On the occasion of International Market Research Day (IMRD 2024), the Market Research Society of India (MRSI) hosted a session on "Insights in 2024: Work & Play in Unprecedented Times" with Shobha Prasad, Director, Drshti Strategic Research Services Pvt. Ltd as a speaker. The session includes all things about the research.
Speaking about how research works, Shobha Prasad, Director, Drshti Strategic Research Services Pvt. Ltd said, “Market research agencies like us sat at the top of a mountain of data. Clients had nowhere else to turn – they listened intently to our pronouncements and awaited our reams of research findings. We provided the data, they made the decisions. Fast forward to today, and the tables have turned. We no longer just deal with marketing folks; the client landscape is teeming with researchers themselves! It's almost like an echo chamber. But more importantly, clients now come in all shapes and sizes, and that's where client archetypes come in.”
Further, she added, “This new dynamic presents a unique set of challenges for market research agencies. Client briefs are no longer static documents. They morph and mutate, with target groups, objectives, and even budgets changing on a whim. This constant shifting requires a delicate process between agency and client, demanding flexibility and adaptability. Agencies must find ways to deliver clear, concise findings that resonate, even in the face of potentially unpalatable data. Sometimes, clients may even request researchers to ‘dress up’ the data, creating a tension between presenting the naked truth and appeasing preferences.”
Speaking on the challenges of online research and the search for a new normal, Shobha Prasad said, “The COVID-19 pandemic forced a rapid shift towards online research methods. While this kept the industry afloat, it also created a sense of being stuck in limbo between the old ways of doing business and an undefined ‘new normal’. This uncertainty is further amplified by societal changes, blurring the lines between work and home life.”
Speaking on the session of Trailblazing Indian Research: Driving Impactful Change for Humanity, Sanskrati Pathak Sail, Country HR Head, IPSOS India said, “COVID-19 posed a lot of challenges for the organizations and post that Ipsos relooked our initiative, Ipsos VCare. This program has two key aspects: firstly, ensuring the total well-being of our employees and extending that care to their families. Secondly, we focus on the communities around us, providing them with essential training and skills.”
The session highlighted the evolving landscape of market research, the challenges of navigating client needs, the rise of direct consumer interactions, and online methodologies.