Key findings: Market research services
This report on market research services offers a comprehensive analysis of the US supply market and helps buyers identify cost-saving opportunities. Additional information includes an analysis of the regional spend potential, identification of potential procurement risks, negotiation strategies while purchasing market research services, and supplier selection criteria.
The category for market research services is poised for an exponential spend growth rate in the coming years. This growth is attributed to factors such as the growing penchant towards employing analytics to foster a cohesive business planning and the rise in demand for social media listening services to promote brands. This has been raising the competitive factor of the market which is also increasing the complexities of the market. From the perspective of buyers, one of the significant procurement risks faced is purchasing market research services at the best price in this hyper-competitive market. Also, inadequate supply chain management has often caused tremendous losses for the buyers with new business undertakings who primarily depended on this category supply to build their brands.
Download a free sample report to access complete information on the annual category spend growth rate until 2022.
Considering the potential procurement risks, this market intelligence report has recommended sets of specific procurement best practices that are attuned to the market dynamics in various geographies. An overview of the pricing models, supply chain margins, supplier cost structure, and regional spend dynamics is also offered in this procurement market intelligence report.
Our portfolio of reports on the marketing category help buyers understand:
- Global and regional spend potential for market research services for the period of 2018-2023
- Top suppliers and their cost structure
- US supply market scenario
- Incumbent supplier evaluation metrics
Analyze the global category spend for market research services
The growing popularity of neuroscience-based research will serve as one of the significant cost drivers for market research services during the forecast period. The prevailing competition among major end-user sectors such as FMCG, FMCD, and pharmaceuticals is compelling buyers to leverage market research services to enhance their business strategies and better brand orchestration, thereby; improving their revenue generation in the long-run. This will continue propelling the category spend growth rate in the coming years.
To get more information on the exact year-over-year spend growth rate and category spend potential, download a free sample.
This market research services procurement research report offers coverage of:
- Regional and global spend dynamics
- Cost drivers impacting pricing
- Market favorability index for suppliers
Optimize category spend for market research services
Procuring market research services involves sharing of business-sensitive data with subcontractors who might not feature in the buyer’s preferred list of service providers. Often, unregulated sharing of data has resulted in severe data breaches which ramified in substantial financial losses and tainted brand reputation. To overcome this frequently-faced procurement risk, buyer must lay-down clauses related to ownership of subcontracting services to ensure service consistency and control of sensitive data that are shared with subcontracted firms.
This market intelligence report on market research services also offers coverage of:
- Cost drivers impacting pricing
- Total cost of ownership
- Overview of pricing models and their cost structure
Assess category spend for the US region
The growing demand for location-level customer experience management services from the automotive, FMCG, and advertising sectors in the US will drive the category spend growth rate in the region. The market research service providers are adopting big data analytics in automated research to secure concise market insights and provide value-added analysis to buyers. This is attracting a large proportion of the US customer base who are increasing their spend on market research services.
Additional information offered in this market research services procurement report will help buyers analyze:
- Category cost drivers in the US
- Margins of suppliers in the US
- Price outlook and forecasts until 2023
Build strategies for effective supplier selection
The market research firms should be capable of offering advisory services and actionable insights that in line with the dynamics of their client’s industry, geographies, demographics, and above all the client’s business goals.
This market research services procurement report identifies significant costs incurred by suppliers and provides additional information on:
- Cost-benefit analysis of pricing models
- Supplier relationship management practices
- Technology-facilitated procurement metrics
Devise effective category management strategies for market research services
One of the significant procurement risks faced while purchasing market research services is a breach of confidential data. Frequent instances of the data breach have discouraged several renowned market players to reap this category benefits. However, to avoid such potential procurement risks, this market intelligence report recommends that the market research firms maintain transparency in the following areas:
- Data collection by informing respondents of the specific purpose of research
- Details about the execution process of projects with clients
- Subcontracting of all or part of work to third-parties
Key insights offered in this market research services procurement research report will help the buyers identify:
- Supplier margins and selection criteria
- Buyer ecosystem and factors influencing the procurement process
- Strategic sourcing and category management strategies
Determine the spend dynamics for key geographies
Increasing competition among end-user sectors such as consumer packaged goods, pharmaceuticals, and media and advertising will create significant requirements for market research services in APAC. Favorable economic policies are motivating industries such as oil and gas, FMCG, automotive, and retail expand their business in South America and MEA. Such sectors are resorting to various market research services to build their market expertise and frame profitable business policies in the new markets from buyers.
Key geographies analyzed in this market intelligence report on market research services include the following:
- North America
- South America
Information on the top market research services suppliers and significant procurement risks faced while purchasing market research services is offered in this market intelligence report. Download a free sample to access the report’s complete scope of coverage.
Key Features of Report
Procurement Best Practices
Cost Saving Opportunities
Supplier Capability Matrix
Market Research Services - Category Spend Analysis
According to SpendEdge analysts, one of the key growth contributors for global market research services supply market is strategic partnerships and acquisitions among several firms across the globe during the past few years. Also, the rise in the demand from the manufacturing sector is expected to propel the growth of this market globally.
Market Research Services – Procurement Best Practices
Buyers should engage with suppliers based on their expertise and project-specific requirements. Buyers should scrutinize suppliers based on factors such as the ability to conduct surveys, collect panel data, design questionnaires, and validating insights from industry experts.
Market Research Services - Procurement Challenges
Based on the analysis in this report, the key procurement challenge faced by buyers is the reliability of the information provided by the supplier. SpendEdge’s procurement specialists predict that the buyers must engage with suppliers who provide a list of sources from where the information is gathered. This, in turn, will significantly counter this specific procurement pain point.