth of platform sales but also a slight shift as these same organisations look to move beyond selling an off-the-shelf platform and start to grow their consulting business. They are building stronger relationships with their platform clients and providing additional bespoke consulting projects. We are seeing a real appetite from market research companies to hire solution salespeople who can go into new and existing clients and sell bespoke consulting services. Working with clients to review and analyse their business, where they need to go, and then provide a more detailed market analysis for them to grow their business.
It is certainly an exciting time to be in the market research sector and especially interesting as it is a sector that has traditionally overperformed during economic downturns or economic turbulence as organisations purchase more data and insights.
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