“Once upon a time there was a poor woodcutter who lived with his wife and two children near a deep dark forest….”
So begins a familiar story written by the Brothers Grimm, in which Hansel and Gretel find their way back home by following pebbles they scattered along the way. At the MRA Insights and Strategies Conference this month, we realized that researchers have surprising similarities to the title characters in this fairy tale.
The Market Research Journey
Defining a coherent market research strategy is like telling a great story; a story in which each nugget of information brings us closer to the best possible solution.
Every market research strategy begins with a problem: customer loyalty and retention issues, competitive disadvantages, market expansion hurdles, or something else. How can we find our way back to a solution? Easy! We follow the pebbles — the building blocks of a comprehensive approach that guide us through each step of the research process — making it a QUEST.
At TrendSource, we eat, sleep and breathe QUEST:
The QUEST process systematically integrates questions into an analytical strategy that uncovers key elements at play; it identifies the underlying dynamics influencing individual behaviors, quantifies and reports existing outcomes, and ultimately recommends avenues of action to optimize desired results.
While this quick breakdown gives a broad overview of the QUEST methodology, it’s oh so much more than that! Each step of this incremental approach adds a chapter to your story. Diving deeper into the insights gathered through market research can return results you didn’t even realize you needed.
Good Research = Telling the Story
Who or what is your target audience? How much of their buying decision is placed on one factor vs. another? Where are your consumers finding information about your product? When do they make the decision to finally purchase your product or service? How do they determine that your product or service will be more valuable than your competitors? Why did they make the decision to buy your product or service?
These are just some of the types of questions we can ask to develop the market research strategy that will drive the best results.
Interestingly, according to renowned author and speaker Dan Roam, the elements of a good story and the elements of a good research strategy are one and the same….and, they can be uncovered by asking six key questions:
- Who or what?
- How much?
- Where?
- When?
- How?
- Why?
These questions, like the fabled pebbles of Hansel and Gretel, establish a path to a coherent approach. TrendSource has the expertise, experience and commitment to following every step that will uncover valuable insights that guide you to actionable results. Let us help you write a story that captures every angle needed to make informed business decisions!
