5 Items a Market Research Firm Should Look Out For
The science and art of marketing are in a constant state of evolution. With new and interesting ways to interact with consumers daily, it can be difficult for even seasoned marketers to keep up with the trends. But there is also value in industry-wide standards and best practices developed over time. There are some things a market research firm should look out for when doing a marketing research project, no matter the budget or industry or whether you’re an internal or external researcher.
1. Innovation, Creativity, and Point of Difference
Consumers today are keenly aware of trends and product advancements. Market research firms should look for brands that are doing more than just keeping up with the Joneses. Brands that innovate and differentiate themselves will be ahead of the pack in terms of making a lasting impression on the consumer. Market researchers should anticipate research objectives and innovation trends that can make their work more appealing to consumers. And market researchers should be creative about finding creative ways to measure respondents for these breakthroughs.
2. Analyze Data and Report Findings in a Simple and Clear Way
Hundreds of marketing decision-makers have several analytical needs, each with different priorities and constraints. Market researchers should ensure they are working with data sources that can accommodate these needs while also providing value to the client. Consumers today have short attention spans and even shorter patience when viewing marketing research reports or pouring over the numbers. They should be able to distill broad information into a digestible format that will be valuable for all stakeholders and their clients. They should also be aware of the latest trends in data visualizations and technologies that make their reports stand out.
3. Put Your Research into Action
Research results should be actionable for marketers on a day-to-day basis. Everyone involved in the process can benefit from these findings at the product or brand level. Market researchers should review their reports and make sure they are providing insights and recommendations that are relevant as well as actionable. This is especially important when consumers are asked to respond to surveys on behalf of brands, like when giving an opinion about one of their favorite brands or products.
Marketers should be using the information in their marketing research reports. The best way to obtain actionable data about a client’s customers is for marketing decision-makers to use the data in the news, if not immediately, then at least within the next business cycle. Getting these insights from market research reports into action can be difficult, if not impossible. Still, we all know there are many ways that this can happen, from executive briefings and statistical software training to the simple implementation of an idea from the data.
4. Collect Relevant Data and Information
The best quality market research results are from the sample sought and analyzed and all the data collected during the research. The more relevant and useful information is, the more useful it is in terms of actionable insights for clients. These insights can be valuable for all stakeholders, not just the client.
5. Develop Your Marketing Research Plan
Marketing today is changing as quickly as any other business. Research objectives are often in flux or evolving due to regulatory changes, technological updates, and advancements. They plan their research projects with these changes in mind, keeping in mind that the research plan determines how the client will use their work and how their work will ultimately add value to them.
A successful research plan is key to ensuring that the insights you’ve collected have sufficient value for all stakeholders. Market researchers should plan what they want to do with their data and develop a marketing research report that can reflect their findings and recommendations. Researchers should also be aware of the latest trends in marketing research best practices and standards for reporting and visualizing data in marketing research reports.
In today’s fast-paced, ever-changing marketing world, marketers and market researchers must keep up with the latest trends in their industry. This is important in executing any marketing research project, but it’s especially critical to bringing these insights to life and helping consumers make decisions. Market research firms should look out for these five qualities in their reports and recommendations to ensure the value they bring to their clients is second to none.