Market research should be worth doing. Therefore it is important to achieve a high market research profitability in all market research studies. Because the insights about markets and customers are the basis for a successful corporate management. Especially in markets that are characterised by trends or a high density of innovation. Market research is a large part of the marketing budget. In addition you can achieve your return on investment (ROI) of your market research investment much faster with the specific and business relevant informations.
But how can you increase the price- and performance ratio of your market research? How do you contribute the generated insights more broadly into the company and make them useful?
Do you want to get the most out of your market research investements and also maximize the profitability? There are several steps you can do to increase your market research profitability.
Here are 5 tips to increase your market research profitability:
- Create a focused briefing that clearly defines your knowledge requirement: you should be aware of which information is needed to achieve your business goals. Those goals should be clear and quantifiable.
- The tenders should be carried out by different market research institutes so that you get the best price- and performance ratio in comparison.
- Plan to present the presentation of the results in a wider circle, for example to invite the communication team, sales and R&D. Therefore, it is recommended that you keep an eye on the changing needs and expectations of your customers. Make sure your research results are always up to date. You can achieve this if you have the most up-to-date data from the curent departments.
- Include an activation part: All participants develop concrete actions for marketing strategies and measures based on a common understanding of the data.
- Develop a concrete action plan with timings and controlling for implementation with the team.
Especially for broad-based basic studies for the brand and product category you can increase the profitability of market research!