When should market research be conducted?

Market research is an essential component of effective contracting and procurement processes. Conducting market research on an ongoing basis as appropriate allows organizations to continuously gather information on market conditions, vendor capabilities, pricing trends, and emerging technologies. This ongoing approach ensures that decision-makers have the most current and relevant data at their disposal, which can help inform strategy, adjust procurement plans, and optimize contract terms throughout the project lifecycle.

If market research were only conducted at the beginning of a project, it might leave a gap in understanding any changes in the market that could impact the project later on. Limiting research to specific phases, such as only during contract evaluation or before every purchase, could also lead to missed opportunities for finding more effective solutions or better pricing, as the market is always evolving. An ongoing approach allows organizations to adapt to these changes, thereby enhancing competitiveness and efficiency.