eMarketer posted an article today on “Why Now is Not a Good Time to Slash Your Market Research Budget.” In it, they indicate that anticipated spending on market research is likely to stay the same or decrease at many organizations, halting the trend of increased spending over the past 20 years.  The article also outlines a few reasons why a budget cut isn’t the right path to take…

How will this impact researchers and the way budgets are spent?  Those facing tighters budget may consider turning to online qualitative research methodologies (and specifically online research communities) as a way of spending money more efficiently within the constraints of their new budgets.

For example, consider a company that sets up a community to evaluate and follow the decision making process their target audience goes through over the course of a typical research and purchase cycle.  That kind of community could help uncover insights into where people are spending their time and money, what they pay attention to, purchase influencers, how they actually make their purchase, concerns they have during the process, etc…  This information could then help a company adapt their marketing strategy accordingly, saving significant money on ineffective methods that prospective customers are less likely to notice.

Of course, research communities and other forms of online qualitative research also help save money through:

• Decreased travel costs
• Lower rental charges and associated fees
• Lower recruiting costs (over time)
• Lower incentive and incentive management costs
• Increased geographic reach (leading to a reduced need for multi-city studies)