Gaining market research insights involve a significant amount of time, money as well as resources. But those insights are meaningless unless it helps a business make impactful decisions. As a market research study initiates with identifying the key business questions for creating questionnaires, it usually ends by presenting findings and recommendations. The end of a research study is concluded by sharing results (insights) rather than taking actions on the basis of those results. In this article, we’ll discuss the strategies that you need to follow for transforming market research insights into action and how to make the most of it:
In order to gain insights faster, we often settle for something that’s ‘good enough so we can move ahead. This often leads to deteriorating insights at the end. Irrespective of the timeframe or extra pressure from the stakeholders’ end, always put more effort into the research to yield the right insights. The better insights you generate, the more stakeholders will appreciate their quality.
So how to focus on quality instead of the ‘good enough’ approach that you are accustomed to following?
Mainly, it needs you to stick to your guns and continue working as insight professionals instead of falling into the stakeholders’ pressure for cheaper and quicker insights. No matter how much you revolutionize your research methodologies and try providing insights at the earliest, stakeholders will always want more. So, start reiterating and focusing on the quality insights generated through slower research along with the quicker, agile research for gathering robust insights for your business.
While you focus on generating quality insights, delegating certain insight activation duties to other professionals can be extremely helpful. These professionals are the staff members that understand and love insights as much as you do. While it doesn’t occur often, but it plays a key role in building a space for insights in every team. This helps to ensure that insight professionals are there to solve all queries that the organization may have; be it simple questions or tough ones!
By seamlessly training these advocates, it becomes easy to help them interpret & activate insight over various levels. These professionals should be trained for spotting the research opportunities and advocating the value of the generated insights. This helps to ensure that allocated resources don’t seem like a waste.
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Being the best way of turning insights into action (especially over a larger area), democratizing data can help insight advocates to power their campaigns seamlessly.
No matter if you’ve implemented insight advocates or not, this central data repository is fully accessible to all which makes it an enticing opportunity for gathering the right information at the right time. For instance, in the case of quick decisions, staff members can discover the relevant insights by simply logging in to the databank. This empowers them to make an informed decision within no time. As the data in the central repository needs to stay relevant and up-to-date, it’s imperative to review the databank for sorting out the shelf-life of the insights on a regular basis. After performing an initial sort, a color code system can be implemented to highlight the insights which are still relevant, which are about to lose relevance, and which ones have lost complete relevance.
In order to ensure an impactful insights activation, you should try changing the way of presenting insights. By doing so, you can make sure that they’re being heard completely and not merely peeked upon by the stakeholders. With the increase in the number of reporting methods over the past years, it’s ideal to keep wordy written reports at bay.
With interactive and creative reporting methods like insight activation workshops, insight newsletters & info graphics, video reports, integrated knowledge management platforms, etc., it gets easy to stimulate the stakeholder engagement levels.
There’s no doubt that building an effective stakeholder-researcher relationship is impactful, it works well only when implemented on a long-term basis. While building this relationship can be tricky, but it can help you create exceptional research experiences for providing actionable insights. Moreover, it promotes a better flow of insights through trust and collaboration between the two parties. By promoting the insights team as a go-to team for solutions, it enhances the activation of insights even more!
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Before you start gaining insights, you need to develop a clear understanding of goals that you’d want to achieve, like decreasing customer churn or predicting the next purchase of your customer segment. Determine the questions that your business should answer and the actions that you expect from their answers. Always prioritize questions that seamlessly address the best opportunities economically and quickly lead to actions.
To build effective insights, you would need a wide range of data sources but it’s essential to start with the immediately available ones. While chasing the “ideal dataset” consumes a lot of time and makes it difficult to act quickly, starting with “small data” can be of great help. Using an extensive “data warehouse” can prove to be beneficial in the long run, whereas a smaller “data mart” helps to generate insights faster, without getting sunk in complexity.
When it comes to producing insights, all that matters is speed. By quickly making decisions and executing them, you can evade long discussions and empower your frontline with the insights they can use. Try putting defined time limits in order to compel shorter production time for your insight generation. Start working like a start-up that follows a test-and-learn approach. You will not only celebrate failures early but also move to action quickly using imperfect information.
Making sure that your market research insights drive action needs an in-depth understanding of what your front-line managers actually need. Voxco offers best-in-class omnichannel solutions that help you ideate, manage, and analyze your Market Research needs. Want to embed research insights into action? Get in touch with our experts today!