32.6% of UK marketers plan to lower their market research spends in Q3 2020

New Ideas in MarketingEssential news for marketers, summarised by YouGov
November 27, 2020, 9:37 AM GMT+0

COVID-19 has made traditional research methodologies difficult, as per Marketing Week.

The report found that with the impacts of COVID-19, 21% of marketers had planned to slash research spending in Q1 of 2020. The number of marketers planning to reduce research spends further grew to 42.2% in the second quarter.

However, in the third quarter, the situation fairly improved, as 32.6% of marketers planned to cut down their research budgets. Tim Warner, VP of insight and analytics at PepsiCo, states, marketers should “speed up” rather than “slow down”.

Marketing Week urges marketers to not abandon traditional methodologies, as a complete shift to digital would miss human insights. The last time a net positive of marketers planned to increase spends on research was in Q2 of 2015.

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