The more a piece of research is used, the greater the return on investment. One of the first benefits of a market insights platform delivers is to make research easy to search and re-use. This extends the research shelf life, to transform the annual research spend into a valuable and growing knowledge asset.
Over the last few years, several consumer brands compared re-use of their research results before and after they adopted easy and engaging insights platforms.
Their findings consistently pointed to the same, self-evident truth: research that is time-consuming to access is quickly forgotten, with only a fraction of it being used after the first year of purchase.
Each of the corporate studies revealed strikingly similar results. In the year they were commissioned, new results were presented to the business, used by stakeholders and shared by word-of-mouth.
But only 20% of those research results would be re-used the year after, falling to only 10% the following year, and none at all afterwards.
The good news is that providing a quick and easy process to finding answers to business questions can result in much higher research uptakes.
After an introduction of their market insights platforms, the same brands saw a significant boost in re-use: 80% of research was re-used one year after results were delivered, 50% two years after and 30% in the third year.
Interestingly, the scope of re-use extended beyond major usage and attitude studies, where a shelf life of fewer than 3 years would be unsatisfactory. Even the most disposable forms of research, such as ad copy tests and concept tests, were mined again and again to inform new decisions with past learnings.
Without an insights platform, organizations continually invest their annual research spend with only a modest incremental increase in the knowledge asset. Read more about how organisations should become mature in their capabilities.
But with an insights platform, the annual research spend swiftly accrues into a valuable knowledge asset. As shown in the benchmark diagram, this creates a knowledge asset that is double the value of your annual research spend in just two years.