I’m not sure what it is. Maybe it’s the time of year and the fact that my upcoming holiday makes me a bit introspective. Maybe it’s the weather, as it’s been a horrendous summer so far in the Netherlands. Or maybe it’s just me, being inundated with tweets, blog post, articles, white papers, vendor briefings, etc., about market research. Whatever the reason, the outcome is the same: I’m currently struggling a bit with the pervasive authoritative voice in the industry. Don’t get me wrong; I’m well aware that I’m as guilty as everyone else. But we all seem so certain about what’s going on in research, what needs to happen, what’s wrong, and what’s right; about who’s in and who’s out. I feel we’re losing an important skill that distinguishes good market researchers from great ones: the ability to doubt.
With market research, there is no absolute truth. Research is about interpretation of results, placing numbers into context, finding the story behind the numbers. Any data set can have multiple stories; it’s the market researcher who uncovers and shares the story that he or she believes to be most powerful for the business. In the end, however, it’s just one perception of the truth. Great researchers know this, and they always challenge themselves, trying to pick holes in their story, finding examples that prove the opposite. The problem with today’s business environment is that it doesn’t leave much room for doubt or uncertainty. In fact, doubt and uncertainty are seen as weaknesses. So, what do we do? We cover up and only show our best side.
For the past decade, the number of customers using the Web to manage their bank accounts and policies and to research and buy financial products has grown steadily. For many customers, the Web has already replaced bank branches, financial advisors, and insurance agents as the heart of their relationship with their financial providers. For example, in the Netherlands and Sweden, less than one in 10 consumers go into a branch on a monthly basis — they do most of their banking activities online or, increasingly, on mobile phones..
But this doesn’t mean that these consumers don’t need support. Forrester’s European Technographics® Financial Services Online Survey, Q4 2011 shows that although uptake of money management tools is still low in Europe, already one-third of online Europeans are interested in tools that will give them more insight into their spending.