LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global opinion polling services market is expected to grow at a CAGR of almost 3% over the next five years due to the growth in popularity of online polls.
The research report titled ‘Global Opinion Polling Services Market: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The demand for opinion polling services is expected to be steady during the forecast period as several organizations rely on survey research to understand market trends, demographic segmentation, and varying customer shopping preferences,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Buyers are looking for a comprehensive suite of solutions that combines poll results with data analytical tools along with social media listening to derive meaningful insights,” added Angad.
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Cost Saving Opportunities in the Opinion Polling Services
The adoption of cost optimization levers can help buyers of opinion polling services realize cost savings and achieve category management and value benefits, including reduction in procurement complexities.
Technavio procurement experts have segmented the cost saving opportunities in the plastic resins market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Ipsos offers overnight opinion polling services through a module called I-instant. It is suitable for studies on a sample size of less than 500 and results can be delivered within 2-3 days. Through this service, buyers can measure instant reactions to product launches through mobile surveys, monitor competitor activity, and test a hypothesis.
GfK is offering a voice analytics tools to measure emotional responses of customers. The product known as MarketBuilder Voice will allow participants to speak about product performance or measure brand feedback and use algorithms to measure emotions.
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Optimization of procurement practices saving aspects
Pilot test is useful in estimating response rates and assessing methodologies to evaluate accepted response levels as well as in determining the feasibility of conducting the opinion poll. Buyers should engage with service providers that have comprehensive knowledge of prevalent technologies to be employed while conducting opinion polls.
Bundling of services saving aspects
Buyers prefer to engage with suppliers that possess efficient survey design capabilities and can keep customers engaged. In the case of in-person interviews, it is important that the researcher has ample experience in conducting interviews. However, it is important that the questionnaire is lucid and have an appealing design in case of online surveys.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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