There is a commonly held view that market research and strategy consulting are highly distinct industries. False!
Market research providers are known for their expertise in asking the right questions, using the most suitable methodology and being able to access the relevant audience with the ultimate goal of delivering comprehensive, high quality primary data.
Strategic consultants, on the other hand, excel in helping a business make high-level decisions that enable them to increase profitability or outperform the competition.
Nonetheless, B2B market research definitely addresses a strategic business need, where SELAS comes as a long-term partner.
Many B2B clients approach SELAS with questions which seek to contribute to strategic objectives. These may be very basic questions such as “Are we ready “or more specific as;
- Should we enter this new market? Which new market we should enter?
- How should our brand be positioned to increase market share? Is the Brand ready to be positioned?
- What areas of the business should we invest in order to have the most significant impact on customer experience and thus loyalty and profitability?
- Which touchpoints on the buyer journey are most critical to success?
- Should we invest in the development of a new product or service? Or do our in-market products designed well enough to beat competition?
HOW WE DEAL WITH THIS? Combining market research studies with strategical thinking.
Data driven strategy
It may be a misconception in the majority of cases these days, but one of the perceived weaknesses of MARKET RESEARCH is that it is purely a process driven industry associated with collecting data. However, the fact that many strategy consultants do not possess the internal capacity to undertake primary data collection presents an opportunity for market researchers.
SELAS can do both.
SELAS, as a market researcher build upon its core strengths of rigorous data collection and analysis to provide businesses with the clear evidence base on which to make data driven strategic decisions. Through the process of designing the research tools, collecting the information, and analyzing data collected, an immersive knowledge is developed, and recommendations can be made on a well-informed basis.
The market research industry is in a strong position to capitalize on its core strength of data collection to move towards the provision of ‘strategic insight’. SELAS suggests three ways in which this can occur.
- Firstly, through challenging the objectives of a research project from the outset in order to frame problems more in terms of a business issues.
- Secondly, by gathering a strong evidence base incorporating an understanding of the market context alongside the views of customers and prospects.
- Finally, by delivering the findings in a multidirectional and multidisciplinary manner and forming long term partnerships.
Contact us to find out more on how our market research and consulting expertise can help your business.