Saying that the market research profession has changed a lot in the past few years is such an understatement, it almost sounds sarcastic, doesn’t it? But there you have it. We have experienced various changes in how insights-driving research is planned, executed, delivered—thanks to new technologies, data sources and advances in behavioral science. Even more tectonic in scope (and impact): changes in how the Market Research & Insights function operates in terms of organizational structure.
Changes in our profession obviously create career opportunities and challenges. Some of these are applicable to all Market Research & Insights professionals, but some are specific to senior-level professionals.
Career planning is different for you. You’ve been in the business for at least 10 to 15 years and you are ready to grow with the changes. A big question the senior researcher has to ask is, “Do I want to stay in a traditional market research & insights role, or do I want to pursue leadership roles that are in new or adjacent areas”?
For those leaning towards the former, traditional Market Research & Insights leadership roles still exist. And it’s a great time to be a market researcher (even if the job titles have changed!):
- New and expanded consultative roles. The changes in our profession are creating new career path options. And that’s not just me saying this, so does McKinsey.
- Growth in “market research.” The profession, as a whole, appears to be strong—even if job titles, team names, reporting structures and methodology design are changing.
- According to the US Bureau of Labor Statistics, jobs in this field are expected to grow by 20% through 2028 (though I am always worried these numbers may be a bit inflated due to variations in “market research” definitions). Still, this suggests a lot of opportunity! The agency even specifically cites the increasing use of data and market research across more industries.
For those leaning towards the latter, important career paths are also emerging:
- New teams, new leadership needs. Organizations are building various combinations of research, insights, CX, analytics and other “data-driven decision making” and “customer-driven” information functions (this is happening in various industries, perhaps most visibly in CPG and tech). These new functions also bring new teams and needs for team leadership. The good news: these various integrated, silo-busting functions are new—nobody can claim 5+ years of running these teams.
- New companies. Various new marketing consultancies, information-related service providers and technology platform providers have started to seize the moment. And they will want leaders who understand client needs, research methods and/or insights-driving project management processes.
Regardless of Path, a Universal Requirement
For many senior Market Research & Insights professionals, regardless of path, there is a shift towards an expanded knowledge set. Market research is now one part of a broad and integrated data-driven decision-making information ecosystem. Knowledge of related topics will be increasingly critical. And that means attaining data-fluency, which is a topic covered in detail in various articles and videos (see resource list below).
The question to ask is, are you data fluent? The data-fluent professional can choose from and discuss many types of data—including “big” and “small,” quantitative and qualitative, primary and secondary, financial and customer, 1st and 3rd party, online behavioral data, and so on. Knowing about the options your clients may have at their disposal, and how to assess their reliability and suitability for different decision-making needs, will be an advantage for you. As an experienced professional, you already have solid skills in some types of data sources, methodologies and analyses. Now is the time to expand the variety you know about. Professionals who have broad data fluency skills are better prepared to advise and collaborate with clients investing in data-driven, customer-centric programs. There’s little doubt that upping your data fluency will be important.
So how data fluent do you need to be? Learning about some of these new topics may feel a little daunting. But it may not be as onerous a task as you might expect. You just have to be deliberate: choose what you want to learn about, and just as important (if not more so), decide to what level.
In the world of training and development, we often refer to Bloom’s Taxonomy as a reference to understand levels of knowledge. At the base of the pyramid is the simplest level of knowledge: remembering. You remember, for example, that “big data” is data that is too big to be stored on or analyzed as an Excel file. The higher stages of the pyramid reflect an increasing complexity of understanding. The highest level of knowledge is creating, where you apply what you know to design something new, such as creating a new dashboard that integrates sources of big data. Do you really need to be at that level? Maybe, but for many, probably not. For many, a level 3 or 4 may be enough—which is certainly easier to attain. In other words, you don’t have to be at the “creating” level for all topics.
Source: elearningindustry.com
As for the topics themselves? There are many, but a good start on your data fluency should include those identified in the figure below. But again, don’t worry—you don’t have to be a “6” on everything! But being a 3 or higher on several data fluency topics will help you be perceived as a credible leader and advisor.
Next step: set some knowledge goals. One way to do this is to create a simple goal setting table, as shown below. Use your selected data fluency topics as rows and Bloom’s levels as columns. For each row, place an “A” where you honestly rate your current knowledge level, and a “B” at your goal level. Use this current state snapshot to check your “gaps” and set practical, prioritized goals.
Why is this so important now? Your clients need data fluent advisors they can trust. Why? Because they themselves often don’t trust data! In the 2018 CEO Survey, KPMG asked the world’s largest organizations about the role data-driven technologies will play in coming years. One result? “78% of US CEOs have overlooked data-driven insights when contrary to their experiences when making critical decisions.”[1] In other words, organizations are investing in a variety of data sources, but managers are “going with their gut” instead! They need help from a credible and trusted source; a translator, if you will. Insights pros. Market researchers. You!
What’s next? As you plan your next career phase—regardless of the path you choose—attaining an intentional level of data-fluency will be a critical first step…and perhaps the first one towards leveling up to the next stage of your career! After you plan your knowledge goals, work them! Lots of great learning resources exist, though I am obviously biased towards the ones we offer here at Research Rockstar.
Related resources:
- Becoming A Data-Fluent Market Researcher: Part 1 (article)
- Big or Small: No Data Set is Perfect (article)
- Conventional Primary Research + 1st & 3rd Party Data Sources: When to Recommend Which? (article)
- Data Fluency for Methodology Planning (training course)
- Market Research Versus Big Data: Who Will Own the Consultative Role? (video podcast)
- Running Lean in 2019: Strategies for Market Research & Insights Team Leaders (article)
- What is Data Fluency? (video podcast)
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