Quality market research is often the driving force a business needs to secure a competitive advantage within today’s marketplace. It can propel growth and exposure by providing companies with intelligence about trends, consumers and competitors that strict observation or intuition can not predict. Our team at Communications for Research (CFR) has 20 years experience designing market research studies. Here are four things we’ve learned:
There IS Such a Thing as a Bad Question
We’re not in grade school anymore, where fostering open communication and trust by welcoming any and all inquiries is the foremost goal. Of course, communication and trust are important, but market research requires more precise and thoughtful queries. Some questions are better than others. Every market research project begins with a question. And that question should be one whose answer adds value to the company’s store of intelligence. It should not merely pander to vanity.
Surprises Aren’t Surprising
Market research studies rely on the help, thoughts and opinions of people, and people are unpredictable. Thus, it shouldn’t be surprising that surprises will always occur when undertaking a market research project. Whether we’re working with colleagues or clients during the design process or anticipating the outcomes of surveys from consumers, everything is subject to change. Being open to unexpected results and able to adjust when things take an abrupt turn means we don’t lose focus just because plans have changed.
Less Can Be More
It’s easy to believe that the more people you survey, the better your data will be. But sometimes (even a lot of the time), less really is more. When designing market research studies, we’ve learned that too many opinions can lead us to confusing results. It’s important to combine the massive amounts of information unearthed through quantitative methodologies with carefully chosen qualitative measures focusing on smaller groups. Insights gained from a few personal contacts can often prove more profitable than 1,000 anonymous ones.
Nothing Stays the Same
Markets. People. Products. They all change. Knowing this is critical. It’s not enough to rely on what’s been done in the past. We’ve learned that a commitment to innovation through learning and teaching means we can continue to offer our clients the most relevant and meaningful research strategies for today’s market.
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At Communications for Research, we understand the variables that go into designing market research studies, and we have the experience needed to garner actionable results. Contact us to discover how we can take the lessons we’ve learned and turn them into profits for you!
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