Future Talent Meets The Industry

ESOMAR Asia Pacific 2011

Sebastian Kerth

Name: Toh Yi Fan
Nationality: Singaporean
University: Singapore Management University, Singapore, Singapore
Title of course/programme: Bachelor in Business Management
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How do you see the market research industry evolving and how can you contribute to it?

Over the past year with the market in recession, the role of market research in the industry has been shifting rapidly. As marketing budget shrink, companies have been redirecting market research towards making more high value strategic decisions. This new requirement had many market researchers feel the need to move away from being a “data provider” and take a more consultative approach to helping clients.
During this recession, many executives have long criticised market researchers as too “Data bound” and “insular”, unable to provide relevancy to a fast changing world. With mounds of historic data becoming less and less relevant, areas such as segmentation and positioning need to be more and more reactive to the dynamic world. This new buying reality reflects the fundamental change that is taking place within the business environment itself. Although market research in Asia is still in the infant stage, this new reality also represents a huge potential for firms in Asia. Market research firms that can adapt their methods and techniques to fulfil this need can potentially revolutionize business in the Pan- Asiatic region.
These changing requirements today can be overwhelming, but the key is to quickly take action. Already we have seen firms like P&G and Unilever sending their consumer insight researchers into the rural areas of china and India to provide real time insights for their firm. In my opinion, the way forward is thus to be able to constantly try things, troubleshoot the problem and be able to make changes fast.

My contribution:
As a business student with diverse interest, I can contribute to market research in many ways. Having taken real consulting assignments have broaden my perspective ,while my strong background in decision science allows me to see things from the business point of view.
Secondly, my ability to converse both in English and Chinese has allowed me to contribute market research in many different ways. As market research is very dependent on local culture, my knowledge and understanding of the Chinese culture and language would enhance my ability to conduct market research in one of the largest market in the world.

What are, in your opinion, the necessary skills for market researchers in the present environment?

I think that the most important skill for a researcher is flexibility. Market researchers are custodians of past and present work. Being flexible to the changes and having an open mindset allow them to use old data and insight to contribute significantly to current demands. This allows us to avoid constantly “reinventing the wheel” but still being able to provide lots of value to the client firm. To do this however, market researcher have to have the breadth of knowledge from everything from finance, operations and even human resource. With stronger integration between the business functions, it becomes even more possible to have different career options, yet remain firmly in market research.

How do you see your career unfolding and what are your aspirations?

As Peter Drucker famously said "Because the purpose of business is to create and keep a customer, the business enterprise has two-- and only two--basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”
Thus I foresee that no matter where I go, knowing how to understand the customer is a valuable skill. Thus I would want to enter the market research industry and learn more about consumer research especially in the fast moving consumer goods.

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