{"id":11059,"date":"2021-10-05T15:55:21","date_gmt":"2021-10-05T13:55:21","guid":{"rendered":"https:\/\/www.bestviso.com\/?p=11059"},"modified":"2023-12-05T13:05:47","modified_gmt":"2023-12-05T12:05:47","slug":"neutral-market-research-consulting","status":"publish","type":"post","link":"https:\/\/www.bestviso.com\/en\/neutral-market-research-consulting\/","title":{"rendered":"Increase the value of investments with neutral market research consulting"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]Only\u00a0an unbiased, objective\u00a0market research consultancy can generate targeted insights and convert them into competitive advantages and sales. How can customer and market insights be\u00a0fruitfully\u00a0exploited?\u00a0What prerequisites\u00a0are required?\u00a0Here we\u2019d like to suggest some answers and shed light upon\u00a0the interrelationships.<\/span>\u00a0<\/span><\/p>\n

Unbiased market research consulting – a growth driver<\/h2>\n

Over 75% of American company presidents, CEOs, and COOs agree on at least one point: customer insights are critical to accelerating business growth. This becomes especially evident, as a 2016 BCG study<\/a> found when the customer insights function (located in operational market research) assumes the status of a cross-departmental strategic advisor.<\/span>\u00a0<\/span><\/p>\n

However, the reality is often different. As much as 80% of customer insights functions still haven\u2019t reached the strategic level within the company, but rather perform a tactical support function. As a consequence, the consulting function as a driving force \u2013 as a source of competitive advantage for strategic implementation – is rarely experienced.<\/span>\u00a0<\/span><\/p>\n

But precisely what kind of consulting do clients and stakeholders expect? To whom, exactly, do they direct their expectations? And which levels of consulting are effective and efficient for decision-makers?<\/span>\u00a0<\/span><\/p>\n

Corporate culture determines the importance of market research consulting<\/h2>\n

Answers to these questions can be found only by examining the company\u2019s specific threshold situation. The role played by market research processes in overall corporate processes will depend, firstly, on the extent to which the company is customer-oriented. Conversely, the company\u2019s degree of digitization also has significance. The following three examples demonstrate how these interlocking processes appear in practice:<\/span>\u00a0<\/span><\/p>\n

Three examples<\/h3>\n

1. Strategy as a management decision<\/strong><\/p>\n

In our consulting practice, we still frequently\u00a0encounter\u00a0companies that\u00a0gather\u00a0little or no information about customers and the market. Company managers\u00a0will\u00a0then\u00a0render\u00a0decisions based\u00a0merely upon entrepreneurial intuition.\u00a0One practice involves collecting\u00a0information from direct sales discussions or\u00a0competitive observations.\u00a0Yet in many instances, these managers grasp\u00a0that\u00a0in order to sustainably operate in the market,\u00a0they\u00a0actually\u00a0need\u00a0fundamental\u00a0information about customer behavior and perceptions.<\/span>\u00a0<\/span><\/p>\n

Some companies\u00a0don\u2019t\u00a0employ specialized market research managers or corresponding consultants.\u00a0Instead,\u00a0employees\u00a0lacking the requisite educational background, expertise, or sufficient experience will be forced\u00a0to\u00a0address the issue.\u00a0This\u00a0mismatch\u00a0of skill sets\u00a0leads to excessive demands or, in the\u00a0worst-case\u00a0scenario, to\u00a0a poor allocation of resources or erroneous\u00a0conclusions\u00a0derived\u00a0from invalid insights.<\/span><\/p>\n

2. Market research in the innovation process<\/strong><\/p>\n

On the other side of the scale, we find companies that\u00a0possess\u00a0a\u00a0highly\u00a0structured approach to their market research organization. These companies\u00a0gain their insights\u00a0in the course of\u00a0the innovation processes. If they implement results in a targeted manner,\u00a0then\u00a0the company\u00a0will\u00a0gain competitive advantages.\u00a0In\u00a0extreme cases,\u00a0however,\u00a0these internal processes\u00a0grow overly\u00a0complex and cumbersome. When this happens,\u00a0approval processes and the implementation of studies\u00a0can take an unduly long time.<\/span>\u00a0<\/span><\/p>\n

Also,\u00a0decision-makers\u00a0sometimes\u00a0lose track of the results because there are\u00a0simply\u00a0too many studies and too much information.\u00a0Critical findings may\u00a0get lost in different\u00a0company departments, which then squander an\u00a0opportunity to develop a common language and a targeted strategy across functions.\u00a0At other times,\u00a0studies on the same issue are duplicated, reducing value-added resources.<\/span><\/p>\n

3. Real-time digital feedback<\/strong><\/p>\n

Still other companies may be quite advanced in their agile processes through their digital sales channels – enjoying a high degree of automation while rapidly collecting customer responses and requests at all stages of brand or product communication. Forecasts are made with artificial intelligence (AI). In addition, the companies have established development departments that investigate user experiences and feedback in rapid cycles. This practice, though, sometimes creates research silos. IT-driven user experience research and Big Data analysts contrast markedly with corporate market research.<\/span>\u00a0<\/span><\/p>\n

At this juncture, a company will call upon\u00a0corporate market researchers who are often dedicated to overarching brand issues, because despite the increased demand for shorter feedback loops and for automated analyses and forecasts, it\u2019s still crucial to ensure the high quality of empirical research.\u00a0Ideally, researchers should\u00a0explicate\u00a0the strengths and limitations of the two approaches so that they can be used in a target-oriented manner.<\/span>\u00a0<\/span><\/p>\n

What makes for good consulting<\/h2>\n

The three prototypical examples each require specific, unbiased\u00a0market research consulting. Regardless of these specific\u00a0company\u00a0situations,\u00a0certain criteria for quality consulting are generally applicable:<\/span>\u00a0<\/span><\/p>\n

A good consultancy is:<\/span>\u00a0<\/span><\/p>\n