‘You can’t do your job without it’: Why protecting research budgets matters
In the second part of our series on market research, we explore if spending 5% of your budget on market research still holds true in challenging economic times – and the consequences if you ignore it.
Brand spend on market research has fallen – yet again – according to the latest IPA Bellwether report, which shows a further 2.9% drop in the amount brands invested in the discipline, continuing a downward trend that has persisted for a decade now.
Marketing Week columnist Mark Ritson once wrote that investing 5% of your budget into market research was essential if you want the remaining 95% to be spent properly.
But have marketers really fallen out of love with market research or are restricted budgets and rising costs to blame for the continued drop in spend?
