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  • Writer's pictureKenneth Cochrane

The push/pull of market research...

LIMRA just reported for the first time, more consumers would rather buy life insurance online than thru a financial advisor. While to most of us this isn’t a surprise. From a market research perspective, this trend reminds me of the push/pull between client driven research and market driven research. Market research is typically driven by both the client and the market itself. Let me explain how each plays a role:

  • Client-Driven Research: Clients, which can be businesses, organizations, or individuals, often initiate market research to gather specific information or insights that are relevant to their goals and objectives. They have particular questions or concerns they want to address, and they commission market research to find answers or solutions. This type of research is tailored to the client's needs and objectives, and they often have a clear idea of the kind of information they are seeking.

  • Market-Driven Research: On the other hand, market-driven research is conducted to understand and respond to changes, trends, or opportunities in the broader market environment. This research is not initiated by a specific client but is rather driven by the need to stay competitive, identify emerging trends, assess market demand, and adapt to evolving consumer preferences. Companies may engage in ongoing market research to proactively address shifts in the market landscape.

In practice, the distinction between client-driven and market-driven research can sometimes blur. For instance, a client's specific research needs may align with broader market trends, or market research conducted for general market insights may be of interest to a specific client. Regardless of the driving force, the ultimate goal of market research is to gather data and insights that inform decision-making and strategy, whether at the individual client level or within the broader market context.

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