Breathe new life into underutilized market research through reanalysis, data integration and advanced analytics techniques.
Market research is indispensable for businesses, guiding strategies and decisions with data-driven insights. However, many organizations fail to take advantage of all of them. This diminishes the research’s value and weakens marketing’s credibility. The issue often lies not in the research quality, but in how it is treated post-delivery.
Market research combines science (i.e., collecting data through surveys, focus groups and other methods) and art (i.e., interpreting that data to find patterns and forecast trends). However, research is often seen as complete once insights are delivered. In reality, it’s a snapshot that can be revisited and reanalyzed to uncover deeper insights and more value.
Why is market research underutilized?
After the initial excitement of new insights fades, reports are often filed away and may influence a few decisions, but their broader potential is usually overlooked. The reason can be traced back to a few key issues.
Lack of revisit strategy
Once the research is completed, there’s often no strategy for revisiting the data. The insights are taken at face value, and the research is rarely reassessed unless a specific need arises. This one-and-done approach limits the value extracted from the data over time.
Data segmentation limitations
Initial segmentations are based on the researchers’ discussions and creative directions at the time, but these are not set in stone. As the organization activates segments, there may be unplanned challenges due to gaps in products, prices or sales channels.
Also, the segment insights may not prove pragmatic enough for organizational activation. In such cases, segmentation can and should be redone, preferably by new researchers who can provide a different perspective.
Integration of external data
Most market research is conducted in a vacuum, relying solely on the data collected during the research phase. This neglects the wealth of external data available — such as transactional data, demographic data and other behavioral data — that could be appended to the original dataset, enriching it and enabling more comprehensive analysis.
The art of revisiting market research
To address these issues, market research should be viewed as a dynamic resource rather than a static report. Revisiting market research involves:
- Re-examining the data through different lenses.
- Incorporating new data sources.
- Reinterpreting the insights to stay aligned with new realities (internal or external).
Reanalyze data with fresh perspectives
Revisiting market research starts with the willingness to challenge initial interpretations. New insights can emerge by reanalyzing the data with fresh perspectives, perhaps with input from different departments or external experts. This could involve:
Append external data
Integrating additional data sources is a powerful way to breathe new life into existing research. For instance:
- Transactional data provides a real-world context to consumer attitudes and intentions identified in the original research.
- Demographic data helps refine audience segmentations.
- Behavioral data from digital platforms reveals how different segments interact with your brand online.
Adding extra data to the original research creates a richer dataset. This improves market segmentations, enables better-targeted marketing and informs product development decisions.
For example, if survey data reveals that a certain demographic is interested in eco-friendly products, appending transactional data might show that this group is more likely to purchase products during certain times of the year, allowing for more precise marketing campaigns.
Leverage technology for deeper insights
Advancements in data analytics, machine learning and AI provide new ways to reanalyze market research. These tools:
- Reveal complex patterns and correlations not visible with traditional methods.
- Analyze unstructured data like interviews and focus groups for more insights.
Use these technologies to understand your market, spot emerging trends and anticipate changes.
Revisiting your market research
To successfully implement a strategy for redoing market research, organizations need to adopt a mindset of continuous improvement. Establish processes for regularly revisiting research data, integrate new data sources and apply advanced analytics to uncover deeper insights.
Create a cross-functional team responsible for revisiting and reinterpreting market research
This team should include members from marketing, data analytics, product development and other relevant departments. Diverse perspectives let the team generate more comprehensive insights and ensure the research is applied effectively across the organization.
Invest in the right tools and technologies
Advanced analytics platforms, data integration tools and AI-powered insights engines all play a critical role in making the most of revisited research data. Consider training your teams to leverage these tools effectively to extract maximum value from their data.
Maximizing the impact of your market research
Market research is too valuable to waste. By revisiting and redoing research, you can gain new insights, improve your marketing strategies and stay competitive.
Doing so boosts the ROI of your initial investments and strengthens the marketing department’s role in driving business success. Market research evolves and grows richer when companies are willing to refine their approach.
The post How to make the most of your market research data appeared first on MarTech.
About the author
A noted expert on marketing effectiveness and the use of data and technology to advance growth strategies, Shiv’s work has been broadly recognized for its innovative approach towards retention and profitable loyalty. He is a regular speaker at conferences and has been interviewed/ published in numerous publications including Financial Times, Ad Age, Target Marketing, and Loyalty Management.
Shiv has a depth of knowledge and expertise developing and executing data-driven marketing strategies with fortune 500 companies. This includes building the first marketing analytics department at Farmers Insurance, where he was recognized as a Frost & Sullivan “Growth Best Practices” business leader. As the principal and CEO of Quantum Sight Marketing, his focus is helping clients navigate the complex landscape of data and technology to achieve clear pathways to growth and profitability.
Shiv has experience in the Insurance, Healthcare, Energy, Retail and CPG Industries and is an MBA graduate of the University of Chicago- Booth School of Business. Currently, Shiv is also a regular contributor to MarTech.
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