2007 Market Research Trends:
Increased Demand for
Market Research and Metrics
Abstract
The advertising and marketing industries are changing because of increasing demands for metrics and accountability, yet many agencies and brands continue marketing practices that yield no quantifiable results. In response to this, demand for market research, both traditional and progressive, is increasing, and both agencies and brands recognize its relevance as a component of a complete marketing mix. This report focuses not on the causes for the change in the advertising agency but rather its effects, namely the demand for market research. It also examines the most used forms of market research, the reasons for market research, the efficacy of it and the source of demand.
Key findings examined in this report include:
> Companies are shifting their preferences and budgets away from traditional advertising and toward integrated marketing programs.
> Online surveys are currently the market research tool of choice for both agencies and brands; 80 percent of respondents utilize online surveys with relative frequency, and 41 percent indicate they utilize online surveys often.
> While both agencies and brands feel that clients are more likely to drive demand, brands’ belief that clients drive demand is more pronounced.
> Fifty-four percent of agency respondents view market research as an expense rather than revenue.
> The overwhelming majority of our survey participants agree that there are no practical barriers to market research.
These findings are based on the “Market Research Trends” survey conducted by Equation Research in Q4, 2006 and Q1, 2007.
If you would like a copy of the report let me know, bstone@equationresearch.com
