The financial highs of the market research industry

Market research is having a good week, judging by some of the positive figures out over the last seven days. While other businesses are struggling to bounce back from a tough couple of years, financial results coming from research agencies show that despite cutbacks to marketing budgets, a healthy chunk is being allocated to those doing the analysis behind the scenes.

Jo Roberts
Jo Roberts

Chime Communications, which has a specialism in research and engagement, posted a 14% increase in full-year pre-tax profits. While we can’t credit the rise in fortunes to research alone, it’s heartening to note that the company is planning to expand its market research and data offerings.

Meanwhile, online research agency Brainjuicer has seen pre-tax profits increase by more than one fifth, increasing significant growth in pre-tax profit to £1.66m for 2009. It credits the rise in income with innovation, and has ploughed ahead with expansion plans, opening offices in Europe and the States.

I have also seen myself how willing marketers are to consider investing in market research. A co-creation research event to which I was invited by agency Promise had marketers from all different sectors – FMCG to media – considering new methods of research.

Despite the hard times, the wealth of information that market research can bring to marketers is vital and clearly something that is not falling down the list of priorities. It seems it’s up to research agencies to keep the momentum going by finding innovative ways to get insights to their customers.

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