RESEARCH TRIANGLE PARK, NC--(Marketwire - November 7, 2008) - A new study from business
intelligence leader, Cutting Edge Information, shows that companies are
moving away from attempting to assess a hard-metrics return on investment
of market research. Instead, market research groups work to ensure
satisfaction of their internal clients.
According to survey data, 74% of companies do not attempt to calculate ROI.
Of that 74%, 39% do not conduct any sort of performance measurement.
Because market research comes so early in the chain of events leading to a
project launch, and often informs decisions and strategies rather than
driving tactics, many companies have abandoned hard ROI measurements as
infeasible.
Instead, many market research teams concentrate on building internal client
support to leverage for internal support. "Because of its increased
prominence in contributing to central strategy and key stakeholder
decisions, many market research groups have shifted their focus from trying
to directly tie market research to the success of products," says lead
author of the report, Jordan Stone. "With clients such as business
development, ensuring the customer is satisfied and utilizing to the
fullest the deliverables and insights communicated has become a better
means by which to gauge market research success."
"Improve Market Research Impact" examines structure, spending, staffing,
and compensation data. Developed from surveys and interviews with top
executives from 30+ companies, the report provides strategies for
maximizing market research's reach and impact and winning stakeholder
support.
The 210-page report contains 500+ metrics, including:
-- Select surveyed companies' organizational structures
-- US and rest-of-world market research budgets, 2007 and 2008, by
company size
-- Departments that contribute funding to market research
-- Brand-level market research spending, by phase
-- Market research spending for 13 therapeutic areas, by phase
-- US and rest-of-world market research spending 2007 and 2008, by phase
-- Market research analyst compensation based on experience
-- Starting phase for various market research studies
-- Percentage of overall US market research budget spent outsourced
activity, by company and company size
-- US market research dollars outsourced by year and by company size
-- Percentage of overall rest-of-world market research budget spent on
outsourced activities
Contact Information: CONTACT INFORMATION:
For more information, contact
Project Leader
Jordan Stone
919-433-0376
For media inquiries, contact
Marketing Specialist
Lucas Einstein
919-433-0207