Research: Value or Cost?

I’ve been spending quite some time recently immersed in results from tracking research. Firstly it was brand health tracking which for this particular client was rich and insightful. Next was a reputation study, different from brand health in its depth exploring attribute association across specific stakeholders groups.

One of the most important things to do in market research is to present findings in context of their importance. Imagine if research suggests your brand was low on the Market Leading attribute. The first question you should ask is yes, but

How important is “...<>...”

To which audience?

How are our competitors performing on “…<>…”

One of the great benefits of statistics is that used correctly they can prioritise things. To be more specific, they prioritise drivers that cause some outcome. For instance, if your company is listed then you would understand the focus on improving shareholder value, and in turn share price. But you would also be likely to see plenty of debate about what drives share value. And that debate would probably vary from emotional rants to well informed opinion. 

But what is fact?

Knowing these drivers is valuable because it helps you focus on what makes a difference. Also knowing how strong the driver was adds yet another layer of value – it allows you to invest appropriate amounts of effort. That appropriateness is like finding the right balance. Put simply the statistics are helping you understand what to do how much of.

It is not always easy to couch findings in terms of importance but it almost always avoids wasting effort where there is no reward.

So if your tracking is done well and you know both the importance and performance of attributes then there is only one step missing.

Taking action.

Remember you are now on very solid ground – you are armed with facts. Numbers not supposition. So you have a licence to argue with conviction and have people listen.