Why Market Research Companies Need to Stick with their Marketing Ambitions
Market research companies have over the past 10 years or so learned to appreciate the value of investing in communications and marketing.
Brainjuicer - now System 1 - was a trailblazer, grabbing attention with bold branding, provocative conference performances, and an attention grabbing website, building on principles of Behavioural Economics.
In Germany, and going back a few years further, Rheingold was one of the first MR companies to take marketing and branding to the next level - investing in a very popualr annual conference was a notable moment.
Many others followed.
Thinking Beyond Downturns
But will this continue? As the downward pressure on prices increases, and economic winds turn negative, there is a danger of all the good progress being jeopardised. In fact, multiple dangers.
- Firstly, there is a danger of relegating the marcomms function to a junior level - people who don't know the market, and are essentially do'ers, executing lower value functions. Sending out a PR release sort of stuff. Low impact, likely with high churn on the staffing side.
- Secondly, business owners or MDs are tasked with doing the marketing or communications themselves - on top of business development, managing the P&L, winning projects, managing current client relationships and a 100 other things. The result: a huge dilution of effort.
- Thirdly, budgets on visibility expenditure are reduced or simply cut. Profile-raising efforts at trade fairs, conferences, writing papers, thought pieces - too difficult to see how effective they are, with a poor link to gaining new customers. Cut.
There are more. All understandible - but not advisable.
An ongoing investment in brand visibility for market research is critical to ensure mental availabiity. Being top of mind. Mark Ritson or Byron Sharpe would surely both agree ;)
Visibility - Managed by Professionals
Taking away communication focus or support means that you get forgotten. So for those infrequent yearly moments when a B2B company is in the market for actually buying your services, they will think of you in a triple-bidding process. Or not.
The process can be a long-haul, frustrating - but also rewarding. When a clientside buyer from a bluechip company contacts you two years after you met them at a conference it is an uplifting experience.
And it's just as much about skills as budgeting.
Professionals do it best. Ones that understanding the rules of branding, how best to manage a lead generation funnel, how to build a budget, develop thought pieces, write compelling submission for conferences.....The list is quite long.
If you have someone doing this for you, don't undersestimate their value. Reputation is something to be valued. And markets talk.
So the next time you're thinking about what part of your budget should be dedicated to communications and marketing - see it as an essential investment in your brand, not just a cost.
Curious, as ever, as to others' views.
(Photo by Riccardo Annandale on Unsplash)