These days, marketers have access to a huge amount of data. The differentiating factor though is how this data is organized to set it into context and enable interpretation by insight teams and their market research agencies. What are consumers’ underlying needs and drivers? What are their key values? And how can these be met?
Companies spend 44 billion US dollars on market research each year worldwide. So how can you improve collaboration with your agencies for better outcomes? I see two important levers for change: tools and processes, so more time is available for thorough analyses and consultative reporting to deliver actionable results. At Market Logic, our clients partner with their agencies online to run a high-quality insights organization from planning to execution. Key capabilities include best practice templates, workflow support with approvals, end to end management of the roster, and a platform to upload results for publication and re-use. Why:
1. Market research agencies know the research results best. They conducted the study, observed behavior, and had discussions with many participants. Additionally, they dove deeply into the data and shared all key results. Because of this, market research agencies are the ones who are most knowledgeable regarding the study, i.e. background, objectives, and key results as well as key findings captured in the insights management software. For these agencies, insight management offers a more structured and efficient way of sharing results in comparison to the messy and dark abyss of an email inbox –valuable results floating around in space, never to be noticed.
2. As a former market researcher myself, you want to see your results being used in the company’s decision making process. The insights management platform allows key findings to be easily accessed and reused when similar business questions come up in the future. It isn’t just about knowing your work is appreciated. Don’t forget this is also a great way to promote your work, and great insights shared throughout the company might mean further work for you in the future.
3. Last but not least, good market research builds on existing knowledge and does not simply replicate what everyone already knows. Both companies and agencies can benefit from having well-structured knowledge readily available in an insight management system. This leads to research that already takes into account previously learned insights, allowing you to dig deeper, do more exciting research studies, and actually grow existing insights as well as those in the future.
How do you and your research agencies work together to improve insights management? I’m curious to hear your ideas.