One of the easiest ways to improve budget efficiency is to simply ask your research suppliers: “What options can you offer to reduce our research costs?” Let them know you are open to creative ideas.
One of the easiest ways to improve budget efficiency is to simply ask your research suppliers: “What options can you offer to reduce our research costs?” Let them know you are open to creative ideas.
While Stan was presenting at the AMA’s Marketing Research Conference this week, he shared his view that for market research agencies to make the leap to being truly valuable to clients, they need to do more synthesis and make proactive recommendations. OK, coming from the guy who buys market research for Coca Cola, that sounds great. But is there broader demand for market researcers who can synthesize and be proactive?
If your company invests in market research that generates fresh customer insights, should you hold it tightly, or should you share it?
There are some obvious cases where you hold it tightly. Data that is specific to proprietary product ideas is a good example. But other cases aren’t so clear-cut.
Market research is successful when it leads to decisions being made and actions being taken. The research is the star, not the researcher.
When we deliver a market research project and no decisions are made nor actions taken, we fail. And it has repercussions. The next time a study is proposed, the audience knows that research can result in wasted time and money—after all, they have seen it happen before.
Never skimp on budget for:
* Quality sample. Having quality sample is critical. Avoid sources that can’t talk credibly about their recruitment tactics or list sources. You don’t want to bake a cake with spoiled eggs.
* Sufficient sample quantity. If you…
Well, “abuse” may be a little strong…but market research results certainly do get misused. Sometime intentionally; twisting results to confirm existing opinions, or ignoring results perceived to be inconvenient. In other cases, the misuse is accidental—issues such as poorly labeled charts or unclear methodology documentation can easily lead to erroneous conclusions.
The difference between good market research and great market research can be significant.
But sometimes the incremental time, cost and sweat of that extra effort simply doesn’t make sense. Sometimes, “good” is just perfect.
I was reminded of this last week at the Launch Camp conference in Cambridge. The event, for entrepreneurs seeking social media wisdom, had some interesting speakers, though the one from whom I learned the most was Dharmesh Shah, Chief Technology Officer and Founder of HubSpot (on Twitter as @Darmesh).
As researchers, we talk a lot about matching the methodology to the first objective. But given low response rates and the preciousness of qualified respondents, we need to focus a lot more on matching the methodology to the audience.
Have you ever delivered a big market research study, and had your internal clients completely ignore it?
It is an unfortunately common and painful experience.
Sometimes the challenge is that audience members find numbers too impersonal. They see charts and graphs and they just don’t seem to represent living, breathing customers. And nobody is going to take action based on market research data in which they don’t completely believe.
A tricky part of successfully delivering client insight data is knowing how much data your audience really wants. So, be honest with yourself: do you understand your colleagues’ or clients’ data appetite?
