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PLEASE NOTE: This viewpoint is entirely my own and neither the official viewpoint of RIXML.org nor the viewpoint of any of its member organizations.
2009: A pivotal year for the Research business and implications for the Research "Marketing Mix" going forward
During my college days (mid 1970s), when 1200 Baud was still in the development labs there was a breakthrough transition from Audio 8-Track (some tracks broke up the actual songs midway through playing!) to audio cassettes, I remember all business majors had to take the obligatory "Fundamentals of Marketing" course, more than likely, to ensure that marketing professors had jobs. The foundation of the course dealt with the "Marketing Mix", a term perfected by E. Jerome McCarthy in the 1960s, which highlighted the infamous "Four Ps" of Marketing: Product; Price; Place (Distribution); and Promotion.
These "Four Ps", along the lines of the letters we memorized in grade school to remember the alignment of the planets (MVEMJSUNP - My Very Educated Mother Just Served Us Nine Pickles), was sure to be embedded in our skulls by the time the final exam came along. It seems to me, while the "Four Ps" have not been kicked around a lot lately, they are alive and well and applicable to modern day marketing strategies. With that in mind, some thoughts on the "Four Ps", as they may apply to the Research business, content structure (where RIXML.org comes in -- you thought I would never get there), in light of a challenging Research environment in 2009 and in hopes of an improved environment (fingers crossed) in 2010.
Product
The Research offerings are in transition. The traditional lines, where, fundamental, quantitative, technical and strategy/economics research products were separate and distinct, are blurring. Independents, Niche/Specialty, Channel Checkers and Expert Networks have a greater role in the marketplace. TAGGING (Structure) takes on more important as the commerce engines for these services formalize. This can only bode well for RIXML.
Price
As traditional research "cost centers" evolve to competing "profit centers", the price points take on greater urgency. While this is still in flux in the industry, the luxury of "fuzzy pricing" (On the hopes of increased buy-side business) is less likely going forward. As price points are established for content, the need for intelligence around usage (metrics) heightens -- tagging (consumer bar codes) will aid this process going forward.
Place (Distribution)
I believe this has interesting and very exciting implications for the research business. It is a classic "form follows function" story. A highly tech-savvy consumer's use of ubiquitous tools, i.e. Blackberry, iPod/iPhone, Droids, App stores, social (professional) networks, et. al., is opportunistic in impacting research distribution decisions.
Promotion
As with the implications for innovation in the "Place (Distribution)" aspect of Research, the promotional aspects are equally exciting and will take on a new approach, in-line and likely integrated with tech solutions, i.e., blogs, ad "banners", alert mechanisms for PDA devices and more creative ways to offer "trial-balloon" products to secure the "buy-side vote". Could the Research "App store" become a reality some day?
As we close on 2009, in light of a challenging year for our members and the Research business at large, I remain encouraged and heartened about the prospects for our organization -- the operative word is commitment. I am grateful for the contributions of our members who volunteer their time and talents, from adding technical expertise to bring about a new release of our schema v.2.3, to promoting our organization at industry forums and with prospective members, to providing helpful perspective to me, as new and exciting research business models emerge. I do sense better things are head for our business in 2010 (the mood is on the upswing). I look forward to furthering our partnership.
I also wish to recognize the efforts and support from our Program Office, led by Kathy McGovern and Tom Jordan from Jordan & Jordan. Many thanks.
Best wishes for the upcoming holidays and in the New Year!
"May all your troubles last as long as your New Year resolutions."
- Joey Adams
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