A complete buyer's guide that provides comprehensive insights on Consumer Research category spend, spend growth and regional segmentation; in-depth price trends; negotiation levers and analysis of Consumer Research suppliers.
GET FREE SAMPLEOur category grouping process defines that the overall Market Research market includes all spend related to procurement of third-party market research services as well as cost incurred for in-house market research activities. Dynamics of the global Consumer Research market play out within this wider arena of Market Research market. Therefore, our coverage of the Consumer Research category also operates within this broader boundary of the overall Market Research market.
Several macro changes in the dynamics of overall Market Research as well as Consumer Research procurement trends are poised to change the business practices and procurement thumb rules. Data security and maintaining the confidentiality of client data and other sensitive information has towered over most of the discussions related to the category. Most geographies now have stringent regulations to protect data, privacy and confidentiality. Although suppliers now have a value proposition that puts data security and confidentiality at the forefront of marketing pitches, adherence to these standards have also increased OPEX of suppliers owing to increased compliance methods and requirement to change critical processes. The growing shortage of skilled talent and increasing salaries of employees is driving the operational costs of service providers. This is expected to increase service charges at least within the tier 1 suppliers who put a high premium on the talent pool that utilize. Service providers are increasingly investing in the adoption of automation software and advanced technologies to realize process efficiencies, broaden their service offerings and reduce time to market. This is increasing their OPEX, which will be passed on to buyers in the form of slightly higher procurement costs. Category managers need to take note of the potential of these developments and reassess the changes required in their procurement practices.
Sometimes, procurement functions are unable to timely alter their practices while responding to market conditions. Industry experts acknowledge that periodically reviewing procurement best practices and adopting learnings from across procurement categories can help procurement teams respond to market needs in a more agile way. This report combines our experience of other categories with Consumer Research procurement insights and hand picks best practices that can work for category managers delving in this market. For example, Buyers can engage in pilot projects with interested service providers to assess their capabilities. This also helps buyers to assess the cost benefits and value proposition of the proposal. Buyers must clearly define clauses related to ownership of subcontracting services that are not part of their preferred partners' portfolios to ensure service consistency and control of sensitive data that are shared with subcontracted firms. The roles and responsibilities of subcontractors should be clearly defined by supplier to provide visibility on the quality of main service provider vs sub-contractors. Buyers should invite bids from all potential service providers that can meet overall requirements. Bids must be evaluated based on pre-defined parameters such as reputation, service offerings, geographical knowledge and expertise, and track record. Buyers can use standard scorecards to evaluate service providers and provide necessary comments to rationalize the given scores. This helps effectively document the decision-making process for buyers.
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Consumer Research procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Consumer Research procurement. Some examples include:
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The report is intended to serve as a one-stop reference guide for Consumer Research procurement strategy and offers a perfect blend of category basics with deep-dive category data and insights. Therefore, it is ideal for category beginners looking for “Consumer Research: Procurement Report 101” as well as for category experts actively tracking the global Consumer Research procurement market.
You may have just initiated your research to design a winning Consumer Research procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.
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Procurement decisions can prove to be costly in the absence of careful deliberation and evaluation of every available option. In fact, more than 90% of the decision makers we work with acknowledge that timely availability of up-to-date category intelligence can help them make better purchasing decisions. More than 80% of them believe that in-house category intelligence needs to be updated periodically to achieve full benefits. If you have read so far, we are quite sure you agree!!
The Consumer Research procurement report helps take more informed decisions by placing all the critical information and advice at the fingertips of a decision maker. It also specifically answers some of the key questions that we have been routinely asked during our industry outreach initiatives:
SpendEdge Insights has helped procurement professionals and sourcing teams manage multiple spend areas and achieve more than $2 billion in savings. Activate your free account today!
The Consumer Research market report offers a complete picture of the supply market and analyzes the category from the perspective of both buyers and suppliers. Analysis of the category trends, procurement best practices, negotiation levers and overall category management strategy advisory are interspersed with in-depth data and commentary on spend outlook, pricing ecosystem and supplier landscape drilled down to a region-level coverage.
A key highlight of this report is the in-depth outlook created on Consumer Research procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Consumer Research. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.
Along with specific category and supplier intelligence, the publication also includes curated insights on Consumer Research market trends, price influencers and inherent risks. These insights help the decision makers prepare for market shaping trends in advance and create alternative strategies for changes in the market conditions.
Additionally, the report also advises on the best practices and strategies to manage the Consumer Research category efficiently. Negotiation levers and opportunities are explained in detail along with quantification of their potential. Benchmark KPIs for supplier and buyer performance management are also aggregated to better organize the category objectives. Other themes of advisory include ideal procurement organization structure, enablers to achieve KPIs or category objectives and ideal SLAs to have with suppliers.
Our research is complex, but our reports are easy to digest. Quantitative analysis and exhaustive commentary is placed in an easy to read format that gives you an in-depth knowledge on the category without spending hours to figure out “what does it mean for my company?”
SpendEdge presents a detailed picture of Consumer Research procurement solutions by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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