Market Research and Insights - What Does the Client Need?

Posted 7 January 2012 in Market Research

There has been a lot of discussion recently about how best to describe the market research industry and those employed in this profession.  I think the important point to understand is that Market Research does not exist in isolation.  In most client organisations it sits happily alongside Competitive Intelligence and Forecasting & Analysis.  This whole department comes under many different titles such as “Business Intelligence”, “Marketing Intelligence”, "Business Analysis" and many other variations.

The integral nature of this department and the value it brings to the marketing department within pharmaceutical and healthcare organisations is enormous.  The critical information needed to make important business decisions is provided by this department.  The knowledge and market understanding that lies within this department is significant and any marketer who wants to get on within a company will embrace this department and cultivate the colleagues who work within it.

One of the many challenges within an organisation lies in the understanding of the differences between Insights and Market Research.  It is sometimes not easy to differentiate between the two, but fundamentally they are doing the same thing.  It is simply a question of what you do with the data once it has been gathered.  

As we are all aware there is a huge amount of research sitting in clients’ cupboards or on their computers. But how much real insight is in those cupboards?

What is an Insight?

• An insight is an interpretation, a “reading” of a given situation/ behaviour/ belief state that explains the dynamics of that situation in a different way. 
• Insight allows marketing and business to approach and influence the end-state differently. Research delivers on research objectives, knowledge needs. Research often delivers at a descriptive level.
• Insight adds richness to an opportunity/threat often putting forward a viewpoint and evaluates and recommends.  Research delivers data that can be summarised and forms the basis of a recommendation.
• Insight is looking to the Why/What next? and not just the What?
• Insight invariably delivers a story and marketers are always looking for the story.
• Insight is a business partner who works alongside marketing. Research delivers to marketing.

The insights that are gathered during any market research process are discussed within the whole team so that a holistic view of the market is obtained.  Competitive Intelligence and Forecasting & Analysis will be brought in to discuss the implications of the research that has been collected.  Insights strive to recommend actions from the data reading.  Companies are often overwhelmed these days with the amount of data available both within the organisation and from outside sources.  It is the interpretation of the data that provides Insights and it is these Insights that deliver value and growth.  Consumer insights are developed into value propositions which enable companies to provide growth to their customers.

Market research agencies must be willing to provide the following which will allow them to differentiate themselves as added value suppliers:

1. Understand the market/product of the client
2. Understand the market research and the business objectives of the client
3. Analyse the data and provide insights that the client can use to develop value propositions for their customers.