Market research for academics
How academic institutions can integrate advanced market research tools
Market research & consulting services have traditionally been used chiefly by profit organisations. This is typically for large & medium enterprises or startups. These organisations use market research to analyse markets, evaluate profitability, understand trends, benchmark versus the competition and track consumer attitudes & habits.
Looking beyond the business world to academia, primarily B schools have been the most significant market research users. However, the playing field within academia is fast evolving. Institutions such as public and private universities, colleges, and even high schools are fast emerging as prominent buyers of market research. These institutions are making market research an integral part of their academic courses.
Not if but what
The question is no longer if academic institutions need market research. But it’s more about which market research solutions and models will be best suited to craft the right learning modules and courses.
Academic institutions are under constant pressure to attract top students and cater to their changing dynamic academic interests. Therefore, they’re looking beyond the traditional methods to develop attractive learning programs for student retention. This is one of the key drivers for investing in market research.
Here is a quick look at the most critical aspects of why academia is integrating advanced market research solutions and tools:
To develop critical research skills, analytical thinking, and strategic planning in students/scholars. -– Educational institutions have a responsibility to impart the best and most essential knowledge and skills to their students to make them ready for the professional world. This is a key reason why several institutions invest in market research and consulting training to help build their students' critical thinking and analytics skills.
Develop well-rounded learning programs around industries – Most institutions are evolving their learning programs and curriculum to include research-led methodology and thinking processes to solve various business challenges. This provides a very practical outlook, enabling student-industry exposure and interaction. Additionally, subscribing to market research platforms such as MarketNgage offers institutions access to a diverse and wide portfolio of research reports across industries.
Produce high-quality scholarly journals through diverse market research – Publication of high-quality journals is a key KPI for academic institutions. While the students and scholars publish journals, the primary responsibility and accountability lie with the institutions. This is because they must empower these students with the right background information the students would need. This is also where a faculty-wide market research subscription proves beneficial as a credible source of data, insights and industry knowledge.
While the students benefit the most from market research, for several administrative divisions availing market research is also beneficial:
R&D departments: Most institutions have an in-house academic research department which is an incubator of sorts, responsible for curating innovations and developing new product concepts. This is where most scholars and research fellows work, and accessing market research and related articles is imperative.
Libraries: The libraries of these academic institutions probably benefit the most out of all administrative divisions because their primary responsibility is to provide access to a broad and diverse range of reading material to the students
Faculty members: Faculty members play an essential role in guiding students with their regular academic goals and, more importantly, on future prospects. Therefore, it’s important for faculty members to be up to date on the industry trends.
Research is critical for inspiring students, empowering them and making them better prepared to enter the professional world after attaining a realistic understanding of the industry they are preparing for and wish to join in. Not only students but administrative departments also benefit largely from market research. Therefore, rather than having different departments, faculty, R&D divisions spending on various market research reports, it is beneficial and cost-effective to have a one, multiuser access market research subscription that provides unlimited access to research reports, white papers, journals, thought leadership, industry blogs. Some institutions are clear frontrunners in the way they consume market research, and there is expected a lot of uptake in future.
Aditi BasuChief Marketing Officer at Future Market Insights
Aditi is the Marketing Head at Future Market Insights (FMI), an ESOMAR Corporate member, market research and consulting Market Research Company.