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How can you ensure that market research is actionable across departments?

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Market research is a valuable tool for any business that wants to understand its customers, competitors, and industry trends. However, market research is only useful if it is translated into actionable insights that can inform strategic decisions across different departments. How can you ensure that market research is actionable across departments? Here are some tips to help you.

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Redemption Mhunzi

Project Manager Market Research
Barbara Danon

Senior Manager @ Woolworths | Data-Driven Insights

1 Align your objectives

Before you start any market research project, you need to have a clear and specific objective that aligns with your business goals and priorities. What problem are you trying to solve? What decision are you trying to make? What information do you need to answer your research question? By defining your objective, you can focus your research on the most relevant and meaningful data, and avoid wasting time and resources on irrelevant or redundant information.

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Redemption Mhunzi

Project Manager Market Research
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To ensure market research is actionable across departments: -Involve stakeholders from different departments in defining research objectives. -Tailor research methods to department-specific needs. -Provide clear, actionable recommendations alongside research findings. -Foster open dialogue through interactive workshops and meetings. -Develop implementation plans for each department. -Regularly monitor progress and collect feedback for adjustments.

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Ngoc Quy Vu

Market Researcher at VNPT Vinaphone
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In my experience, to ensure market research align with business objective: - Involving stakeholders from different departments in defining painpoint and key objectives. - Divided these key objectives into group. - Each group is tailored research (methods) to match the specific needs. - Review and align the research plans with primary objectives through interactive meetings. - Develop initiatives for each plan to break down the process. - Monitor progress and collect feedback for adjustments.

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2 Choose the right methods

Depending on your objective, you may need to use different types of market research methods, such as surveys, interviews, focus groups, observations, experiments, or secondary data analysis. Each method has its own strengths and limitations, and may provide different kinds of insights. For example, surveys can help you quantify customer opinions and preferences, while interviews can help you explore customer motivations and emotions. You need to choose the right methods that can provide you with the data that can answer your objective and meet your budget and timeline.

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Barbara Danon

Senior Manager @ Woolworths | Data-Driven Insights
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Qualitative research involves a detailed investigation of a particular topic, while quantitative research provides numerical data to ascertain the quantity or amount. Depending on the research objectives, either of the two methods may be used. When using quantitative research, it is beneficial to use verbatim quotes to make results more relatable and create empathy among stakeholders.

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Ngoc Quy Vu

Market Researcher at VNPT Vinaphone
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Depending on the project objectives, you can choose different types of research. However, in my experience of working in Telco whereas Big Data is always available, the first method to use before using any other research is secondary data. - The data which is uptodate not only show part of the information you need but also a base hypothesis for survey/interview. - For new services whereas information is limited, social listening, experiments are great choice before survey. After these secondary data analysis, you can choose the right methods (IDI, FGD, CAPI, mystery shopping...) easier.

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3 Communicate your findings

Once you have collected and analyzed your data, you need to communicate your findings in a clear and concise way that can be understood and applied by different departments. You can use various formats, such as reports, presentations, dashboards, infographics, or videos, to present your findings. However, regardless of the format, you need to make sure that your findings are relevant, accurate, and actionable. You need to highlight the key insights, explain the implications, and recommend the next steps for each department. You also need to provide the evidence and sources that support your findings, and address any limitations or assumptions that may affect the validity or reliability of your data.

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Ngoc Quy Vu

Market Researcher at VNPT Vinaphone
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Most of the time, people prefer presentations whereas they can understand the results better and have chance to debate. However, it takes time and require collaboration of related departments. For regular short survey, the information is very simple and clear to all department the dashboard, infographics is better choice and safe time. For publication and announcement, video is better spread and can easily reuse. In SOEs, eventhough you have presentation and dashboards or videos, it is required to have a report to show all information, recommendation in details.

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4 Collaborate with stakeholders

Market research is not a one-way process, but a collaborative one that involves various stakeholders from different departments. You need to engage with your stakeholders throughout the research process, from defining the objective, to designing the methods, to interpreting the findings, to implementing the actions. By involving your stakeholders, you can ensure that your market research is aligned with their needs and expectations, and that they are committed to using the insights to improve their performance and outcomes. You can also solicit feedback and suggestions from your stakeholders, and incorporate them into your research design and analysis.

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5 Evaluate your impact

Finally, you need to evaluate the impact of your market research on your business performance and results. You need to measure and monitor the key indicators that reflect the changes and improvements that your market research has influenced or enabled. For example, you can track the changes in customer satisfaction, retention, loyalty, or advocacy, or the changes in sales, revenue, market share, or profitability. You also need to compare your results with your objectives and expectations, and identify any gaps or discrepancies that may require further research or action.

By following these tips, you can ensure that your market research is actionable across departments, and that it contributes to your business success and growth.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you ensure that market research is actionable across departments?

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1 Align your objectives

2 Choose the right methods

3 Communicate your findings

4 Collaborate with stakeholders

5 Evaluate your impact

6 Here’s what else to consider

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