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Richmond Events' Business Panel Report - Attitudes to Suppliers


Headline findings include:
  • 6% of the panel will meet over 50 potential new suppliers per year though none will appoint this many. 
  • On average the panel talk to 18 potential suppliers over the course of a year.  They then appoint on average 5 new suppliers per year – i.e. just over 1 in 4 (or 28%) of the companies they meet.   
  • The average number of suppliers that the panel employs over the course of a typical year is 28.  This can be further broken down to 23 (82%) existing and 5 (18%) new.
  • Only a minority of companies always employ a formal tender process or a short list system when appointing new suppliers.
  • In terms of input from other departments during the appointing of new suppliers, procurement are most likely to be involved, finance and legal in some cases and HR less so.
  • The 2 top ways of sourcing potential new suppliers are recommendations / word of mouth and through meeting at a conference. 
  • No surprise that in this day and age price is the number one factor the panel looks for when compiling a shortlist of suppliers. This is closely followed by product quality and flexibility.
  • 82% of the panel have asked some of their suppliers to re-quote their prices over the last few years, with the average number they’ve asked being 30%.
  • However the majority of the panel has not changed their payment terms
  • Over half of the panel has brought work back previously outsourced work in house.  Of those that have done so the average amount (they’ve brought back) is 13%.
  • The majority of the panel is quite prepared to ask suppliers to re-quote in order to match a lower price, with only 6% saying they would never do so.
For full report http://revents.info/l/6qk

Richmond Events' Business Panel - Brand Report


  • Marketing is the department primarily responsible for developing the brand within 71% of organizations, with a further 18% leaving responsibility to the MD/CEO.
  • In terms of influence over the brand, marketing leads the way with 44%, followed by sales 39% and the MD/CEO 15%. 15% of the panel feel all departments have equal influence over an organization’s brand.
  • 100% of the panel feel brand reputation is very important to their organization, however only 66% know they measure it.
  • Of those that do, the most popular measurement tools are customer focus groups 46%, on-going brand tracking research 38%, competitor analysis 36%.
  • The panel feels 40% of their department have high engagement levels with the brand, compared to 36% of the wider organization and 37% of their customers. It may be considered slightly worrying that the figure is higher for customer engagement than it is for their colleagues in other departments.
  • The panel also feel 24% of their department have low engagement levels for their brand, as opposed to only 19% of their customers. A potential problem?
  • 61% of the panel feel there is a slight mismatch between what their customers and what their employees think of their brand. However 76% feel their own perception of their brand is similar to their customers’ perception.
  • In terms of the importance of their organization’s brand reputation to the panel personally, 24% say it’s essential - they’ll only work for an organization with a strong brand, whereas 59% say it’s very important – a key factor as to where they work.
For full report http://revents.info/l/6qj

Richmond Events Business Panel Report - Economic Outlook


Headline Findings include:
  • None of the panel expects the economy to grow significantly over the next 12 months, with just under half expecting it to show some signs of growth (marginal). 19% expect it to shrink.
  • The figures for 3 years’ time are much more optimistic. Just over ¼ of the panel expects the economy to have grown significantly whilst a further 52% expect it to have grown marginally.
  • 15% of the panel say they will increase headcount within their organization. Of the 54% who say they’ve reduced it, 39% may do so again.
  • 50% of the panel feel their revenues will increase over the next 12 months, whereas 47% feel their profits will do likewise. For this to be correct then it would suggest that organizations are going to have to find those profits from elsewhere; reduced headcount, tighter cash flow and general cost cutting are all likely to figure prominently.
  • 24% expect to see their budget increase compared to 40% who expect it to see it go the other way. The rest, 36% don’t see it changing.
  • 34% of organizations expect to move some part of their business outside the US over the next 2 years. The most popular destinations are South / Central America and India.
  • The Obama Administration - There is no overwhelming satisfaction with the Administration’s handling of the economy, with only 5% feeling it has been very good and 36% acceptable. The majority of the panel feel either it could have been better, 24%, or very poor, 35%.
  • In terms of their optimism for the US economy, 35% are optimistic and 65% not so. However these figures are more positive than for the world economy where 22% are positive and 78% are not!
For full report http://revents.info/l/6qg

Richmond Events' Business Panel Report - Research and Development


Richmond Events’ latest business panel report on research and development is now available. Headline findings include –

  • The average number of people working within an organisations' research function is 21.
  • 55% of respondents have between 1-5 employees within their research function.
  • Around a third of the panel don’t have a specific research department yet allow whoever comes up with a new idea / product to research it themselves.
  • The average amount the panel commits to R&D as a percentage of their overall turnover is 4%.
  • 80% of the panel say they purchase from external market research agencies - 20% regularly and 60% sometimes.
  • Organisations tend to undertake research more frequently with their customers than non customers.
  • The majority of the panel are positive in their views towards research - almost one third say it keeps them up with or ahead of competition whilst over half feel it greatly increases effectiveness / product development.
  • Well over half of organisations use their own employees to continually research their customers.
  • Just under half of the panel feel it is always almost money well spent. However it is closely followed by 45% who feel measuring ROI on R&D is more difficult.
  • On a less positive note only 39% of the panel use research to better understand their competition.
To request the full report, please contact David Clark.

Richmond Events’ Business Panel Report – Employee Engagement


Richmond Events’ latest business panel report on employee engagement is now available. Headline findings include –

  • 82% of the panel feel employee engagement is essential within their organisation, with a further 15% feeling it’s nice to have.
  • Only 70% of the panel say their organisations actually measure employee engagement. A worrying 4% are unsure if they do or not…
  • The panel feel that levels of employee engagement are higher within their department than they are for their organisation as a whole.
  • 50% of the panel feel that engagement levels have increased within their organisations’ over the past 3 years.
  • The most popular measurement tools for employee engagement are questionnaires and appraisals. However, only 4% of the panel feel engagement questionnaires completely reflect the true feelings of their organisation.
  • The two most important factors in terms of employee engagement are good line management and a good leadership team.
  • The two areas needing most improvement are good line management and a good leadership team!
To request the report please contact David Clark.

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