In some respects, there’s good news for market research providers, as insight and analytics buyers’ overall satisfaction with them increased last year, from 49% in 2018 to 55% in 2019, per findings from the latest Greenbook Industry Trends (GRIT) report. However, suppliers should not rest on their laurels just yet, as there are still many areas ripe for improvement.
When the almost 300 insight buyers interviewed for the report were asked to rate their level of satisfaction with suppliers, only slightly more than one-quarter (27%) said they were very or completely satisfied (top-2 box) with suppliers’ ability to recommend business actions based on the research. Likewise, only a minority of buyers (again 27%) reported being completely satisfied with the data visualization services they received.
Another area with room for improvement is value for cost. Only one-third (34%) of buyers say they are satisfied with this tactical aspect, suggesting insight firms aren’t demonstrating sufficient value for money.
That being said, market researchers are getting a number of areas right on the whole. Research plan design (58%), project management/services (57%), and senior management interaction (52%) are among the areas with higher levels of satisfaction among buyers.
Last year the GRIT report found that researchers were increasing their usage of different types of analytics such as text analytics, social media analytics and big data analytics. This hasn’t yet translated to increased buyer satisfaction, though: the 54% of buyers who in this year’s edition said they are completely satisfied with the data analysis provided by suppliers represents only a nominal change in satisfaction from last year (52%).
Separately, the more than 800 insight suppliers interviewed weren’t too generous rating themselves. When asked to rate their own performance, only 35% reported being very/completely satisfied, a 20% point difference from buyers. While they rated themselves similarly to buyers in certain areas, suppliers’ estimation of their own performance was well below that of their clients in interacting with senior management (42%) and management scope or project specification changes (38%), while being slightly more optimistic in the areas of recommending business actions based on research (32%) and value for cost (40%).
For more market research insights, the full report can be accessed here.
About the Data: Results are based on interviews with 1,117 respondents, 298 among self-identified buyers of insights and analytics, 790 self-identified suppliers and 29 “others.”