The marketing research industry is an industry which
has been continually growing approximately at a rate of 5% over the past years.
There are multiple reasons attributed for such a sustained positive growth. One
of the reasons is the how well the users and consumers of the activities have
been growing. Along with this the other reasons being how most of the
users/organizations believe in going for a proper scientific marketing research
prior to taking decisions, and they would prefer an outside agency which works
on it full time and has all the theoretical as well the practical knowledge to
handle it. Be it a time of economic boom when companies want to grow leaps and
bounds, or be season(s) of economic distress when companies want to
consolidate, keep their best feet forward and survive, marketing research is of
primary importance.
1.
Users/ Consumers/ Organizations: Every company in the
present time has been increasing its spend/budget for marketing research, but
the size of marketing research department has being shrinking
continuously. This is primarily due to
the reason that the users/companies are opting for external marketing research
service providers. Money is wisely spent by users/organizations to focus only
on important projects and the fad of spending money for the “nice to know/have”
projects are over. More and more accountability and the returns on investments are
of topmost priority. Each and every dollar spent on a research project should
help the organization take a strategic decision which will impact the future
growth of the company.
2.
Marketing Research Suppliers: The current markets have
witnesses a growth in the number of organizations proving support to other
organizations in marketing research. With the current flooding of the market
with more suppliers it is important for them to maintain their visibility in front
of the organizations by continuing in to do excellent research work,
maintaining good relations and interactions with the organizations and
providing the cost based advantage. Now some marketing research firms are even
outsourcing parts of the work to reduce their own internal costs and maintain their
attractiveness in terms of cost to other companies. There is also a shift from
the traditional modes of doing research, i.e. face to face, and now there is a prevalence
of research being done (primarily interviews) telephonically, online etc.
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