What's your strategy for collaborating with market research experts?

Working with market researchers has proved immensely insightful over the years; but in unexpected ways. A subliminal transfer of 'sponsor desires' often cloud survey approaches and/or outcomes. (Biases are of different kinds.) Researchers should NOT be informed of the 'preferred response' or indeed of the 'strategic intent' of the sponsor. Inputs on strategy should be on a 'need to know' basis: to minimise bias. All dimensions of Market Research - those research professionals are better placed to make those choices and advise clients. But on inputs just as we say: 'Garbage-in-garbage-out': 'Bias-in-bias-out'. ("Find out, let me know." State what you want found out, baldly; do not share anything of desires / intended outcomes.)

Navigating pharma and medical device industries, we led diverse market research projects. From primary to secondary research, insights can shape strategy. Market research is a guiding compass. Quantitative research measures trends through surveys, while qualitative explores human behavior. Working with diverse organizations, we’ve directed research & strategy. Market analysis drives innovation, informed by insights. IQVIA's reports are invaluable, guiding decisions in a rapidly changing landscape. Market analysis serves as a catalyst for innovation, allowing businesses to capitalize on unmet demands and new trends. Strategic pillars come real once backed with the knowledge gained via MR, enabling the creation of tactics & actions.

Before reaching out to an expert, clearly define your research goals. What information do you need? Are you looking for market size and trends, customer segmentation, or competitor analysis? Having a clear objective streamlines the selection process and ensures the expert's expertise aligns with your specific needs. Example: A beverage company wanted to understand the growing popularity of plant-based milk alternatives. We defined the objective as analyzing consumer preferences, purchase drivers, and brand perception within the plant-based milk category. This clarity helped us find an expert specializing in consumer behavior and food trends.

Don't settle for a generalist. Look for experts with proven experience in your specific research area. Industry associations, research publications, and online directories can be a good starting point. Example: For the plant-based milk project, we shortlisted experts with a history of conducting research in the food and beverage industry, especially focusing on emerging trends and consumer behavior within the healthy eating space.

Set clear expectations with the expert upfront. Discuss the deliverables, timeline, communication channels, and budget. Outline your role in providing access to internal data or facilitating communication with stakeholders. Example: We created a detailed project brief outlining the research objectives, methodology, and expected deliverables. The brief also clearly detailed our role in facilitating interviews with key decision-makers within the company and providing access to internal sales data.

Don't be a passive participant. Share any relevant data you may have, such as previous market research reports, customer feedback surveys, or sales data. Provide timely feedback on research instruments like surveys or interview guides to ensure they capture the most relevant information. Example: We shared internal sales data on plant-based milk sales trends and customer demographics with the research expert. We also provided feedback on the draft survey questions, ensuring they captured consumer preferences for specific plant-based milk varieties and the factors influencing their purchase decisions.

Treat your collaboration as a learning opportunity. Don't hesitate to ask clarifying questions about the methodology, data analysis, or emerging trends the expert uncovers. During the research phase, the expert identified a growing consumer preference for plant-based milk with added protein and functional benefits. We actively engaged in discussions on this trend, gaining valuable insights that helped us refine our product development strategy.

As a market researcher with years of experience, I can say that how you handle the insights post-study is just as critical as the study itself. It's one thing to obtain great, reliable insights through meticulous planning, coding, and analysis. However, it's another thing to effectively make use of these insights. In my career, I've always strived to strike a balance by using a combination of my experience and the latest technology. This approach ensures that the insights are not only reliable but also easy to take action on. When these insights are acted upon, it elevates the research from being just insights, even good once, to a strategic asset that can drive meaningful decisions among all important people leading the organization.

The true value of market research lies in its application. Translate the findings into actionable strategies. Share the results with relevant stakeholders across the organization and develop plans to leverage the insights. Based on the research, we identified a significant market opportunity for plant-based milk with added protein. We presented the findings to the product development team, leading to the launch of a new protein-fortified plant-based milk variant that catered to this growing consumer demand.