The Value Of Market Research In Business, Part 2

Quirks Marketing Research Review, January 2013

Several weeks ago, I wrote “Part 1” of this blog.  It’s a little misleading as I often times blog about the value of market research.  However, this series of blogs are inspired by an article I read in January’s Quirk’s Marketing Research Review with the article Research as a profit center? It’s closer than you think, written by Kathryn Korostoff, president of Research Rockstar LLC, a Marlborough, Mass., provider of market research training.

Now in the article, Kathryn Korostoff talks about one path, Market research online communities (MROCs) as sales incubators.  In that portion of the article, she writes about the fact that many MROCs are already blur the line between pure market research and sales.  The example she references is a company that test the effectiveness of coupons, bundling and discount offers by testing them with their MROC.  She continues on indicating that these MROCs could be claimed as revenue for the company.

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The Value Of Market Research In Business, Part 1

Quirks Marketing Research Review, January 2013

One of the great things about the advent of the internet, and specifically social media, when it comes to market research is the ability to follow and “virtually” meet just about anyone.  This is true for being able to connect up with customers, do market research on perspective buyer groups, or socially listen to current customers.  For me, one of the things I have found to be most beneficial is to follow and read from thought leaders within the market research industry.

One of these though leaders, and someone I have mentioned before, is Kathryn Korostoff, president of Research Rockstar LLC, a Marlborough, Mass., provider of market research training.  Whenever  I see her name on something, I always make sure that I take the time to read it.  This came true again in this months Quirk’s Marketing Research Review with the article Research as a profit center? It’s closer than you think.  In the article, she discusses four ways how market research can be a value add and profitable, just not a cost, and the implications of these on the industry as a whole. Read more of this post

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