Nice article on the evolution of Market research budget versus other type of budget and a case which proves that it is not a good idea to cut your market research budget during an economic crisis.
Here are three reasons why you might want to put yourself in the “increase” (or at least “maintain”) market research camp:
With the economy clouding the future, why throw away your flashlight when it could shine on intriguing consumer insights, hot technology trends and market opportunities?
The market is bleak out there, yet there are always opportunities lurking—if you have the tools to find them. Market research can often help you uncover little gems of insight that, when acted on, can connect you more closely with your customer or reveal new markets entirely.
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As cited in the March 23 issue of BusinessWeek, MasterCard learned from market research that certain consumer technology adoption trends were occurring in emerging countries, and these were creating new and exciting growth opportunities for the industry—and for MasterCard in particular.
Other marketers, somewhat surprisingly, are choosing this year to aggressively boost their spending in social media marketing—because a wealth of research data from numerous sources is making a very compelling business argument for them to do so.
Besides, when you have to watch every dollar you spend on marketing, don’t you want to be fully informed as to how best to spend that dollar?
Market research can help you preserve budgets, projects and even people.
One of our clients in the pharmaceutical industry shared with me a fascinating story. When she and her team were threatened with nasty budget cuts that would decimate their spending on new media campaigns, as well as eliminate some of her core staff, she went straight to work. Using her subscription access to eMarketer, she was able to build a solid, data-supported case for upper management that ultimately convinced them to restore her budgets, including her staff.
In tough times, you need all the data artillery you can get your hands on, whether you get it from us or from one of the many other solid, dependable research sources out there. Market research data and insights—when used properly—can grease the wheels of corporate acceptance for proposals, presentations, recommendations, new business pitches and even entire marketing budgets.
Prepare for better times ahead.
You are not alone if your media and marketing budgets have been hacked into unrecognizable shapes. But why not use this temporary cutback as an opportunity to invest in the future? By immersing yourself and your team in market research data, focusing on up-and-coming trends and emerging consumer insights, you will be at the ready with “go-to-market” action plans when the budget ax is finally lifted.
That time may be coming sooner than you expect.
Source: www.emarketer.com
Tags: market research budget trends
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Tuesday, March 31st, 2009 by