News & Events

Market research 'an indispensable tool'

Date posted:

27th June 2008

Marketers have been advised to make the most of market research.

Market research has been identified as a hugely useful tool by one industry expert.

Simon Lidington, vice-president of the Market Research Society (MRS), said that the rapid growth of revenue generated through the channel in recent years shows that marketers are appreciating the benefits it can have in generating valuable opinions.

"Market research has grown so much and has become - for most businesses and certainly all large businesses - an indispensable tool for helping them make decisions. I think that is generally recognised now. Insight, based on various types of input from customers, is what will fuel innovation and ideas," he said.

Mr Lidington added that market research is one of the best ways of establishing methods to improve customer service and satisfaction.

An MRS survey conducted in 2007 showed that total industry revenue increased by 2.4 per cent during 2006 reaching a value of £1.353 billion.

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