Breathe new life into your market research by reanalyzing data, integrating external sources, and applying advanced analytics. Market research is essential for shaping business strategies with data-driven insights, yet many organizations miss out on maximizing its value. This oversight diminishes the potential impact of the research and weakens the credibility of marketing efforts. Often, the issue is not with the quality of the research itself but how it’s handled after delivery.
Market research blends the rigor of data collection (via surveys, focus groups, etc.) with the art of interpreting results to identify patterns and predict trends. However, it’s frequently considered complete once the initial insights are provided. In reality, market research should be seen as a dynamic resource that can be reexamined to uncover additional value.
Why is Market Research Underutilized?
Once the initial insights have been shared, the research often gets archived and used for a few strategic decisions, but its broader potential tends to be overlooked. This is due to a few key reasons.
Lack of a Plan for Revisiting Data
After completing research, there is often no established plan to revisit or reassess the data. The insights are accepted as final, and unless there’s an immediate need, the research is rarely looked at again. This "one and done" mentality limits the full potential of the data over time.
Segmentation Challenges
Initial segmentations are often based on discussions and creative directions that may not reflect all future needs. As companies implement these segments, they may encounter unanticipated issues with products, pricing, or distribution channels. In some cases, the segmentation might not be practical for broader business activation. Reassessing and refining these segments with fresh perspectives is critical.
Missed Opportunities with External Data
Market research is frequently conducted in isolation, relying solely on data collected during the research phase. This approach ignores the wealth of external data—like transactional, demographic, or behavioral data—that can be integrated into the original dataset to enable a more detailed analysis.
Revisiting Market Research as a Dynamic Asset
To address these challenges, organizations should treat market research as a living, evolving resource. Revisiting it can involve:
- Reassessing the data with new perspectives.
- Incorporating new external data sources.
- Reinterpreting findings to align with emerging trends or internal changes.
Fresh Perspectives Drive Deeper Insights
Challenging initial interpretations and reexamining the data with different viewpoints can reveal new insights. Collaboration with various departments or external specialists can bring a fresh outlook to the research, potentially uncovering hidden opportunities.
Add External Data to Enhance Depth
Incorporating additional data sources can significantly enrich your existing research. For example:
- Transactional data adds real-world context to consumer opinions gathered in surveys.
- Demographic data sharpens audience segmentation.
- Behavioral data from digital interactions shows how different groups engage with your brand online.
Merging external data with your original research creates a more detailed picture, allowing for better market segmentation, targeted campaigns, and product development.
For instance, if a survey identifies an interest in eco-friendly products among a demographic, appending transactional data might reveal that this group is more likely to make purchases at specific times, enabling more precise marketing efforts.
Harness Technology for Enhanced Insights
Advances in machine learning, AI, and data analytics provide new ways to reanalyze market research, revealing patterns and connections that traditional methods may miss. These technologies can also:
- Analyze unstructured data, such as interviews and focus groups, for deeper insights.
- Help identify emerging market trends and anticipate future shifts.
Making the Most of Your Market Research
To effectively revisit your market research, businesses must adopt a mindset focused on continuous refinement. Set up processes that allow regular reassessment of research data, integrate external data sources, and apply advanced analytics to extract deeper insights.
Establish a Cross-Functional Team for Revisiting Data
Form a diverse team that includes members from marketing, data analytics, product development, and other key areas. This team should be tasked with reassessing and applying research insights across the organization to ensure they are utilized to their fullest potential.
Invest in the Right Technology and Tools
Advanced analytics platforms, data integration tools, and AI-powered insights engines are essential for maximizing the value of revisited research. Ensure your teams are trained to use these tools effectively to extract the most actionable insights from your data.
Optimizing the Impact of Your Market Research
Market research is too valuable to leave underutilized. By regularly revisiting and enhancing your research, you can uncover new insights, refine your strategies, and maintain a competitive edge.
Doing so enhances the ROI of your research investments and strengthens the marketing team’s ability to drive business growth. Market research becomes more powerful when companies are open to continuously improving and refining their approach.
