ROI is an oft-repeated business mantra for any kind of major strategic investment, and market research is certainly no different from other business expenditure in this respect.
Market intelligence studies are often commissioned with laudable intentions – principal amongst these being the development and growth of the organisation concerned. However, for all the lofty ambitions and expectation that may be placed behind a market research project, without careful planning and management, the end result can all-to-easily disappoint. A study may fail to target the original objectives from the market research brief or the report may be too far divorced from the actions that will effect real change within an organisation.
In effect, the question that companies should ask when commissioning market research is "am I getting my money’s worth?" – A query that should be asked of major investments at any time, not least during a recession.
In B2B International’s latest podcast, we broach these very issues: How can we ensure market research delivers value for money? How can this be verified or measured? And, perhaps more fundamentally, what is the value of market research in the first instance?
The podcast is based upon a white paper written by Paul Hague and Julia Cupman of B2B International entitled "Making effective business decisions: Measuring & maximising the return on investment of market research". Links to both versions of this paper can be found below:
Making Effective Business Decisions from The Market Research Podcast