'Jugaad' or frugal innovation in market research: The secrets of doing more with less
Raji Bonala and Satya Bonala
Vox Populi Research
Changes in the market research industry
The consumer market research industry is in the midst of great change:
- Tight timelines & slashed budgets are the norm rather than the exception across both developing and developed markets.
- Where clients earlier allowed 2 months for regular projects, they are asking for results in 2-3 weeks, or in India, in 2-3 days! The shorter time-frame seems like a business reality and is here to stay – the choice seems to be between conducting research within the crunched time frame or not conducting any research. Truly a Hobson's choice.
- Clients are demanding easy methods & quick solutions to obtaining information for decision-making.
- With help from technology and online panels, some clients in the developed markets are increasingly preferring running surveys themselves, putting up with the inconvenience of designing questionnaires and launching studies, as they feel research agencies are not 'business fast'. It has been reported that information for decision-making is churned out two days post receiving data from the panel agency.