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We write for the AMA: 5 things CMOs should understand about market research

Marketing leaders, it’s time to leave behind your old ways and make a significant investment in an overhauled market research strategy.

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As target audience interests continue to shift, maximizing the impact of market research efforts and utilizing critical insights in the marketing decision-making process is increasingly important.  Our Group Services Director, Horst Feldhaeuser, writes about the changing marketing research environment and his advice to marketing professionals looking to stay ahead of rapidly changing norms in his latest article for the American Marketing Association, “Five Things I wish CMOs Understood About Market Research.”

Now more than ever, consumer insights matter. Horst writes that “there has never been a more important time to understand consumer and business behavior,” urging an emphasis to be placed on primary research, as he deems it “business-critical.” Marketers simply must have a comprehensive understanding of changing customer groups and diverse market conditions through a robust market research strategy.

But traditional processes have many marketing departments stuck, and past research strategies may not work as well in such a rapidly developing environment. To compound the challenge, even if a company is conducting solid primary research, the data often doesn’t make its way to stakeholders in a useful format. For example, static spreadsheets and outdated reports don’t offer the needed understanding and information to keep up with shifting audience sentiment and behaviors. 

Horst outlines a “wish list” of things he’d like marketing executives to understand in the article, including:

  • How an investment in survey research provides data that can complement other customer data to create holistic audience views;
  • The need for a “frank discussion” to start presenting insights in a more interactive, dynamic way that will generate a foundation for better decisions;
  • That data has no real value until it is used for business action, so it’s time to bridge that gap and share insights far and wide using fit-for-purpose technology.

He acknowledges that the “a-ha moments” that many hope for from primary research are few and far between, but the information gathered can provide a solid foundation to base decisions across multiple departments, including marketing.

Horst asserts that “it is time to maximize the value of your market research program by leaving behind cumbersome ways of doing things, and approaching the insights function with an eye toward the future.”

Need a better way to maximize the value of your primary research projects? Contact us today.

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