Getting better value from your market research spend

We’re all after better returns on our investment, aren’t we? How could you achieve better value from your market research spend?

Well how about doubling the returns on your market research investment by using it in more than one way?

Most of us are guilty of getting caught up in what we deliver, what our service offers, or what we produce.  We can’t wait to tell customers and prospective clients all about our offer.  But it can be hard to truly stand in our customers’ shoes.

Market research almost always adds value to a business or organisation in terms of understanding the market and/or their customers better.  This understanding alone can add tremendous value in helping you see your offer from the perspective of a purchaser, customer or client.

To ‘double your return’ you need to think about how you can embed your research findings in your business.  What else can this piece do for you?

Often you can re-purpose the research findings into content that is really interesting for your customers. Alternatively your research may give you clues as to how you can better resonate with customers.

Or it could guide you in terms of how to most effectively communicate.  Examples might be choosing a PDF within a personalised email, vs social media, vs old fashioned direct marketing. Or it may guide you in terms of the style, tone and frequency of your communication.

To set yourself up to double your returns, here are our top 4 recommendations:

  1. Get the foundations of your research right

If you undertake research, getting the objectives clear up front is absolutely key.  Knowing how you will use the findings will help your researcher determine the right methodology and help them to deliver the most helpful findings in the most helpful format.

  1. Keep stakeholders and their needs in mind

If you are undertaking a big organisational change, or even a relatively small change, taking stakeholders with you on the journey will help you reach your goal more quickly, more efficiently and with less pain.

Is there a way you can involve important stakeholders or customers in the research matrix?  Is their input and involvement useful?  If so, then seeking their involvement can create fantastic buy-in, helping to make these important people feel that their contributions really matter.

There is a strong intangible value in being involved in the process, and this involvement can be a very effective way to cement long term foundations and grow advocates of your organisation.

  1. Communicate and engage

Long reports can send readers to sleep.  How can you use the most important information and present it in a really engaging way?  Can you use visuals and images to enhance your communication and make it easier for your reader?

Help your stakeholders, customers and advocates to help you, by producing easy to read documents that get across the main findings at a glance.

And often you can achieve a whole series of interesting and engaging content pieces from an information–rich research report.

When we recently conducted a thorough qualitative research project for a local school, the principal and team were keen to combine a focus on community engagement within the chosen methodology.

By translating the most important findings into two easy to read infographics, busy parents and staff were able to quickly understand and get on board with the school’s direction.  Prioritising regular proactive communication with parents is actually reducing teacher workload and cementing strong working relationships.

  1. Keep an open mind about the research findings

If you can, take your blinkers off before you start your research.  Pre-conceived ideas are usually founded in a great deal of experience, but they can prevent you seeing things from a new perspective, ultimately closing off new opportunities.

With an open mind, you may very well find the research findings provide highly valuable direction for future growth.

Considering how you might use research in multiple ways within your organisation? Contact us today for an informal discussion about how we can help.

Visit our blog for more tips and tricks about conducting market research, including the essentials of online surveys, and market research examples for health and professional services.

Contact Juntos Marketing for help and advice on maximising the value of your market research spend. Reach out via our website or call us today on 02 9555 6115.

Contact us for a quote or to discuss your next project.