What a Long, Strange Year It's Been

The September MarketResearchCareers newsletter focuses upon the dramatic events of the past year and the impact they had (and continue to have) on the market research industry.

The results below were obtained from a recent survey entitled the 2009 Market Research Supplier Report Card and Mid-Year Industry Update which was completed by 801 market research professionals.

The report, which also contains Supplier Satisfaction Report Cards and other valuable industry information, is available for only $199.

 

Market Research Budgets
In January, 2009 market research organizations stated their budgets would be reduced by 9.5% compared to 2008. We have since learned that 60% of market research professionals further reduced their 2009 budgets by an additional 4.8% during the first half of 2009.

By "running the numbers" we see that 2009 MR budgets are expected to be down by 12.5% from the prior year -- breaking all historical industry trends.
 
To help minimize the impact of contracting budgets, research organizations closely managed expenses, reduced travel, and reduced raises.

However, the specific actions taken varied by organizational size and their role in the industry (Suppliers of MR services vs. Buyers of MR services). Detailed information is available within the report.

 

Market Research Staffing
Regrettably, changes in staffing have also been influenced by the economic events of the past year. More than half of all research organizations laid off at least one employee. Slightly fewer than half delayed hiring (46%), with 41% eliminating open positions.

On a positive note, nearly 40% of all research organizations hired one or more research professionals.

Again, the specific actions taken varied by organizational size and their role in the industry (Suppliers of MR services vs. Buyers of MR services). Detailed information is available within the report.

 

Job Satisfaction
Despite the turmoil, two-thirds of market research professionals are satisfied with the current job.

Interestingly, current job satisfaction sentiments are primarily influenced by non-monetary attributes including: challenging and interesting work; a friendly work environment; and appreciative clients -- among a long list of additional items.

Key influencers (also among a long list) of job dissatisfaction include: lack of career opportunities; low company morale; and perceived inadequate compensation.

 

Business Outlook
With optimism, nearly half of all market research professionals believe the second half of 2009 will improve compared to the first six months of the year.

Leading a long list of changes necessary for the business environment to improve, research professionals believe U.S. and global economic stability are essential for normal activity to resume.

 

Here's to a busy September and fourth quarter!

 

Mike Carroll
800-872-5401
mcarroll@marketresearchcareers.com
www.marketresearchcareers.com