Return on investment is a widely established metric in any business sector – why should market research be any different? Yet for a long time our industry seemed to be relatively exempt from scrutiny, but that’s changing as in recent years insight managers are being held increasingly accountable for their investments. This means that now more than ever it’s important that market research adds value to your business.
So how can you make your research budget work harder for you?
- Embrace new research techniques: a simple survey might not be enough. We are seeing increasingly complex business issues that cannot simply be addressed with a one-size-fits-all approach. On top of that it’s extremely difficult to get accurate results if we keep ignoring the unconscious mind, which is the driving force at all key points of the customer journey. That’s why you need advanced, multilayered methods that go beyond surface responses which will deliver a true competitive advantage.
- Learn from the best: the temptation to conduct market research in house can be strong, especially if cost saving is high on the agenda right now. The risk, however, is to end up with self-confirming findings that don’t challenge the status quo. As humans we all have biases that influence our behaviour – and your company is no exception. Which is exactly why you should look outside your organisation and rely on insight from experts who can look at your business with fresh eyes and help you discover something truly new and groundbreaking about your customers.
- Demand more actionable recommendations: insight is great – but it’s useless if it cannot be translated into real-life, practical actions. Having a clear research question is a good starting point but the ‘so-what’ is becoming increasingly important – because who has the time to read through a 100+ page report nowadays? Having a set of key steps to focus on and implement will also help you measure the effectiveness of your investment.
Why choose Emotional Logic to increase your insight ROI?
We have been at the forefront of the industry since 2007 and are passionate about delivering results for our clients, using innovative techniques designed to help you discover new insights about your target audience. We ask the right questions – and even more importantly we deliver the right answers. When our recommendations are implemented, clients have seen a 44% increase in their ROI.
Contact us to have a chat about what we can do to add value to your market research projects.
