In 2023, the Market Research Society of India (MRSI) marked its 31st Annual Seminar, and our team had the privilege of attending this event held in Mumbai, the financial capital of India and MRSI’s home base. The seminar brought together over 550 delegates from various regions, including end clients, consulting clients, and market research agencies, underscoring the widespread influence and importance of MRSI within the industry. The post-pandemic era presented its own set of unique challenges to the research and insights community. It is a time when the industry needs to identify new ways to navigate uncharted waters and discover fresh destinations. This shift in perspective urges the industry to adapt tried-and-tested methodologies to address emerging issues, leading to the central theme of the seminar: “Taming the Choppy Waters.”
Our team’s key takeaways:
Embracing innovation was a central theme at MRSI 2023, as attendees explored new ways of steering the industry. The seminar urged the market research community to think outside the box, pioneering fresh research methods and adapting tried-and-tested approaches to address emerging challenges.
Technology’s role in market research was a key focus. Attendees delved into the latest technological advancements, leveraging them to navigate the ever-evolving research landscape and to stay ahead in the field. Sessions and discussions explored the applications of technology for enhanced insights.
The industry’s constant evolution was underscored, and the need to keep pace with advancements in methodologies and tools was a recurrent theme. The event provided insights into staying at the forefront of research methodologies, ensuring the industry’s relevance and effectiveness in the face of change.
The critical role of individuals in steering the industry forward was recognized. Ethical standards, as highlighted by Judith Passingham, Chair of ESOMAR Professional Standards Committee & Disciplinary Sub Cte, were a significant theme. Furthermore, discussions on consumer behavior and startup experiences shed light on the human element, emphasizing the importance of understanding and engaging with people in the market research process.
The two-day seminar was a packed agenda, comprising enlightening keynote speakers, engaging panel discussions, and energizing sessions. These sessions were carefully curated to explore the core values of the seminar, including Maiden Voyage (Innovation), Adventure (Technology), Steering (Advancements), and Sailors (People). A half-day was dedicated to one of these values, allowing attendees to delve deeply into each theme and understand its practical applications within the industry. Judith Passingham, Chair of ESOMAR Professional Standards Committee & Disciplinary Sub Cte, addressed the August gathering while emphasizing the significance of ‘The Code of Conduct’ and its future implications.
The first day featured a panel discussion with representatives from Hindustan Unilever, Nestle India, and Kantar Worldpanel South Asia, who shared valuable insights from the world of brands. The discussions revolved around adapting to changing consumer behaviors and market dynamics. Another session delved into the rise of Gen Z, innovation, and driving consumption, with panelists from Kantar, Quantum, Ipsos, Purple Audacity, and SL Ventures exploring strategies for engaging this influential demographic and driving market growth.
Startup enthusiasts found a wealth of knowledge in the session presented by Fireside Ventures and ITC, which delved into the “Startup State of Minds” and the experiences and challenges faced by emerging businesses. Furthermore, a conversation titled “Maiden Voyages” brought together Licious, Good Glam Group, and Quantum, discussing the discovery of new opportunities for existing consumers and established behaviors. This session emphasized the importance of innovation in finding uncharted pathways for growth.
The seminar’s conclusion was a harmonious note struck by a Sonic branding presentation from Rajeev Raja, Founder and Soundsmith at BrandMusiq, who shared insights into “The Future of Sound.” This underscored the importance of multi-sensory branding in the evolving marketing landscape.
Our team left MRSI 2023 inspired and equipped with a wealth of new ideas to explore in our research and insights endeavors. It served as a reminder that in the world of market research, constant adaptation, innovation, and an openness to change are key to navigating the shifting waters of consumer behavior and market dynamics. MRSI 2023 provided an ideal platform for these insights, and we look forward to implementing the knowledge we gained from this enlightening seminar in our future endeavors.
About InnovateMR – InnovateMR is a full-service sampling and ResTech company that delivers faster, quality insights from business and consumer audiences utilizing cutting-edge technologies to support agile research. As industry pioneers, InnovateMR provides world-class end-to-end survey programming, targeted international sampling, qualitative and quantitative insights, and customized consultation services to support informed, data-driven strategies, and identify growth opportunities. Known for their celebrated status in customer service and results, InnovateMR combines boutique-level service with extensive global reach to achieve partner success.