How Data is Triggering the Growth of the UK Research Market Industry?



How Data is Triggering the Growth of the UK Research Market Industry

Data plays a key role in determining marketing strategy of a business. As customer data provides quality insight into demographics like customer behavior, preferences, buying pattern, interests etc., more and more businesses are investing into market research to get a hold of that valuable data.

According to the Market Research Society (MRS), the UK research market has increased by 62% to £4.8 billion in the last four years.

The key areas of growth include:

Data Analytics

Qualitative Research

Social Media

Online/Mobile Surveys

Notables Statistics of the Research Market:

The industry now employs 73000 people

The market value has increased by 62% since 2012

Data analytics has witnessed a growth of 350%

Why Customer research is significant?

To make up for negative responses by creating positive one –

It takes 12 positive responses to resolve a single negative one

Act as the key point of difference–

By 2020, customer research is expected to overtake price and product as key brand differentiator

A better customer experience –

On average 86% of buyers will pay more for a better experience

Boosts customer loyalty-

5% increase in customer loyalty is likely to increase the average profit per customer by 25% - 100%

What to choose – reject feedback or accept it?

Ignore feedback - 55% of customers are likely to discontinue taking services from a company who doesn’t consider their feedback

Implement feedback – 97% of consumers are likely to become more loyal to a company who implements their feedback.