Communicating the Value of Market Research

The argument that market research is essential for business success and growth is no longer an argument: it is a basic fact. Despite this fact, some marketing agencies and consulting firms don’t offer market research solutions to their clients. This is a major strategic error for three reasons:

• The Beginning of the End: Without high-quality market research, marketing agencies and consultants must rely primarily on their clients to supply customer, competitor, and marketplace-related information. In many cases, this information is anecdotal, out-of-date, or incomplete. With poor or limited data to work with, it is impossible to build and run fully optimized marketing campaigns or to propose winning business strategies.

• Failure to Grow the Account: Much of the work that marketing agencies and consulting firms do for clients is of an iterative nature, and as such, new opportunities tend to emerge as programs and projects unfold. Without market research, it is impossible to identify and exploit these opportunities – and ultimately, strategic partners fail to grow the account to its full potential.

• Superficial Tools Take Over: Marketing agencies and consultants that do not proactively offer market research solutions to their clients run the risk of those same clients triggering what can be called “DIY Disasters.” Instead of gleaning actionable data and intelligence, businesses lose valuable time and money, which only allows the competition to gain ground.

The good news is that avoiding these pitfalls is not difficult or costly. Fill out this form to download our free eBook “Communicating the Value of Market Research” for tips to put the client relationship on-track for long-term success.