Countries with growing GDPs and emerging consumer markets provide greater opportunities for the market research industry. But how can market research transcription companies prepare?

A report in Research World, ESOMAR’s magazine for marketing intelligence and decision making, predicts that countries with the fastest growing GDPs and most improved technological frameworks will provide the best possibilities for the market research industry. Countries such as Bangladesh, Indonesia, Pakistan, the Phillipines, South Korea and Vietnam are classed as ‘next 11 markets’ for this very reason and receive considerable investment. On top of this, growth in developed markets such as New Zealand and Australia looks likely to fall.

Emerging markets

Travyn Rhall, CEO Africa, Middle East & Asia Pacific at Millward Brown recognises that “the challenge for research companies will be having the trained quality staff to cope with the growth”. This includes the ability to source market research translation for new language barriers, and increased demand for transcription services, content analysis and report writing. As a result, more and more market research organisations will decide to outsource these services to specialist agencies.

How can market research transcription companies prepare?

Companies who specialise in market research transcription can prepare in several ways. They can begin recruiting freelance translators for the source languages of these emerging markets. If companies already provide longstanding transcription services to market research clients, it might be advisable to discuss with them when they envisage that work in these markets will begin. Finally, market research transcription companies can really prepare by doing their own research into these emerging markets – this is what makes you stand out.