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Time to double down on Market Research

Fourth Source 25 Aug 2020 08:00

The world is going through a challenging time.  It is often at such times when the value of research and insight gets questioned.  Historically the research industry has not been great at demonstrating value and the return on research investment.  This can often lead to a client research department being considered as a cost-centre and when budgets need to be cut, it may well be in the first tranche.

For anyone in the research world, we recognise that this is a false economy, but we’ve got to do more to improve.  To try to navigate out of such a challenging situation without investing in the right action-driven insights is tantamount to trying to escape from a maze while wearing a blindfold.

Even before the challenges resulting from Covid-19 and varying levels of global lockdown, research departments were challenged.  Data from the 2019 Quirk’s report showed a number of pain points in managing and conducting research.  Four of the biggest were;

  • Too many projects for budgets;
  • Too many projects for staff;

Combining all of these points together is the importance of consolidation.  Research platforms should enable everything from data acquisition to advanced and prescriptive analytics and should put results in the hands of those that need it.

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