Using Market Research for Strategy
March 12, 2012 Leave a comment
When I introduce myself to someone new or I get asked at a networking function what I do, I respond to them that I provide market research to small businesses for strategic planning purposes. I emphasize the “for strategic planning purposes”. Market research can be just a lot of data. However, by making it useful, makes market research provide information to its ultimate user; useful information.
Traditionally, market research has been more of a tactical department within companies. Management determines there is a problem or an opportunity to evaluate. Then, market research analyzes the problem or opportunity with an appropriate quantitative or qualitative methodology. After that, the results are presented and a decision is made based on those results.
However, more and more companies are looking for those that do their market research to be more strategic in nature. In a study by the Market Research Executive Board, the study found that 65% of senior leaders want market research to be a strategic partner. However, only 25% of senior leaders view market research in that way. In today’s employment marketplace, the roles of people not evolving with the times is just not going to continue to happen. This certainly extends to those in market research, especially as more and more is being expected of them.
–J. Nolfo helps companies understand their market and customers though a variety of market research strategies. He has over ten years of experience of market research for strategic planning purposes. He is the Director of Research at Rhino Market Research. He shares his thoughts about market research and business concepts with his blog “Pensare…Understanding Market Research in Business“. If you would like to discuss this blog or how J. can help you understand your market and customer needs, email him at firstname.lastname@example.org.