How Decision Makers can Actively Utilize Market Research Data at the Point of Decision Making.
A central brand and service differentiator in the practice of market research is the extent to which someone working in the service of clients – be they internal or external – will act as a strategic partner and deliver them actionable insights that empower decision making and advance business objectives. No one wants to be considered what is commonly known as a “data dumper,” or someone who simply hands their client data with no story or synthesis of what it means. After all, that person or company can be replaced by a Survey Monkey license and a sample source and have the same impact on their client’s needs. As researchers, we maintain that we add invaluable analysis, discoveries and recommendations that our clients cannot get from anyone else.
Why then is data dumping so pervasive? Why are the shelves of so many decision makers and leaders stacked with market research reports that have sat untouched long enough to grow roots? And most importantly, how can those who seek actionable discoveries from their research provider be assured that they will get them?
The following article is a summary report of “in-depth phone interviews with corporate clients in different roles — including product managers, insight analysts, marketing directors, and category and portfolio leaders — at Fortune 500 companies in a variety of industries,” with the intent of understanding how they use market research data. While the five “tips” they provide for how research data can best be utilized are valuable, one would be wise to turn this on its head and also consider these up-front expectations that can and should be put to any research provider to set a clear roadmap for how they can deliver to your objectives. Put another way, don’t wait until the end of your project to try and employ these strategies but instead set them as goals from the outset. Your research partner will thank you right along with your customers, shareholders, employees, family, pets, and anyone else who benefits from your company’s success.
Read the full article at blog.marketresearch.com