BestPracticeEssentialstoBuyingResearch&Insight

Debrah HardingManagingDirector,MRS

Outputsfortoday

• OverviewofMRS• Whatwedo• Howwedoit

• ResearchProcurement• Whatismarketandsocialresearch?• Challengesofresearchprocurementasacategory

• BestPracticeEssentialstoBuyingResearchandInsight• Whattheguidecovers• Somebestpracticetips

WorkingwithMRS

MRS is a ‘hybrid’association

The Market Research Society (MRS)

Trade Association

Code-holding

Body and Regulator

Professional Association

What does MRS do…?

MRS is the world's leading and largest association for market, social and opinion research

MRS is dedicated to the support, promotion and enrichment of the research and business world

With 5,000 members in more than 50 countries, serving all those with professional equity in the provision or use of research, and in business intelligence, market analysis, customer insight and consultancy.

Fair Data is a voluntary accreditation scheme that has been established by MRS to encourage organisations to improve best practice in the collection, use and retention of customer and personal data.

Fair Data

RBG is the only professionally-accredited list of research suppliers in the UK and Ireland. Featuring 600 high-quality research service suppliers, RBG listed organisations employ at least one MRS member ensuring they adhere to the MRS Code of Conduct.

RBG

Themarketandsocialresearch

sector

Market research… is an investment type spend andhas a profound and transformative role on society, economy and the world

Role…research is relied upon by business leaders for more confident decision-making

Size of market… £4.8bn (£3bn in 2012), 73,000 FTEs, growth of 62% in 4 years; data analytics increase 350% with 6,700 employees

Key influencers... Big data, GDPR, democratisation of data, need for deeper insight and commercial value add

Collaboration…between procurement and client commissioning teams provides a strategic competitive advantage

The research market

TheMRSprocurementguide

Market research as a category

Research is an investment spend• Maximise returns not minimise costs• Costs weighed against quality, impact, long-

term value and risk• Wrong supplier = missed insight + loss of

competitive advantage

Specifications difficult to fix• Rosters can assess suppliers basic research

capabilities, experience reputation• Suppliers often asked to design the “spec” • Research needs some scope to adapt to

findings• Not buying units of research; buying research

capabilities to address business issues

Buying decisions are significant• Decisions about research methodology and

approach can affect returns hugely• Difference between outputs and insight

Right supplier is a nuanced decision• Regulated suppliers i.e. MRS Company Partners

(organisations) and Members (individuals)• Following MRS Code of Conduct plus ISOs

(20252, 26362, 19731 plus 9001 and 27001)• Recognised for excellence e.g. MRS award

winners• Culture, ownership structure, size and

individuals also significant

Coverage of the essentialsThe full essentials covers:

• General background information about the research category• Understanding research as a buying category• What good research procurement looks like• An overview of the research process:

ü commercial, quality and data risks

ü how to mitigate the risks

Top ten tips…

Think ROAR – Return on Analysis and Research

1. Research as a business investment spend

2. Keep up-to-date with the sector

3. Build relationships to inform the buying process

4. Consider related buying decisions

5. Be realistic in what you can specify: RFP’s seek supplier spec designs

6. Weigh up both hard and soft qualifications

7. Understand the basic research project stages, and risks

8. Wider business implications

9. Set the right procurement measurement criteria

10. Regulated suppliers (MRS members or local country equiv) as a quality floor

MRS and CIPS cando more togetherfor mutual success

Engage 2016