The 23rd edition of the GRIT Report is out, the leading and most comprehensive survey of the market research industry. While the report has historically tracked trends in the market research industry, including the “GRIT Top 50” rankings of research suppliers and “GRIT Top 25” client companies perceived the most innovative, the 23rd edition also looks at trends and new topics disrupting all industries, such as GDPR and blockchain, and its potential impact on insights and MR.
The General Data Protection Regulation (GDPR) went into enforcement as of May 2018. The key principle of GDPR is giving consumers control of their data collected by companies. And, companies that breach the rules can face fines of up to 4 percent of total global turnover. Currently, GDPR applies to any organization operating within the EU, as well as any organizations outside the EU offering goods or services to customers or businesses in the EU. However, many believe GDPR-like regulations are likely to adopted by numerous other counties in the upcoming years, including the US.
How does this impact the market research industry? Richard Thornton of Cint notes, “Fortunately, for most in market research, GDPR is the realization of many of our industry’s best practices around data governance, data protection, and data quality. MR professionals are in a unique position to leverage GDPR compliance as a competitive advantage.” However, according to GRIT Report, when you apply the readiness scores to the awareness scores, the result is that only about 12% of total participants are aware and ready, with another 30% implementing standards. That means nearly 6 out of every 10 participants will not be ready for GDPR by the time this edition of the GRIT report is published.
Other global issues included in the report is blockchain. As explain by CNBC’s Tom Chitty, blockchain is a global online database that anyone with an internet connection can use but doesn’t belong to anyone. As the report notes, “The issues of data privacy and sample quality have driven consideration of how blockchain might (or might not!) be applicable to the insights industry.” Regardless, many research executives and vendors are considering, and including perceptions of blockchain, in current research initiatives. Still confused on how blockchain works? Listen to Chitty provide some additional clarity on the matter here:
Beyond GDPR and blockchain, the GRIT Report features a wealth of provocative and useful information. Thanks to Greenbook for their efforts in designing, executing, and sharing the GRIT Report! You can access the full report, infographic, outline, and more.