When Market Research Meets Innovation: Beautiful Things Happen
Jill Salisbury, Vice President at Psyma
When it comes to basic market research, most want a result that goes beyond the basic output of data. They want ideas for innovation…and want beautiful things to happen.
What exactly does that mean?
It means that beyond the basic insights that can be extracted from market research, companies need an experienced human brain to process the information and turn the data/insights into suggestions and recommendations that can be put to use in changing the way people think or the brand is represented.
It goes back to the old adage: Don’t present a problem, present a solution.
For instance, when surveying the demographics of an audience, not only should the market research team gain and present a better understanding of the audience, the insights should also lead to recommendations for how to market, sell, or better educate the audience beyond the simple suggestions. The recommendations should include ways to innovate – to do something new and different beyond just comparing the results to what everyone else is doing.
In the world of market research, this is possible, but it isn’t always done. Some of the best firms claim to produce insights, but fail to reach the point of providing opportunities to innovate. And that isn’t how it should be.
As Psyma, our associates have the opportunity to bring new insights and perspectives into projects – for instance, using consumer data and translating that into the world of health care to provide new, interesting ideas for innovative solutions. This could mean taking a previous market research project, applying it across verticals and finding the synergy in the solution while adapting to the industry at hand.
Keep in mind that to do this, the market researcher must meet two requirements:
- He/she must have the experience to create the unique knowledge base
- He/she must have the drive and know-how to apply past findings and create innovative opportunities
One without the other will not create the innovative results that will differentiate you from your competition and help you achieve your business goals.
Contact us to learn more about how Psyma can help you with your market research and help you achieve your goals.