If you really want to get the most from your market research investments, the first step is to do a brutally honest audit of your current research resources. Yes, it takes time. But with a structured approach, I have seen it completed in as little as ten business days.
One of the easiest ways to improve budget efficiency is to simply ask your research suppliers: “What options can you offer to reduce our research costs?” Let them know you are open to creative ideas.
If you have been thinking about expanding your market research investments but still aren’t quite ready to build an in-house team, another option is to build a virtual one.
My premise is that one of the market research world’s greatest challenges is that market research departments spend 70% or more of their time on project management—as opposed to the strategic functions that would lead to more innovation.
RFPs range widely in terms of their level of sophistication and complexity. If your need is for a simple project, do yourself a favor: keep your RFP simple. It will save you a lot of time when the proposals come back and you actually have to read them.
At minimum, a market research RFP states parameters and requests responses to the basics:
To be frank, my opinion on this topic has changed in just the past year or two. Before then, I was an ardent believer that all research must by anonymous—no matter what. I felt that any direct follow-up would show research participants that their survey responses could result in unexpected communications—and even if “helpful”, this experience could still impact future willingness to participate in research.
When conducting survey projects, should you survey your own customer base (people who actually by from your company), or non-customers? Or both?
After all, you may very well have a list of customers that would be convenient for you to use for your survey project. But is that a wise choice? Maybe, maybe not.
In your organization, what happens when someone proposes a market research study?
* Do people roll their eyes?
* Do people perceive it as a decision making delay tactic?
* Do people readily volunteer to be involved in designing the project?
* Do any executive-level folks readily endorse the idea?
Great news! My article on DIY research “Why It’s Good for Everyone” won the counterpoint contest recently run by the MRA’s Alert! Magazine. The article is reprinted in the MRA… Continue reading DIY Research Article a Marketing Research Association Winner!
There are hundreds of market research agencies and hundreds of market research consultants. Changing agencies can be painful, but you deserve an agency that you can trust with your valuable market research investments.
