Market research, while critical to the overall success of an organization, is viewed by many as a big-ticket item when it comes to budget. But, although quality research doesn't always come cheap, its importance, not just for your marketing department, but for your entire organization is paramount. The benefits far outweigh the cost. You have to look at it from the mindset of an "investment" versus simply money spent. Most organizations understand that a complete lack of market research, or even just an inadequate amount, can put your organization at risk, yet some still struggle to jump the hurdle in allocating the resources necessary to their market research efforts. If we look at it from this perspective, perhaps it is most effective to consider the value market research holds across multiple departments within an organization. In doing so, you can more easily understand the value you are getting for your dollar.
Take a look at just a few examples of who can use market research and how they can use it.
Who: Business Development
Personnel within business development departments can find market research to be an integral part of their job as it plays a critical role in helping organizations stay up-to-date and ahead of the competition as well as help navigate plans for new business ventures.
How:
- Making educated business decisions
- Understanding competitor activity
- Developing new business plans/models
- Tracking market trends
- Determining opportunities for expansion
Who: Corporate Strategy Team
Corporate planning and strategy teams are certainly important in guiding an organization toward success. That's why market research can be a valuable resource for them. Research helps in due diligence and other strategic areas of an organization.
How:
- Making educated business decisions
- Understanding a full part or segment of an industry pre-opportunity
- Ensuring information is fully scoped before releasing a product
- Minimizing risk for launching a new product as an example
Who: Sales
In order to be successful in sales, you should not only know what you're selling (and know it inside and out!), but you should also educate yourself on the market as a whole, including the landscape, competition and trends. When made available, market research can play a huge role in this process.
How:
- Educating sales teams on the market
- Understanding key market players and trends
- Being aware of movements by market competitors
Who: Marketing
And, of course, market research is a staple for an organization's marketing department. Without sound direction on how to market, where to market, and to whom you should market your business or product, you can't guarantee that you'll achieve the success you may be capable of achieving.
How:
- Developing a strategic marketing strategy
- Determining target markets and audiences
- Deciphering optimal marketing channels for target audience
- Increasing brand resonance
- Growing brand recognition
While these are just four areas in which you can utilize market research, the opportunities for its impact on your business are abundant. How do you see market research being used across your organization?
For more information on using market research within your organization, check out our free eBook, How to Succeed Using Market Research.
Thanks for reading!
Ashlan Bonnell
Managing Editor,
MarketResearch.com
