Welcome to the Client Opinions Blog, Market Headlights and Insights. This blog will discuss the important role market research plays in providing: 1) a “forward looking” view into business, that is Headlights, and 2) a “deeper looking” view into the key drivers of growth and profitability, that is Insights.
Business leaders and executives typically have extensive business intelligence (BI) that provides reporting on sales, revenue, profits for the previous month, quarter and year. These “Tail Lights” provide great detail about what has happened in the past and can help an organization determine where problems are and what parts of the business need attention. However, looking in the rear view mirror does not help determine the best path forward.
To chart the best path forward, business leaders need Headlights and Insights. Well designed market research provides Headlights into where the market is headed and what new trends are emerging that may alter the industry landscape. Capturing quantitative and qualitative information on customer insights can transform an organization from making decisions based on incomplete and anecdotal information to one that supports a “fact-based” decision-making process.
One of the most significant impacts of the Internet is its potential to “level the playing field” for Market Research. Traditionally, well designed, high quality market research studies were affordable only to the largest companies with big budgets and market research departments. Online market research fundamentally changes the game and enables companies of every size to develop and field market research that will help them make sound business deicisons regarding every aspect of their business. Today, there is no longer an excuse for any company to make important decisions about their brand image, product strategy, pricing programs, custmer service, partner program, website, or any other aspect of their business without guiding those decisions with well designed market research.
Here at Market Headlights and Insights we will have an ongoing discussion about how every company can increase their success rate and build their business by making high quality, affordable online market research a central part of their decision-making process.
Rick Thompson, Executive Vice President