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Knowledge – as we all know – is power. Hence the reluctance, at times, of those responsible in the company to share knowledge; they want to render themselves indispensable. It is only with sound knowledge management that market research data can be converted into proverbial gold pieces filling the treasure chest for the development of a successful company strategy. Yet the reality often looks different.<\/span>\u00a0<\/span><\/p>\n Often, different departments will commission market research studies. If there is a centralized corporate market research department, frequently it doesn\u2019t suffice for internal clients to receive the results via e-mail: files may get lost in various drives and folders, generating unnecessary friction. After all, market researchers spend valuable time in onboardings, where they find themselves repeatedly passing along the identical information. In the event of any change in the market research department, the know-how is quickly lost, and new colleagues often have no idea where something is located – or they no longer enjoy access to the data at all. In the worst case, studies are redundantly conducted on the same topics, creating unnecessary budgetary burdens in terms of both money and time.<\/span>\u00a0<\/span><\/p>\n Knowledge – such as staff competencies or information about customers – is, fundamentally, a scarce resource. Consequently, it has a great market value – and for a company, it\u2019s indispensable. Knowledge is a unique resource because through use and sharing with others, it does not diminish, but rather increases. For this reason, knowledge can and ought to be developed and used both competitively and within a company.<\/span>\u00a0<\/span><\/p>\n In their book\u00a0<\/span>The Knowledge Creating Company<\/span><\/i><\/a>, Japanese\u00a0authors\u00a0Ikujir\u014d\u00a0Nonaka and Hirotaka Takeuchi define\u00a0\u201cknowledge management.\u201d\u00a0According to their concept,\u00a0knowledge management consists of\u00a0a process of continuous creation of knowledge, its\u00a0broad\u00a0organizational dissemination, and its rapid implementation in new products, services,\u00a0and systems.<\/span>\u00a0<\/span><\/p>\n Dissemination takes place in very divergent systems. Corporate market research uses primarily content-oriented systems such as document management systems or web-based knowledge databases. These have the advantage of enabling all relevant stakeholders to gain access to the results so that it is also dubbed a \u201cpeople-to-document strategy\u201d.<\/span>\u00a0<\/span><\/p>\n The database should evince a clear structure, based\u00a0on business processes, for example.\u00a0Subsequently comes the formation of\u00a0knowledge categories, ranging from strategic market\/consumer insights and trends to the product ideas and concept development, communication tests and touchpoint analyses, shopper insights,\u00a0and finally market success validation and insights.<\/span>\u00a0<\/span><\/p>\n The content of an advanced knowledge management database\u00a0extends beyond\u00a0market research reports.\u00a0Equally important is including the\u00a0framework of the business background and objective,\u00a0project objectives, as well as\u00a0the activation\/implementation (\u201cAction to be taken with the\u00a0results\u201d).\u00a0Another crucial task is to\u00a0hold the stakeholders responsible for the implementation (mostly marketing)\u00a0of\u00a0a corresponding creation of an\u00a0\u201cAction taken with the\u00a0results\u201d\u00a0and to feed it into the system.<\/span>\u00a0<\/span><\/p>\n Here is an example of possible content structuring:<\/span>\u00a0<\/span><\/p>\n Comprehensive, complete content of this nature is a prerequisite for assessing\u00a0why and what was tested\u00a0as well as\u00a0which\u00a0activities were derived from it, even\u00a0many years down the road.<\/span>\u00a0<\/span><\/p>\n Making\u00a0findings available to everyone\u00a0enables an\u00a0organization\u00a0to\u00a0become a\u00a0\u201clearning organization.\u201d\u00a0Despite this advantage,\u00a0this subject\u00a0often has a subordinate status, because\u00a0frequently\u00a0the marketing department\u00a0lacks adequate\u00a0time\u00a0for planning\u00a0these processes intensively. Meanwhile, corporate market researchers\u00a0battle\u00a0to ensure that knowledge is collected and made available in a structured way. To\u00a0facilitate\u00a0this\u00a0process, here are four recommendations.<\/span>\u00a0<\/span><\/p>\n Present your ideas to your superiors – ideally, involving your company\u2019s opinion leaders. By communicating the advantages, you will discover what everyone expects of this database, making it easier to convince everyone involved. Then you will be well-positioned to convey the acceptance and the advantages of a knowledge database.<\/span>\u00a0<\/span><\/p>\n It should be possible to locate the studies according to clear criteria. To accomplish this, you should try to see matters from the vantage point of the different user groups. Users with a marketing background are probably more likely to search for brands and buzzwords from the objective, whereas market researchers are more likely to search for methods and institutes.<\/span>\u00a0<\/span><\/p>\n The standard includes at least brand\/product, year of implementation, objective of the study, method\/institute, and main findings, as well as activation in buzzword form (e.g., launch recommendation for product x). The keywords must be assigned consistently over the long term. Therefore, you should allow sufficient time, incorporating suggestions from different sites.<\/span><\/p>\n Define\u00a0precisely\u00a0which data will strategically move your business forward, e.g.,\u00a0internal market and media data, consumer insights,\u00a0and\/or\u00a0trend reports. Many digital platforms are\u00a0capable of incorporating\u00a0other digital sources,\u00a0such as Google search results or trend wikis. Personalized key insights can be displayed\u00a0as needed\u00a0on\u00a0the dashboard, sorted by timeliness. Fully digitized, you can\u00a0even conduct your own short surveys from the system in your\u00a0own\u00a0digital systems such as homepage, newsletter,\u00a0or shopping processes.<\/span>\u00a0<\/span><\/p>\n Attractive products require\u00a0attractive packaging.\u00a0So\u00a0choose a\u00a0system\u00a0name\u00a0that\u00a0clearly telegraphs\u00a0its benefits in a catchy way.\u00a0Often, knowledge databases\u00a0don\u2019t occupy\u00a0top of the mental priority list, but with a good name and benefit-oriented communication, you\u00a0will generate\u00a0the attention and interest that the valuable information\u00a0truly\u00a0merits.<\/span>\u00a0<\/span><\/p>\n Successfully working with a knowledge base means that you are using your resources both effectively and efficiently: 1) You are ensuring that all relevant stakeholders possess the same level of knowledge. 2) You\u2019re able to derive strategic actions for your brands from the information more quickly. 3) You develop into a learning organization\u2014set up in a qualitative and methodical way – thus creating a decisive competitive advantage for yourself.<\/span>\u00a0<\/span><\/p>\n Do you have further questions about knowledge management in market research? Feel free to contact us at info@bestviso.com<\/a>.<\/span>\u00a0<\/span><\/p>\n If you are interested in further information on insights in the digital age, you can find\u00a0additional information\u00a0on this topic in our blog<\/a>.<\/span>\u00a0<\/span><\/p>\nKnowledge management often remains a vague\u00a0notion<\/h2>\n
Using knowledge as a valuable resource\u00a0<\/span><\/h2>\n
Create a clear\u00a0database\u00a0structure for sustainable knowledge management<\/h2>\n
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Involve\u00a0and engage\u00a0stakeholders\u00a0who are\u00a0relevant to knowledge management<\/h2>\n
Engage stakeholders who are relevant to knowledge management<\/h2>\n
1. Ensure that those responsible for higher functions get on board<\/h3>\n
2. Develop a targeted keyword and search system<\/h3>\n
3. Select the data sources to be integrated into the system.<\/h3>\n
4. Furnishthe system with an attractive name and communicate its advantages<\/h3>\n
Conclusion<\/h2>\n