In a chaotic global economy powered by escalating consumer expectations and hyper competition, simply having a great product idea is no longer enough to guarantee success. Instead, companies that seek profitable growth must commit to research-driven product and service innovation to keep up with—or surpass—the competition. Put simply, companies must continually bring the voice of their customers into their innovation labs, engineering offices, marketing teams and executive boardrooms if they want to guarantee consistent growth.
In the first 2 installments of this 3-part series, we made the case that market research return on invest (MR ROI) can be boosted by asking 5 key questions at the outset of a project and using action standards and benchmarks.
As we discussed in part 1 in this blog series (Market Research ROI: 5 Questions to Make Your MR Pay Off), market research, like any investment in information, should demonstrate a clear return on investment (ROI).
Sometimes market research (MR) takes literal rocket science, and sometimes it isn’t all that complicated, but ultimately, it’s always the right investment to make—so says the MR firm. Really? How do you know if it’s the right investment?