The Island Analysis team, left to right, Chris Brock, Michaela de Vial and Carly Tucknott. (0607352)

DEMAND for market research is increasing despite the credit crunch taking its toll on business, according to one expert. With rising costs and widespread belt tightening, the need for business risk management was more important than ever, said Island Analysis director Chris Brock.

His company has just purchased online research tool Island Opinion and has been inundated with enquiries from the local business community.

‘Market research is something that does not stand still with the economic downturn,’ said Mr Brock. ‘We’re working with public and private organisations in the Channel Islands by building a picture of information on which they can base business decisions, which is critical at this time because they want to minimise risk and be as cost-effective as possible.

‘Everything is getting tougher in the current economic climate and now market research has climbed to the top of businesses’ priority lists. In the past they probably didn’t pay enough attention to it, but now that’s changing.’