We write about “Sample Market Makers” for the Insights Association
A lot has changed in the market research space since our COO, Jeremy Antoniuk, first entered the industry in 2003 as a Project Manager with a start-up called e-Rewards. He shares his historical perspective on sample quality and related challenges that he’s seen as the industry has evolved in his latest article for the Insights Association, “The Rise of the Sample Market Makers.”
In the article, he recaps various pressures in the space, including increases in demand for sample as supply steadily decreases. He says, “Aggregating sample from multiple sources increased in frequency to achieve quota targets previously feasible from one source. Innovative new technologies such as sample routers and sample exchanges provided a sorely needed boost in supply...yet demand continues to exceed supply.” And the pandemic has exacerbated these issues.
Supply-side issues are coupled with persistent problems on the buyer side, including poorly written, lengthy surveys without comparable incentives and overall poor respondent experiences. Despite ongoing efforts to solve these challenges, they remain. He writes that “ large scale change will not happen without large scale intervention” and gives a retrospective recap of media coverage of these types of issues - going back nearly two decades.
However, there is some hope. Jeremy writes about a possible solution that is based on an improved partner ecosystem between sample suppliers and buyers and the introduction of “market makers” - a phrase used by Lucid’s Patrick Comer in a recent Lucid blog post. A market maker model can work wonders for the sample space, as they can add value by:
Democratizing sample aggregation knowledge and best practices
Combining researcher expertise with fieldwork best practices
Improving sample quality through rigorous, validated methodologies
Streamlining the sample procurement and fulfillment process
In the article, he writes that “A Market Maker can act as a research agent, providing unbiased consultation between sample buyers and suppliers. Sample source autonomy and impartiality is key for Market Makers to be effective. Their focus is finding win-win research solutions that are not biased by individual buyers or supplier goals. They can intelligently source multiple suppliers systematically to easily place and fulfill sample orders. They consistently apply rigorous quality assurance methodologies so researchers can be confident the insight they create comes from accurate data. Market Makers need a combination of talented, experienced people, well-designed business processes, and innovative technologies to add value at scale.”
This is an approach that Jeremy maintains can have a profoundly positive impact on both sides of the market research industry - and can spell “success for the future of sampling and the insights community.”
Read the complete article here.