According to a new study led by a company specialising in analytics, consumer insights and market research; over a quarter of UK businesses carry out no market research whatsoever. Furthermore, it was found that 62% of these companies think their audiences are too ‘disengaged’ and ’transient’ to effectively help them devise future plans.
Many businesses have yet to realise advantages of market research, according to new data released on behalf of a UK-based company, which found that over a quarter of businesses polled in a recent study decide not to focus on the practice within their marketing plans.
The information has been released on behalf of Attest (www.AskAttest.com) in order to learn why some sectors are not utilising data collecting to better understand consumers. The team polled a total of 1,500 UK-based professionals, spread across different sectors. All respondents were in management and decision-making roles at their companies.
“Do you utilise market research in your company?”
Initially all respondents were asked “Do you utilise market research in your company?” to which 26% stated they did not. Following on from this, researchers asked these respondents why it was they did not do use market research, with the following 5 answers emerging as the most common reasons:
1. My company does not deem it relevant– 35% selected this reason
2. My company cannot afford it – 21%
3. My company believes it to be too time consuming – 16%
4. My company has no local competition – 13%
5. My company gets great business without it – 11%
Following on from this, researchers asked all participants if they felt they understood their consumers; 75% stated they did not fully understand their audience, with 62% stating they believed their consumers to be ‘disengaged’, ’transient’ and ‘too fickle’.
All respondents were then asked what group they believed was the hardest to grasp; 91% stated that they struggled the most with ‘millennials’. They were then asked what group was the easiest to understand in their experience with 83% answered ‘OAP’s’.
Finally all participants were asked why it was they thought millennials were often the most misunderstood consumer to which the majority, 72% of respondents, stated they believed it was because they were ‘spoiled for choice’ in products, channels and propositions available.
Jeremy King, Founder and CEO of Attest (www.AskAttest.com) commented:
“New technologies in market research and consumer insights are unlocking new relevance to many companies, but there is clearly a long way to go until all companies can use the power of research regularly. Hard to reach consumers like millennials are becoming so much easier to engage and understand, if companies can just approach these traditionally tricky demographics with the right tone and through the right channels.
He continued:
“With new and efficient forms of research, accessing new audiences that can be relevant to any company, and all organisations can now use the power of insights that was previously reserved only for the largest companies. Research is now so efficient, fast and powerful that all companies should consider exploring customers, markets, trends and competition in every moment that insights might be valuable. Research is now open and relevant to everyone.”