Market Research Proves its Worth

Good news for market researchers everywhere! After a difficult 2009 for many industries around the world, there is some positive news: According to the latest survey of Marketing Executives Networking Group (MENG) members, half as many respondents expect to cut their market research spend this year compared with 2009.

Last year, more than 20% of members questioned said they would make less or much less use of market research. For 2010 that figure is just 10%. Meanwhile those who envisage greater or much greater use of market research has risen by six points to 45%.

A recent survey by Casro, the Council of American Survey Research Organizations, also found optimism to be returning in the US market research industry. 78% of Casro members who were surveyed in the fourth quarter of 2009 said that better times had already returned or would do so in 2010.

Returning to the MENG study, and of the 533 MENG members surveyed, a quarter expect their overall marketing budgets to increase in 2010. A similar number, 27%, expect further declines – although it must be noted that more than 50% expected cutbacks when asked last year. Almost half of respondents believe their marketing budgets will remain unchanged in 2010.

Some of the top findings from the report include:

  • 66% of marketers are more optimistic about business opportunity in 2010; 28% view 2010 similarly to 2009, while only 6% are less optimistic about the outlook.
  • Social media remains hot with 70% of marketers planning new social media initiatives in 2010. Interestingly, social media, twitter and social networking ranked as the top “buzz words marketers are most tired of hearing.”
    • Regarding companies’ presence on social media sites, large companies are more likely to have a presence on Twitter, Facebook, YouTube and MySpace; smaller companies rely more on LinkedIn.
  • Marketing ROI” moved from the third most important marketing concept in last year’s survey to the number one spot in this year’s survey, followed by “Customer Retention” and “Brand Loyalty.”
  • China was still ranked as the top geographic opportunity for growth, followed by India, Latin America and Brazil.

Find out about the opportunities that China could present your business by emailing beijing@b2binternational.com

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