Strategy and planning are crucial to stay ahead of competition and ensure positive results. Research should be able to contribute to the process of strategising.
Market research, no matter how scientifically immaculate and precise, is only successful when it can lead to quantifiable business results. Business results, in turn, are dependent on the specific strategies that enterprises make to increase profits. Whether traditional or innovative, market research analysis must then take the form of strategic research so that it can address critical as well as tough research challenges from brand, communications and customer experience to product development, segmentation and user experience. All of these, then, are crucial to create an overall strategy for the business.
Strategic research has the same basic steps — to gather accurate data, analyze it for insights, and use those insights to make better decisions.
Market Analytics – the capture of all the relevant market data that has been integrated, analyzed, and interpreted specifically to evaluate all your options for growth – is what helps you take decisions on the future course of action – and this is how strategies are made. Market Analytics done under the ambit of strategic research recognizes the interdependence of the four Ps (Product, Promotion, Price, and Place), and also allows corporates to leverage that interdependence to consider multiple options and their associated risks while developing strategies.
Strategic research relies heavily on analytics. Analytics helps in the optimum use of resources to organize and analyze it, and the skill to communicate and exploit the results. Despite this, there are few enterprises that can make use of it in the best way that it is meant to be used. Not only does this allow for advanced planning, but also ensures that the insights live far beyond the final report, thereby making it an integral backbone for strategic research.
Market research analytics is the crucial next step after market research. It helps you collate and process the information and data that research has thrown up. This also means that the mountains of data must be collated into easy-to-understand, expressive deliverables that shine light on the best course of action for the interest of the business.
So as a business owner or enterprise, market research analytics is an indispensible tool that feeds the decision-making process – another way to describe ‘strategising’ – to make you stay ahead of competition.