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The 3 Factors that Determine the Value of Market Research

3_factors_that_determine_value_market_research.jpgAs you might expect, many of the prospective clients we hear from are enthusiastic about market research. That is, they recognize that there are answers and insights that can only be obtained through professional-grade market research, and they are eager to see how we can help them achieve their goals.

However, some of the prospective clients we hear from are, shall we say, somewhat less excited about market research. Yes, they know they need it (which is why they are contacting us in the first place). But they are nevertheless hesitant or reluctant to move forward, and are typically quite transparent and up-front about their apprehensions.

Here is the backstory: these businesses have either taken a costly and regrettable DIY market research approach, or they have put their trust in what turned out to be an incompetent consultant or an incapable firm. Either way, they are understandably and justifiably wary about making another mistake.

What we help these businesses understand, is that their skepticism -- while certainly well-earned -- is not rooted in market research itself. That is, they did not waste their time and money on actual market research. They wasted their time and money on something that was pretending to be market research, and was deceptively presented to them as such.

We further explain that, essentially, separating real market research from false market research is a matter of identifying the 3 factors that determine its value. These are:

1. The market research must deliver valuable insights

If market research simply confirms or disproves a hypothesis, then it is not market research; it is academic research. While there is nothing wrong with academic research – as a society we depend on it daily – businesses that commission market research typically need to learn something new; not confirm what they know suspect to be the case.  

2. The market research must provide actionable recommendations

Fresh insights are essential, but they are not enough – because businesses are not buying market research for the sake of market research. They are looking for actionable recommendations that help them solve a clear business problem, exploit an opportunity, and so on. If the market research does not point the way forward in a practical way, then it is ultimately without value.

3. The market research must deliver a measurable impact

This is where the rubber meets the road. Market research must be leveraged to deliver measurable impact on a meaningful metric or KPI. This could be related to customer service, sales, brand awareness, and so on. There must be an ROI to market research, or it is an expense rather than an investment – and therefore not delivering true value.

Learn More

To learn more about how to determine the value of market research, contact the Communications For Research team today. While we are recognized market research experts, we are fundamentally a business solutions firm. We do not get lost in concepts and abstractions, nor do we conduct market research for the sake of market research. We never lose sight that our mission is provide clients with valuable insights, actionable recommendations, and measurable impact. In other words, we develop, design and deliver REAL market research!

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