16 Dec How a Poor Market research Report Can Impact Your Business Significantly
How a Poor Market research Report Can Impact Your Business Significantly
The difficulty in establishing an apparent connection between the marketing research outcome and business goals often is solely responsible for many organizations setting aside a smaller budget and limited staff for the purpose of market research. A poorly drafted market research report can adversely affect the growth and success of a business.
The reasons for a poor market research draft could be due to any one or all of the following:
- Inadequate experience in market research report writing
- Lack of expertise and skill sets required in report writing
- Lack of resources and tools needed to make a report
- Insufficient, unorganized and unclear data available for study
- Poor response to market research study
- Lack of understanding and knowledge of the subject
- Ambiguous research goals
- Lack of proper alignment between the research goals and business objectives
- Inadequate monitoring system to track the correlation between market research and business results
- Lack of adequate exposure on the part of management with regard to marketing resulting in inability to use the same
- Improper execution of marketing plan despite clear within reach goals
- Competitor’s actions impacting changes in market thus invalidating the results of market research
A poor market research data gives unclear research report findings and blurred vision of future growth prospects of a business. Since, there is no clarity in the insights report created it is of little or no use to any business. In fact, a poorly drafted report can lead to wrong decisions and affect the growth of any business. Hence, due care needs to be taken when drafting an accurate market research report for a business.
Moreover, apart from drafting the report, distribution too plays a key role once a report is generated. Generating an effective distribution method to circulate and broadcast the results from research is equally important and can be done through the following ways:
- If it is for a company or for key decision makers, the report should be shared confidentially with the key members only
- Installation of electronic libraries for the benefit of end users to find information on past as well as current research will help to avoid efforts of duplication
- Involving key persons conducting the research by asking their suggestions to implement the results of the research conducted
- Sending newsletter with detailed insights and research briefing with appropriate report links
Moving forward, instituting a feedback technique or method to assess the usage of research results and their impact on the business is also critical for –
- Tracking business decisions taken based on research undertaken by conducting follow up surveys through personal interviews or by phone interviews of the important stakeholders.
- Drawing a correlation between the money spent on research and business results obtained (sales revenue generated, savings accredited and retention). The correlation should be done based on the decisions taken guided by the research.
Correlating marketing research results to business outcome is a complicated issue but by adopting a systematic methodology by engaging key stakeholders to share their research views and by regularly keeping a tab on the impact on the business outcome based on the research results, an organization can significantly influence its business for a greater success and tremendous growth.
Some of the key factors that market researchers should consider when undertaking a research campaign for better research results –
- Generating a questionnaire based on the following questions to be answered by end users to limit the possibility of study
- What problems faced by the business created the need for research
- The impact of the research undertaken on the overall strategies adopted by business for acquirement and retention of consumers and priorities set for the same.
- The decisions that are likely to be adopted based on the research
- The suggestions, if any that will be put to test
- The kind of information that is likely to be generated through research
- What are the steps for actions based on recommendations
- Debating with end users of market research regarding the procedural issues of sourcing and sizing of samples including adoption of analytical line of attack to impact the outcome of the marketing research
- Making end users to participate actively in the conduct of surveys, focus groups, discussions when answering the questions
- Drafting the final layout of the report, its presentation after the data has been fed, for a final review by the end users of market research before sending it for publication.
If you believe, this process is complex and beyond your understanding and implementation, it is always good to hire a professional market research agency specialized in market research report writing. iResearch Services has helped numerous clients with accurate and meaningful data insights through its professional report writing services. Feel free to get in touch with us if you need any assistance with market research report writing services.