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&#39Collaborate on market research&#39

Financial services companies should consider syndicated research, where competitors collaborate to produce market information of mutual benefit, easing budgetary pressures, according to Henry Samuels Marketing Services.

Henry Samuels says there has always been a significant overlap in the subjects covered by individual research projects, including pensions, distribution and product development.

He believes if more companies shared their market research resources, budgets would go further – which is important with many marketing departments facing cut backs in a volatile economy.

He says most financial institutions&#39 marketing budgets are now under scrutiny as companies seek ways to maintain revenue levels while getting better value from marketing activities.

The benefits of syndicated market research compared with client exclusive research include being able to use bigger samples than affordable to a single client, lower research costs per client and more comprehensive coverage of respondents, according to the consultancy.

He says there is also less chance of over-researching the target audience, which is especially important when interviewing respondents in professional sectors where numbers of potential interviewees are limited.

Chief executive Henry Sam-uels says: “Budgetary problems have forced many companies to review their procedures. Some have made marketing personnel redundant and many have cut marketing and market research budgets. If more companies shared research resources, budgets would go substantially further.”


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