As mentioned in some earlier posts, in the past quarters, I have been looking into the role that Market Research professionals play (and can play) with regard to information management. I’ve had many enlightening conversations about this topic with both vendors and client-side market researchers.
Technology developments result in more and more information becoming available internally, and at different parts of the organization. Just think about all the data an average company collects or buys — media measurement data, advertising awareness, advertising spend, retail data, sales data, competitive intelligence, Web-tracking data (from listening tools), Web site tracking, marketing data (e.g., Nielsen Claritas), customer satisfaction surveys, brand trackers, and other primary research data, to name just a few. One vendor estimated that the average research department handles around 50 different research sources!
When I spoke with vendors about their relationship with clients, each and every one of them was looking for ways to increase the level of engagement. For one thing, they are working on best-in-class reporting tools to make it easier for clients to process their data and make it visually more interesting — and hopefully easier to use. However, not many vendors think further than their own set of data. When questioned, they mention that their systems don’t allow for third-party data. Yes, it’s possible to link to internal CRM systems, but that’s about as far as things go.