Quality market research is as important to management as it is to marketing. Research findings convey meaningful information about a brand’s reputation, its market position and consumer profiles that are critical to effective management strategy.
Market research provides qualitative insights into how a company is performing, which can be as valuable as quantitative data and help avoid a strictly green-eyeshade perspective on a business. Numbers don’t lie, but they also don’t tell the whole story.
Management attention to market research offers a vein of information unavailable from a spreadsheet. The numbers may show you are losing money; market research may give you a window into why.
For a brand wallowing in failure, pages of data won’t reveal how to succeed. Market research might. If your customers are the heart of your brand, checking their pulse would be a direct way to chart the way back to sales and profitability.
Employee morale can be a blind spot for data-driven research. No set of numbers can accurately depict how a workforce relates to the brand it represents. Market research can identify lackluster employee support as an impediment to marketplace success. It also can uncover employee insights, based on first-hand contact with consumers and influencers, into how the brand can succeed.
One of the most dangerous dimensions of management is lighthouse decision-making. Top management is supposed to show the way and stay off the rocks. However, locked up in a towering precipice, managers can be isolated from emerging trends and new realities.
It is not a knock on data to say it is a stick-figure picture of the health of a business. Market research can add flesh to the stick-figure statistics that paint a fuller picture of corporate health and opportunity.
Good managerial decision-making should not be muzzled by biased views of market research, which can reveal more than the seasonal color preferences or the latest toy sensations. Managers should settle for nothing less than robust research findings, from as many and as varied sources as possible.
Knowing where your customers are headed can be as instructive as where your investors want to go. Savvy investors will want to know as much about your brand’s customer journey as they do about your return on investment. Both are important. Both are interrelated.
Multi-faceted research delivers a more comprehensive picture of business performance and opportunity. Why settle for a segmented view based on data or a focus group when you can have a composite picture of your business? Problems are complex. Research should be complex, too.