Does your company have a Market Research Road Map?
Written by Scott Spry, COO
Business is complicated. Information needs are never ending. You’ll need to make constant adjustments on your journey and use multiple resources to reach your destination. A good map can guide your way, help you plan your journey, and help you avoid pitfalls.
A well-articulated research roadmap will include all the potential “stops” or users, along the route to your Company’s vision for success.
Thinking about the continuum of your business from Brand building with communication programs, product development and enhancement, to final product /service delivery to the customer, was your Brand promise fulfilled in the eyes of the customer? What improvements can your company make along the way to achieve even better results?
We have research and consumer insights for each step in the process. How integrated is your company’s insights and knowledge base? Think about each area:
Ask yourself “Do I have brand research?” If the answer is no, then come up with a plan to start.If the answer is yes, then ask yourself “Is it informing my customer segmentation and targeting?” Depending on your answer, it should inform you if you need to make any adjustments to your brand research strategy.
Do you use the brand details to inform your communications strategy? Do you test against these targeted segments? Do you know your ROI? If you are lacking in any areas of your communications insights, consider ways to close the gaps.
Do you validate your product/services offerings against the needs of your target audiences? If not, what can you adjust to address your target audience’s needs? How do you make adjustments, enhancements, affect pricing and delivery options…? As you look everything over make sure to make note of things that are working and things that aren’t.
- Customer Experience
What does the customer think? Did product/service live up to brand promise? Can you do better? Create a plan to better your customer experience.
Now think about all the insight efforts that your company currently executes. Most likely they live within multiple groups. Are they integrated? Are they sharing? Does each effort inform the others? Is it a closed loop knowledge base?
The brand promise lays the groundwork for your product communications to connect with target audiences. After these purchasers have utilized the product /services is their feedback answering the question “Did we deliver?” Knowing that we aren’t perfect, adjustments in the product offerings, communications, and future offerings to can be made further strengthen the company’s success.
Market Researchers are constantly challenged to do more with less. The roadmap will allow you to build across data gathering efforts. It can avoid discrepancies and misinformation being used. It will also elevate the stature of the consumer insights team as an integral part of the decision making process. If internal teams have questions you will have answers, or be able to get them quickly given the strong knowledgebase that has been created.
If the road map exists in your company – great news! If not a great start would be to take the lead in building your company’s consumer insights road map.
Market Researchers are constantly challenged to do more with less.Back to learn