Getting the most from market research
Most of the research projects we do at Vanson Bourne are designed to help our clients explore an interesting and unusual subject, to give them a position of authority in the market that helps to position themselves as trusted experts. All of the work we do is done to the highest standard (naturally!), but research is often commissioned for a single purpose and not used as widely or effectively as it could be. Though we advise clients on how they might use research well, it is rare for the data from one study to be used in every way they could.
How might the data that's collected better be used?
Headlines in press releases and messaging
As standard, every research report should tell a simple, engaging story. Without a clear narrative, it's easy for the meaning of the research to be lost. Every study will have dozens of nuances - how the results differ by sector or country, for example - but these should be facets of an overall story rather than the main focus.
Almost every research project commissioned with Vanson Bourne will result in an easy-to-understand story - our project managers are trained in story theory so that they're always thinking about how to communicate a narrative as simply as possible. That story will usually result in a press release, a social media post or two, and some form of publicly available report, but this is often where its use will stop.
Whitepapers and long-form reports
A good piece of research with a good narrative can easily be made into an engaging long-form written report. Though the top-line findings might be simple to disseminate, it's often the case that the data has dozens of unusual and interesting angles that can be extrapolated into the discussion of ideas, issues, and emerging thoughts far beyond what's merely captured in the research itself.
Such authoritative and longer reports are often useful not just for starting initial conversations with prospects and clients. They're great for targeting specific needs within accounts, proving that the organisation is well-versed and expert about a topic with a prospect which might be otherwise difficult to reach. Crucially, it becomes a useful tool for that prospect - it can help them consider the issue from multiple angles or as a way to help the topic to be discussed within the organisation.
And a whitepaper need not just be a PDF spanning a dozen pages or so. With a little effort, the story can be told in beautiful microsites and ebooks, tailored to be in appropriate livery with the ability to capture all sorts of useful and actionable metrics.
Benchmarking tools
If research is commissioned to engage directly with new and existing prospects, there is no better way to deploy the results than by creating a benchmarking tool with the data.
Once the data has been collected, it's often the case that there will be groups of respondents who have similar characteristics: those who are in a better position due to using a particular technology, say, or some who are struggling to successfully implement a particular policy. By grouping those respondents together and seeing how those groups answered other research questions, it's possible to see how those in a successful position differ from those in a less successful position.
Knowing that, it's therefore possible to ask a handful of questions to prospects and, from the research data, place them in a group to infer what underlying issues or problems that similar organisations are experiencing. With this, them some meaningful guidance can be given to show why their organisation is in that position and why others are not.
These benchmarking tools can be as simple or as complicated as the imagination allows. They can be online questionnaires that push prospects and clients to a bespoke report with meaningful guidance and help. They can even generate reports for sales or account staff to follow up on, helping to inform them of the problems that customers and prospects are experiencing and hinting at how they could be helped by the company.
Best of all, well-designed benchmarking tools are fun and simple for clients and prospects to use. If they're short enough to not try the patience, thorough enough to give meaningful advice, and designed to be clean and simple, they become a compelling and easily-shared proposition.
Tracking surveys
Even the most basic of surveys can be rerun in subsequent months or years to see how the landscape is changing over time.
Though this might be seen as simply retreading old ground, often it can generate new and unexpected findings. It has the ability to add new questions that had not been initially considered, to further or explore ideas that were the focus of the initial reporting. It also has the ability to allow companies to reconnect with interested parties (journalists etc) who reported on the initial data, and it can be used to demonstrate continued expertise in that particular domain.
Using the data elsewhere in the organisation
Arguably the simplest yet least considered way to get more from market research is to make it available elsewhere in the company.
Market research is often commissioned to achieve a marketing campaign or to get some strategic insight. There's no reason it can't be used for both, or even for more. A single well executed market research project could be used as:
- Collateral for a marketing campaign
- Insight for product development
- Collateral for sales teams
- Data for strategic decision making among the executive team
- A shared resource for partner organisations
In a world where Big Data is touted as a clever way to make better use of the data that an organisation has, it's often the case that the data they purposely go out to collect is only used for a single purpose. With a little effort, the investment made in market research can be felt across the whole organisation.