Market research is essential for guiding businesses with data-driven strategies and informed decision-making. Yet, many organizations fail to fully capitalize on its potential, reducing the research’s impact and undermining marketing’s credibility. This issue typically arises not from poor research quality, but from how the insights are treated once delivered.
Market research blends science—gathering data through surveys, focus groups, and other methods—with art, where the data is interpreted to reveal patterns and predict trends. However, research is often considered “done” once insights are shared. In reality, it’s a snapshot that can be revisited and analyzed further to unlock deeper insights and greater value.
Why Is Market Research Underutilized?
Once the excitement of new insights fades, many reports are filed away, influencing only a handful of decisions. Several key factors contribute to this underutilization:
1. Lack of Revisit Strategy
Once the research is completed, companies often lack a strategy for revisiting the data. Insights are taken at face value, and the research is rarely reassessed unless a specific need arises. This one-and-done approach limits the long-term value that could be extracted from the data.
2. Data Segmentation Limitations
Initial segmentations are often based on discussions and creative directions formed during the research phase, but they aren’t fixed. As companies implement these segments, unforeseen challenges may arise, such as gaps in product offerings, pricing, or sales channels.
Sometimes, the segmentation may also prove impractical for real-world application. In these cases, it’s wise to revisit and even revise the segmentation—ideally with fresh input from different researchers.
3. Neglecting External Data
Most market research is conducted in isolation, using only the data collected during the project. This overlooks the potential of external data—such as transactional, demographic, or behavioral data—which can enrich the original research and enable a more comprehensive analysis.
The Art of Revisiting Market Research
To address these challenges, businesses must treat market research as a dynamic resource rather than a static report. Revisiting research can involve:
- Re-examining the data through different perspectives.
- Incorporating new data sources.
- Reinterpreting insights to align with evolving internal or external factors.
Reanalyzing Data with Fresh Perspectives
A key part of revisiting research is challenging initial interpretations. New insights can emerge when the data is reanalyzed from different angles, potentially with input from other departments or outside experts. This could include:
Adding External Data
Enhancing original research by integrating additional data sources can reveal deeper insights. For example:
- Transactional data gives real-world context to consumer attitudes and behaviors identified in the research.
- Demographic data refines audience segmentation.
- Behavioral data from digital platforms shows how different segments engage with your brand online.
By enriching the original dataset, companies can improve segmentation, optimize marketing efforts, and make more informed product development decisions. For instance, if survey data indicates interest in eco-friendly products, adding transactional data could show seasonal purchasing trends, enabling more targeted campaigns.
Leveraging Technology for Deeper Insights
Advances in data analytics, machine learning, and AI offer new opportunities to reanalyze market research. These technologies can:
- Uncover complex patterns and correlations that traditional methods might miss.
- Analyze unstructured data, like interviews and focus groups, for additional insights.
By utilizing these tools, businesses can better understand their market, identify emerging trends, and anticipate shifts.
Revisiting Market Research for Maximum Value
To successfully revisit market research, organizations must adopt a mindset of continuous improvement. Regularly revisiting research, integrating new data sources, and applying advanced analytics will help uncover more valuable insights.
Build a Cross-Functional Team
Create a team with members from marketing, data analytics, product development, and other departments. A diverse team will provide a broader range of perspectives, ensuring the research is applied effectively across the organization.
Invest in the Right Tools and Technologies
Investing in advanced analytics platforms, data integration tools, and AI-powered insights engines is crucial for extracting value from revisited data. Training teams to use these tools effectively will ensure maximum benefit from market research efforts.
Maximizing the Impact of Market Research
Market research is too valuable to be underused. By regularly revisiting and reevaluating research, businesses can uncover new insights, refine their strategies, and stay ahead of the competition.
This approach increases the return on investment (ROI) from initial research and strengthens marketing’s role in driving business success. When companies commit to continuously refining their research, they unlock a wealth of opportunities to grow and stay competitive.