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You've clearly defined your objectives, applied the most appropriate
methodology, conducted sound and unbiased research, and have the
report that details the findings and implications in hand. Now
what? An organization will benefit from market research only if
the results are used before they become irrelevant. Yes, market
research does have a shelf life.
Market research has the potential of yielding a healthy return
on investment and contributing to quality decision making if it
is given priority and life within the organization. When the results
of a research project are delivered, decision makers must be willing
to implement change at all levels – without delay. If the results
of a quality research project are left to gather dust, the chances
of a meaningful application are substantially decreased.
With a focus on market opportunities, needs within the organization,
communication, planning initiatives, or prioritization of projects,
market research captures important information – midstream. Because
results are time-sensitive, management must be willing to weave
research results into the organization as soon as they become available
so that the company's entire culture is made aware of desired outcomes.
Market research is a valuable tool for remaining competitive in
today's marketplace, but only if the findings are timely and relevant
in their application.
When an organization has committed to utilizing research results
without delay, good communication becomes an essential part of
making sure that findings reach those responsible for implementation.
Research findings should be summarized in an easy-to-understand,
practical presentation. Ideally, open communication with the research
team should be encouraged to avoid misinterpretation and unclear
understanding of the findings.
Good communication doesn't ensure that change will take place,
however. Specific action steps should be outlined based on the
research outcomes. Then, these actions should be periodically monitored
and reviewed as an internal check. Results (customer satisfaction
scores, sales, or customer churn) should be compared with desired
outcomes to determine if goals and expectations are being met.
When taken to heart and fully implemented, market research is
a catalyst for change and continuous improvement in the organization.
Rather than letting valuable research results sit on the shelf,
use your market research and realize a return on your investment.
And watch as your organization evolves into a dynamic entity that
expands its customer base and profits. ‡
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