Ipsos follows Synovate into troubled waters
Shock waves continue to be felt in the market research industry, most especially with the “big boys.” Like Synovate, Ipsos is reporting trouble.
Aug 26 (Reuters) - French market research company Ipsos (ISOS.PA) posted a 14.6 percent fall in first-half core profit on Thursday amid a global economic downturn and said it did not expect a significant improvement in the second half. Ipsos said further cost-cutting would allow it to achieve a stable 2009 operating margin, before exceptional items. “It would be premature and probably unrealistic to hope for the second half of 2009 to be much better than the first half,” the statement said.
With increased pressure for companies to cut costs, I can only imagine how tough of a sell it must be for Ipsos, Synovate, as well as other mammoth market research firms to convince clients to engage their services. Today, more than ever, its all about working with lean, highly skilled, and competent small and niche firms. Thank goodness we fall into that category!
Though Ipsos is doing their best to put a positive spin on this, obviously, the days ahead will be challenging for them. We certainly wish them luck as clearly, they will need it!
