--- title: How to Evaluate and Refine Your Market Research Strategy description: As an integral part of your business strategy, the health and relevancy of your market research strategy is key to both B2C and B2B success. Ensure it's continued excellence with this 4 step process. image: https://blog.flexmr.net/hubfs/5111056-345-how-to-evaluate-refine-your-market-research-strategy-1.png --- close ## Ready to level up your insights? Get ready to streamline, scale and supercharge your research. Fill out this form to request a demo of the InsightHub platform and discover the difference insights empowerment can make. A member of our team will reach out within two working days. close ## Cost effective insights that scale Quality insight doesn't need to cost the earth. Our flexible approach helps you make the most of research budgets and build an agile solution that works for you. Fill out this form to request a call back from our team to explore our pricing options. 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[Read more](https://blog.flexmr.net/workshops-beacons-customer-salience) 9 MIN READ #### Ed Hill - [Events (1)](https://blog.flexmr.net/topic/events) - [Insights Empowerment (38)](https://blog.flexmr.net/topic/insights-empowerment) - [Practical Application (178)](https://blog.flexmr.net/topic/practical-application) - [Research Methods (285)](https://blog.flexmr.net/topic/research-methods) - [Strategic Thinking (232)](https://blog.flexmr.net/topic/strategic-thinking) - [Survey Templates (7)](https://blog.flexmr.net/topic/survey-templates) - [Tech & Trends (397)](https://blog.flexmr.net/topic/tech-trends) Often a market research strategy sits within the larger context of a business’/organisations’ strategy. Understanding the direct importance of your market research strategy in relation to your overall business strategy is key to both B2B and B2B success. Market research produces the in depth empirical customer insight required for effective product development, brand alignment, online presence, service enhancement, marketing of course (advertising, promotion, point of purchase, etc.), even HR. It’s a powerful customer empathy tool with which to drive your business forwards. And with that said, I’m going to share my 4-step process to ensure that your market research strategy is, and remains, top notch. ### Step 1. Are your market research goals clearly defined? **(Why are you doing it?)** Take a step back and ask yourself, ‘what’s the point?’ Literally, what is the point of the market research your organisation is conducting? Does it have a clear purpose within your organisation? Does it have overarching goals? (These must not be mistaken for the goals of individual stakeholders, as different stakeholders will have different objectives.) Ensure that your insight goals are designed to aid your organisation’s performance as a whole. Your market research strategy must be designed with the business (not individual) in mind. ‘Nice to have’, and ‘sideways looking’ market research often ends up missing the mark. | ![Tweet from FlexMR](https://www.flexmr.net/images/webpage-images/45-tweet-this-from-flexmr.png) | ***Tweet This*** | | --- | --- | | [Sense check your MRX. retain focus - 'Nice to have' market research misses the strategic mark](http://ctt.ec/MA5G1) | | ### Step 2. Are your market research methods up to scratch? **(How are you doing it?)** It’s easy to get stuck in a rut when it comes to market research methods and formats. Time to experiment with alternative approaches is all too often viewed as a luxury. But the most insightful, relevant results come when current technologies and thinking, those that reflect changing social behaviours and habits, are utilised. The social media age has created an ‘in the moment’ culture – a traditional 15 minute customer satisfaction survey asking respondents about an experience they had up to 3 months ago just isn’t going cut the mustard anymore. Don’t be blinded by the bright lights of innovation however. Exciting and sparkly as all this new research tech is, it won’t all be right for your particular objectives. Invest the time, do your ‘research’ and educate your stakeholders. It will pay dividends. It might be that some of your existing methods are still delivering in which case swap out the obsolete only. Re-allocate budgets as opposed to increasing. Work smarter, not harder. ### Step 3. Is your market research strategy well balanced? **(Is the required insight being provided?)** Is your market research strategy equally focused on ‘current’ and ‘future’ objectives? Without this balance, potholes will form in the strategic business road. Customer success in the here and now is crucial of course but not blind success, always be ready for what’s around the corner. For the most part, the consummation or not of exploratory market research programmes largely comes back to stakeholder support… or the lack there of! Stakeholders are often focused on projects that impact them in the short to medium term. It’s is difficult to measure the ‘tangible value’ of future-based research so it’s harder to achieve the buy-in. Once again, education is key here. Consider the flip-side of not looking to the future, of not identifying those emerging market opportunities? You can be sure one of your competitors will… ### 4. Is your market research strategy fluid? Does it have check points? **(Can it be done smarter/better?)** Evaluate consistently and allow for change! I cannot emphasize this enough! The commercial landscape shifts so quickly. And for the most part, these shifts are outside of your organisations’ control, i.e. technological development, political upheaval, etc. Without an element of flexibility your market research strategy in its entirety will fast become yesterday’s news. | ![Tweet from FlexMR](https://www.flexmr.net/images/webpage-images/45-tweet-this-from-flexmr.png) | ***Tweet This*** | | --- | --- | | [Without flexibility a market research strategy in its entirety will fast become yesterday's news](http://ctt.ec/w6oAa) | | In-built check points will enable you to proactively evaluate your strategy by part (Steps 1, 2 and 3) and make incremental change. Universal evaluation criteria include but are not limited to: - Market shifts, i.e. competitor actions - Social change - Economic change \* \* Market research is often one of the first casualties in times of economic downturn; however it may well be the golden bullet that sees you emerging ahead of the competition. Resist the temptation to be short-sighted. Take the opportunity to evaluate your strategy; 'trim the fat', reposition if necessary but don’t abandon. #### About FlexMR We are The Insights Empowerment Company. We help research, product and marketing teams drive informed decisions with efficient, scalable & impactful insight. #### About Chris Martin Chris is an experienced executive and marketing strategist in the insight and technology sectors. He also hosts our MRX Lab podcast. #### Stay up to date ## You might also like... ![Blog Featured Image Header](https://blog.flexmr.net/hubfs/Marketing_Files/Blogs/Headers/ways_build_customer_salience_focus_groups.png) ### [5 Ways to Using Focus Groups to Bol...](https://blog.flexmr.net/focus-group-customer-salience) In today’s complex business environment, customer-centricity is no longer a competitive advantage, it’s a baseline expectation. That being said, many organisations still struggle to move from talking ... [Continue reading](https://blog.flexmr.net/focus-group-customer-salience) 7 MIN READ ![Blog Featured Image Header](https://blog.flexmr.net/hubfs/Marketing_Files/Blogs/Headers/qual_research_methods.png) ### [4 Qualitative Research Methods to I...](https://blog.flexmr.net/qualitative-research-methods-customer-centricity) In today’s data-obsessed world, it’s easy to get lost in quantitative data with businesses able to generate quantitative data at scale in quicker times than ever before. But true insight experts know ... [Continue reading](https://blog.flexmr.net/qualitative-research-methods-customer-centricity) 8 MIN READ ![Blog Featured Image Header](https://blog.flexmr.net/hubfs/Marketing_Files/Blogs/Headers/10_common_questions_about_insighthub.png) ### [10 Common Questions About InsightHu...](https://blog.flexmr.net/10-common-questions-about-insighthub) With a suite of impactful integrated data collection, analysis and activation tools, FlexMR’s InsightHub platform is used by many insight teams and experts for impactful insight generation and activat... 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