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What do you do if your market research projects lack strategic thinking?

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Market research is a valuable tool for understanding your customers, competitors, and industry trends. But without strategic thinking, your market research projects may not deliver the insights you need to make informed decisions and achieve your goals. Strategic thinking is the ability to analyze, synthesize, and evaluate information from multiple sources and perspectives, and to apply it to create and execute effective plans and actions. In this article, you will learn some tips on how to improve your strategic thinking skills and apply them to your market research projects.

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Maxwell Turner

Insights and Analytics Executive | Head of Market Strategy and Intelligence | Global Market Research Executive |…
A Al-Thami, MSc

Retail Growth Strategy Visionary?? | Crafting Customer-Centric Growth | Franchise Expert & Frontline Regional Leader |…
Sayan Khastagir

Head - Research & Insights at Share Creative | Ex Prime Video & Amazon | ITC | Kantar

1 Assess your current situation

Before you start any market research project, you need to have a clear understanding of your current situation and the problem or opportunity you are trying to address. This means defining your objectives, scope, budget, timeline, and stakeholders for the project. It also means identifying your assumptions, hypotheses, and questions that need to be answered. By doing this, you will be able to align your market research project with your overall strategy and goals, and to prioritize the most important and relevant issues.

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Maxwell Turner

Insights and Analytics Executive | Head of Market Strategy and Intelligence | Global Market Research Executive | Transformational Growth Leader
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Start research projects with clear links to corporate strategy. Rarely do firms have limitless funds for research. By establishing and adhering to a research governance process to prioritize spending, you can require project requestors to identify how the research supports corporate objectives. Now that you have a view into how the project aligns with a corporate goal you will be able to pull in secondary research and internal financial information to establish the strategic situation. The purpose of the research will frame the business complication you are solving for. Use the outcome of the research to formulate a set of recommendations that solve business problems and advance a corporate objective.

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A Al-Thami, MSc

Retail Growth Strategy Visionary?? | Crafting Customer-Centric Growth | Franchise Expert & Frontline Regional Leader | Marketing Analytics Expert
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Businesses, in my opinion, frequently undervalue the significance of emotional intelligence in market research. Deeper insights can be obtained by going beyond data to understand customer emotions and motivations. Narratives are more important than figures in this context.

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2 Choose the right methods and sources

Once you have defined your situation and objectives, you need to choose the most appropriate and reliable methods and sources for collecting and analyzing data. Depending on your research question, you may use primary or secondary research, quantitative or qualitative data, or a combination of both. You may also use different tools and techniques, such as surveys, interviews, focus groups, observation, experiments, case studies, or online platforms. The key is to select the methods and sources that will provide you with the most valid, accurate, and relevant data for your purpose.

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3 Analyze and synthesize the data

After you have collected the data, you need to analyze and synthesize it to extract meaningful and actionable insights. This means using various methods and tools, such as statistical analysis, data visualization, content analysis, or thematic analysis, to identify patterns, trends, gaps, and relationships in the data. You also need to synthesize the data from different sources and perspectives, and to compare and contrast it with your assumptions and hypotheses. By doing this, you will be able to validate or invalidate your hypotheses, answer your research questions, and generate new ideas and solutions.

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4 Evaluate and communicate the insights

The final step of your market research project is to evaluate and communicate the insights you have gained from the data analysis and synthesis. This means assessing the quality, relevance, and impact of your insights, and how they relate to your objectives and strategy. You also need to communicate your insights effectively to your stakeholders, using clear and concise language, visuals, and stories, and highlighting the key findings, implications, and recommendations. By doing this, you will be able to demonstrate the value and credibility of your market research project, and to influence and persuade your audience to take action.

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Layton Cox

Competitive Intelligence & Strategy | Co-Building Value-Creating Strategy Using Proprietary Research Methods
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Integrating corporate or business unit strategy into market research ensures insights align with strategic goals. This involves designing research to address strategic questions, using frameworks to analyze data, and framing insights within the strategic narrative. Recommendations should support strategic actions, and stakeholder engagement is crucial for maintaining strategic focus. This iterative process helps translate market research into actionable strategic initiatives.

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5 Develop and update your skills

To improve your strategic thinking skills and apply them to your market research projects, you also need to develop and update your knowledge and abilities on a regular basis. This means reading books, articles, blogs, podcasts, or videos on market research, strategic thinking, and related topics. It also means taking courses, workshops, webinars, or coaching sessions to learn new skills and methods. And it means seeking feedback, mentoring, and networking opportunities to exchange ideas and experiences with other market researchers and strategic thinkers. By doing this, you will be able to expand your horizons, challenge your assumptions, and enhance your performance.

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Bheemsha LT

Regional Head - Sales @ Mahindra Group /IIMA /IIMC / ISB / Harvard /Top Sales Voice/ Certified/SCMHRD/Coach/Leader/Agriculture/Engineer/Sales/Marketing/Learner/Father/Husband/Traveller/, Key Account Management
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To develop the Strategic thinking we need to acquire the knowledge and start thinking process in strategic way .. because the person who has ability to think critically and strategically will be able to lead bigger Team and able to achieve bigger Goals .. whenever the person Grow at higher level .. most important skill needed is strategic thinking otherwise he will fail … Also the reading habit and experiences in the field will surely give the edge over learning towards strategic thinking …

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Bheemsha LT

Regional Head - Sales @ Mahindra Group /IIMA /IIMC / ISB / Harvard /Top Sales Voice/ Certified/SCMHRD/Coach/Leader/Agriculture/Engineer/Sales/Marketing/Learner/Father/Husband/Traveller/, Key Account Management
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To develop the Strategic thinking we need to acquire the knowledge and start thinking process in strategic way .. because the person who has ability to think critically and strategically will be able to lead bigger Team and able to achieve bigger Goals .. whenever the person Grow at higher level .. most important skill needed is strategic thinking otherwise he will fail … Also the reading habit and experiences in the field will surely give the edge over learning towards strategic thinking …

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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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Sayan Khastagir

Head - Research & Insights at Share Creative | Ex Prime Video & Amazon | ITC | Kantar
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Developing strategic thinking for research comes through critical analysis, experience, and continuous learning. However as a first step we need to ask, ‘How will this research inform decision-making and shape our long-term strategy?’ This will enable you to align the research objectives with the company's overall goals and ensure the insights generated are relevant and actionable. Done right, research will allow you to map the insights (e.g. consumer, brand, marketing) to relevant business workstreams and help companies develop/track KPIs, improve decision-making, streamline planning, and achieve strategic coherence that in turn elevates research from a data collection tool to a critical asset for informed decision-making.

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What do you do if your market research projects lack strategic thinking?

1

2

3

4

5

6

1 Assess your current situation

2 Choose the right methods and sources

3 Analyze and synthesize the data

4 Evaluate and communicate the insights

5 Develop and update your skills

6 Here’s what else to consider

Market Research

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What do you do if your market research projects lack strategic thinking?

1

2

3

4

5

6

1 Assess your current situation

2 Choose the right methods and sources

3 Analyze and synthesize the data

4 Evaluate and communicate the insights

5 Develop and update your skills

6 Here’s what else to consider

Market Research

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