As a leader within your organization, are you leading with data driven decisions? Or are you basing your overall business strategy on your “gut” or your previous experience? Don’t do that. It’s better to build a solid business strategy through market research. Here’s why:
Big Decisions Need To Be Supported by Big Data
If you’re a CMO, or head up product development or regularly mine customer data, you had better be able to support your recommendations with significant analysis from survey and other market data. Even with the best analysis and research, implementations of suggested solutions can go wrong. Although implementation and execution may be out of your control, you should always recommended actions based on cogent analysis rather than instinct.
Market Research Uncovers Latent Variables
Consider product placement on shelves. Consistent data mining and analysis may show that customers who bought bread also tended to buy cupcakes. Store clerks or managers may not have observed this – but it was something uncovered by the data that was captured. What behaviors or placements can you encourage that were uncovered through rigorous data capture and analysis.
Data Drives the Conversation
Whether you approach your market research from an inductive or a deductive approach, data, at some point will prove or disprove your point or null hypothesis. If you have a conversation with your board or management that involves opinions and hunches, they either won’t listen for very long or won’t pay attention at all.
Schedule a demo with us or request a survey results quote from us to see how mTAB can support your market research efforts.