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US Research Firms Feeling the Pinch
Booked revenue and RFPs/proposals at US market research firms have decreased this quarter, according to the latest feedback from the MRA's Research Industry Index (RII).
The MRA (Marketing Research Association) launched the RII in 2007 to track the health of the US marketing research industry.
In the third quarter of 2008, booked projects and RFPs were flat or down slightly overall. However, in the latest study, the tracker has dropped to 87 (base = 100) - its fourth consecutive drop, which the society says mirrors the worsening economic situation in the United States.
Agreement with such statements as 'our new business prospects look good', 'the year is shaping up to be a better year for our business', and 'we have more new clients this year' are at historic lows.
CEO Larry Brownell says that there continues to be some indication that clients are distributing their RFPs more widely than in the past, which is putting pressure on research companies' overall margins.
Data for the RII is gathered from a quarterly study conducted among around 150 owners or senior level management of marketing research companies and end users. Its composite score is based on reported changes in key business metrics (RFPs, projects and staffing levels), as well as changes in business owners' perceptions of the health of their business.
Web site: www.mra-net.org .
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