Has Big Business Hurt Your Market Research Project?

The Market Research and Insights industry has experienced remarkable growth, driven by a few prominent large public firms (who are viewed as the gold standards), to surpass $80 billion globally. Many people believe that working with these large firms for their research needs is a foolproof choice that will ensure they get the best results for their projects. However, it's essential to recognize that these large companies operate on a massive scale, having long ago systematized their processes to enhance profitability and efficiency. (We recognize the benefits of systemization for companies, however when it comes to research endeavors applying a systematized start to finish plan is antithetical to beneficial results. Consider the best examples of advancing human understanding, Medical and academic research, and notice how breakthroughs are derived from highly unique efforts applied to their specialized areas of interest. If great research could be arrived at by applying a systematized plan to different topics, then Nobel Prizes could be accumulated by the person with the best system.)

This systematic approach has led to a high level of interchangeability among employees, clients, and projects within these firms. As a result, projects often follow pre-planned work paths, relying on standardized survey designs and analysis plans. Consequently, final presentations often consist of reused slides that have been employed across multiple clients and projects. Can clients really expect to discover significantly impactful insights from such standardized projects?

This makes it more challenging for clients to gain a competitive advantage over their rivals who are working with similar large vendors. Standardized processes limit the potential for unique and innovative research work, which limits unique findings, hindering clients from uncovering groundbreaking insights that could propel their businesses forward.

For a client seeking market research services, it is crucial to consider how to break away from the one-size-fits-all approach and find ways to collaborate with smaller research firms that can offer more customized and flexible methodologies coupled with deeper levels of analysis. By doing so, clients can increase their chances of gaining valuable and actionable insights that can truly move the needle and provide a significant advantage in their industry.

Being open to stepping away form the big providers and exploring a partnership with a boutique firm can lead to a sustainable competitive advantage in the market.