New research by ResearchExchange.com, the world’s first digital platform that connects buyers and suppliers of market research, reveals that businesses are limiting their potential to succeed and inhibiting creativity by working with a limited pool of suppliers.
Two fifths of businesses (42 per cent) work with only one supplier of market research and two thirds (64 per cent) have never worked with a research agency based outside of the UK. As a result, brand-side marketers are missing the opportunity to work with creative suppliers in other markets, which could be a better fit for their brief.
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Informed business decisions
The research also reveals that market research is a crucial resource to marketers, informing almost seven in 10 business decisions (68 per cent). Additionally, a quarter of buyers (25 per cent) spend between £50,000 and £100,000 on market research ever year and a third (36 per cent) even spend more than £100,000. Despite this, less than a fifth of companies (17 per cent) seek a quote from a new supplier when commissioning research for a project, contributing to stagnated growth in the industry and increasing the potential for a poorly matched partnership.
Encountering issues
Many research buyers encounter issues in connecting with new suppliers, with a fifth (21 per cent) citing not knowing where to source potential suppliers as one of the main obstacles to commissioning a brief. The majority of research buyers (55 per cent) want a supplier to have the relevant experience for a brief, yet nearly two thirds (57 per cent) admit that they do not know which suppliers are of a high enough quality, and a fifth (21 per cent) have trouble knowing where to find those with the expertise needed.
Richard Waring, co-founder and CEO of ResearchExchange.com, comments: “It’s imperative that buyers of market research are able to connect with the right supplier for each and every project, or they risk working with the wrong talent and receiving unsuitable or irrelevant research results.
A shocking number of companies are failing to pitch their research out to new agencies and get new ideas, new solutions and better prices, costing them dearly. There are pools of untapped research creativity and insight out there which can provide buyers with brilliant results and excellent data that informs critical decisions.”
For further details on ResearchExchange.com and to register for free, please visit: www.ResearchExchange.com
