The following blog post was written by Mark Dengler, President & Owner of RMS.
Over the past several years, the market research industry has sought to identify relevant consumer data and turn that into decision-making, informational knowledge for clients. However, no longer is it sufficient to simply analyze data and answer questions like “Are my customers satisfied with our product or service,” or “What price point should we launch at?” Now it is critical to provide detailed insights along with the research findings. Insight as to what the data and information means and what the next steps should be for the client and their organization to remain competitive.
Companies utilizing market research want knowledge for effective decision-making, but they also want direction and consultation. Market research needs to suggest what the next actions should be.
Given the research findings, what should be done next? Today’s effective research firms are transforming themselves to address this new “insight” expectation. There is an effort to ensure that the scope of research work aligns with a company’s strategic direction and focus. Before research is conducted, researchers seek to learn what clients want to do with the findings. Multiple primary qualitative and quantitative data components as well as secondary data reviews may be employed in studies to capture a broad array of data elements, thereby providing added value. Research analysts look to consolidate multiple sourced findings so that a richer, more well-rounded report and future action steps can be identified.
The function of market research has been elevated to the C-suite, providing strategic direction and measurable benchmarks for organizations. In fact, some have begun reclassifying the term “market researcher” to “insight professional.” Market research is no longer something that ought to be done, but rather it must be done for today’s organizations to be successful and to triumph over their increasing competitor base.