“How can I make sure that the results of our market research studies are well understood by all stakeholders?” or “What can I do to ensure they lead to effective strategies and actions?”
These are questions many corporate market researchers ask themselves. To succeed in this, a high level of competence in market research consulting is essential. In this article, we’ll show what defines good market research consulting and how it can help you get the most out of your market research results and make them actionable.
What Market Research Consulting Is All About
For a long time, it was controversial in the industry whether market researchers should give concrete recommendations for action. This applied to both market research agencies and in-house market researchers. But that has changed. Today, people even say that market research consulting is essential to get the maximum return from a market research investment.
At its core, market research consulting means formulating insights in words that everyone can understand. But that’s just the basic foundation. Consulting should also present alternative scenarios for specific questions and provide concrete recommendations. Additionally, corporate market researchers should be actively involved in turning insights into strategies. After all, with findings from various market research institutes, they possess a broad and profound overview.
This means that corporate market researchers can—and should—also act as consultants. This includes, for example, not just waiting for study requests to come in but actively pointing out information gaps, suggesting studies, and taking responsibility for implementation. It also includes being proactive and influencing management decisions.
It is essential that these recommendations are not just based on assumptions, but on solid, scientifically grounded insights from high-quality research.
The Levels and Roles of Market Research Consulting in Corporate Research
There are different consulting roles for market researchers, each with varying degrees of focus on content or process.
As an objective observer, you ask thought-provoking questions that encourage deeper reflection.
In the role of analyst and researcher, you gather information to evaluate it and derive solid insights.
The process consultant observes the problem-solving process and provides valuable feedback that leads to optimization.
As a contributor to problem-solving, you suggest concrete courses of action that can effectively address the issue.
In your role as trainer and moderator, you guide the client to develop and implement their own solutions, empowering them to act independently.
The expert provides well-grounded assessments and shares specialized knowledge to solve complex questions.
As an advocate, you passionately champion the client’s interests and represent their concerns with dedication and conviction.
The 7 Levels of Market Research Consulting
Beyond that, there are different levels of consulting, each pursuing specific goals and focus areas to support the client on different levels.
- Informative consulting: This stage involves providing information and data to support management in decision-making. The consulting role here consists of collecting, analyzing, and preparing data to inform management about relevant market conditions, customer needs, and competitive factors.
- Interpretative consulting: This stage is about explaining the meaning of data and analyses and helping management to place them in the right context. The consulting role consists not only of presenting data but also interpreting their implications and helping management understand the impact on the company.
- In informative consulting, the focus is on providing management with important information and data that assist in decision-making. Here, the consultant collects and analyzes relevant market conditions, customer needs, and competitive factors to inform management.
- In interpretative consulting, the emphasis is placed on the meaning of this data. The consultant helps management to understand the analysis results in the correct context and to recognize their implications.
- When it comes to consulting in strategic decisions, the market researcher supports management not only with facts, but also proposes concrete strategies and helps in evaluating different options.
- In change management consulting, the focus is on implementing changes that are based on market research findings. The consultant plans, communicates, and monitors the change process to ensure that the desired outcomes are achieved.
- Finally, the consultant develops into a trusted partner in a long-term strategic partnership, who continuously provides insights, identifies trends, and supports the company in adapting its long-term strategy.
Summary
Market research consulting combines the expertise of market research with the practical application of action recommendations. It is always carried out with regard to neutrality as well as an institute-independent perspective. It helps companies make well-founded decisions by delivering scientifically based insights. However, incorrect consulting can have negative consequences, which is why precise, independent consulting is crucial.
Make use of BESTVISO’s experience in market research consulting. We advise you on which market research measures best suit your goals and support you in their implementation.
If you are a corporate market researcher and want to expand your consulting skills, then discover our coaching for corporate market research!
Sources:
1. Ottawa, M. & Winkler, R. (2018). Kompetenzen für die Marktforschung: Was Marktforscher zukunftssicher macht. Walter de Gruyter GmbH & Co Oldenbourg.
2. Wiedenfeld, Jutta (2013): Was ist Beratung? Die Perspektive der betrieblichen Marktforschung. https://www.marktforschung.de/marktforschung/a/was-ist-beratung-die-perspektive-der-betrieblichen-marktforschung/ (abgerufen am 12.11.2024).