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How can you identify the root cause of a problem in Market Research?

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Market research is a valuable tool for businesses to understand their customers, competitors, and markets. However, sometimes market research can encounter problems that affect the quality, validity, or reliability of the data and insights. How can you identify the root cause of a problem in market research and avoid wasting time, money, and resources on ineffective solutions? Here are some tips to help you tackle market research problems systematically and effectively.

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Andrew McKinney

Connector | SaaS | Technology | Sales | Account Manager | Customer Success Manager

1 Define the problem

The first step to identify the root cause of a problem is to define the problem clearly and specifically. What is the issue that you are facing in your market research project? How does it impact your objectives, hypotheses, or questions? How do you measure the severity, frequency, or scope of the problem? By defining the problem, you can narrow down the possible causes and focus on the most relevant and urgent ones.

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Andrew McKinney

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I think it’s important to have a 2 prong approach for both qual and quant research. The slower, and more concisely you can audit your 360 reviews the more informed you can be for your quantitative endeavors. Careful listening, empathetic survey design all are a huge part of winning with a market research study.

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Scott Maloney

Senior Partner at Crain | Investor | Independent Board Director | Turnaround Executive | Exits | Lucky Husband To One | Proud Father To Two
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Properly defining a market research problem is critical; it shapes the direction and effectiveness of the entire research process. A clear problem statement ensures the research is focused, directing resources efficiently to yield actionable insights. It sets a clear objective, avoids unnecessary detours into less relevant areas, and aligns the team’s efforts. By pinpointing the exact information needed, businesses can strategically use market research to inform product development and competitive strategies, avoiding the pitfalls and costs associated with unfocused data collection. Thus, a well-defined problem is the foundation for research that can truly impact business decisions.

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Manisheel Gautam

Fractional Real Estate | Ola | IIM Ahmedabad | IIT Bombay | Alt DRX | Investorey
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The key here is using first principles of reasoning, to start break the problem down to most basic elements, then identify the end goal and then explore all paths to the the goal. Once the start, the end and the options are in front of you, the next steps are pretty clear.

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2 Gather data and evidence

The next step is to gather data and evidence that can help you understand the problem better. Depending on the type and source of the problem, you may need to collect different types of data, such as quantitative data (e.g., surveys, analytics, metrics), qualitative data (e.g., interviews, observations, feedback), or secondary data (e.g., reports, studies, literature). You should also look for data that can confirm or contradict your assumptions, hypotheses, or expectations about the problem.

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Andrew McKinney

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Be very careful where your data is sourced. Data integrity is the key to pure research. Bad in and bad out, good in and good out. I recommend getting a platform like SurveyMonkey, Qualtrics, or SurveyGizmo. Then sourcing a quality panel like Dynata, Slice Research or QuestMindshare is preferred. Then shifting to the survey design and analytics on the back end all the way to the full report.

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3 Analyze the data and evidence

Once you have collected enough data and evidence, you need to analyze them to identify patterns, trends, gaps, or anomalies that can explain the problem. You can use various methods and tools to analyze the data and evidence, such as descriptive statistics, inferential statistics, correlation analysis, regression analysis, factor analysis, cluster analysis, or thematic analysis. You should also compare and contrast the data and evidence from different sources, perspectives, or segments to find similarities or differences.

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Andrew McKinney

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Data tables, data analytics platforms and open ended questions are all apart is the backend of research and it’s critical to have sound research methodology to insure the data is both statistically significant and balanced to the census for B2C research and making sure to balance key firmographic, employee size, balance by industry, and balanced audience segments.

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4 Identify the root cause

After analyzing the data and evidence, you should be able to identify the root cause of the problem, or the underlying factor that is responsible for the problem. The root cause may not be obvious or direct, but rather hidden or indirect. Therefore, you may need to use some techniques to dig deeper and find the root cause, such as the 5 Whys method, the fishbone diagram, or the Pareto chart. You should also validate the root cause by testing it against the data and evidence, and by asking for feedback from others.

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5 Generate and evaluate solutions

Once you have identified the root cause of the problem, you can generate and evaluate possible solutions to solve it. You should brainstorm as many solutions as possible, without judging or filtering them at first. Then, you should evaluate the solutions based on their feasibility, effectiveness, efficiency, and suitability for your market research project. You can use criteria, matrices, or scoring systems to rank and compare the solutions.

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6 Implement and monitor the solution

The final step is to implement and monitor the solution that you have chosen to solve the problem. You should plan and execute the solution carefully, following the best practices and standards of market research. You should also monitor the results and outcomes of the solution, using indicators, metrics, or feedback to measure its impact, performance, or satisfaction. You should also review and reflect on the solution, and make adjustments or improvements if needed.

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Andrew McKinney

Connector | SaaS | Technology | Sales | Account Manager | Customer Success Manager
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Similar to brand trackers, once you have a source of truth that is controlled like a quantitative data set that is measured with key panel and data mixes for key market sizing functions. Then once you have a baseline of data you can run brand trackers on a weekly, quarterly, or bi annually to test the variance and act accordingly on the data. Data consistency is vital, in order to make sure your not bearing data false flags. Continue to implement red hearings, data quality measures (attention checkers), and a close eye on demographic and firmographic details.

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7 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 identify the root cause of a problem in Market Research?

1

2

3

4

5

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1 Define the problem

2 Gather data and evidence

3 Analyze the data and evidence

4 Identify the root cause

5 Generate and evaluate solutions

6 Implement and monitor the solution

7 Here’s what else to consider

Market Research

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How can you identify the root cause of a problem in Market Research?

1

2

3

4

5

6

7

1 Define the problem

2 Gather data and evidence

3 Analyze the data and evidence

4 Identify the root cause

5 Generate and evaluate solutions

6 Implement and monitor the solution

7 Here’s what else to consider

Market Research

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