What do you think of when you hear the term “market research”? For many brands, it brings to mind putting together scorecards, reporting numbers, and a heavy emphasis on looking to the past. Those things are certainly important, but they’re insufficient for creating true Experience Improvement (XI) and getting your organization to the top of your market. Let’s get into greater detail about why those three elements alone don’t cut it for modern market research.
- Scorecard Reporting
- Living in the Past
Element 1: Numbers
Right up top, I don’t want to give you the impression that numbers are unimportant. They fuel your data and, of course, quantify shifts in the trends most important to your experience initiative. However, that’s about the only story numbers can tell. They can reveal whether a trend has fluctuated and in what direction… but they can’t tell you why. Therefore, relying solely on numbers means that your research is only telling part of the story. Identifying the root causes of the trends you’re seeing is the only way to actually make a difference with your experience program.
Element 2: Scorecard Reporting
This element dovetails somewhat with focusing solely on numbers, but it speaks to the importance of how you present your research findings to other teams and the C-suite. Scorecards can be a handy way to quickly present your findings (especially to an executive with a more quantitative thinking style), but what about the C-suite members who are qualitative? What about the chance to present the impact of your research and your program in a more connective, human light? Illustrating your program with this kind of storytelling, not just scorecards, makes a huge difference.
Element 3: Living in the Past
Ideally, market research should be a GPS, not a rearview mirror. Unfortunately, a lot of research teams view their work solely in the context of the past. Being mindful of the challenges your organization has endured is helpful for looking to the future, but what if there was a way for research to be proactive about the future in real time? That sort of research process is incredibly powerful, and it can help you create the bolder, more human experiences you need to stay on top of your market.
The Path to Modern Market Research
If the elements I’ve discussed are insufficient for tapping into the true power of market research, what can brands do to supercharge their research efforts and make it an invaluable part of their overall experience strategy? Click here to read a full-length point of view document on the subject, where I discuss how to modernize your market research program for the Experience Improvement age. I challenge you to read on even if your research initiative differs from what I’ve discussed—some of my insights may still surprise you!