End Of Year Market Research Projects
5 Types Of Market Research To Do Before The End Of The Year
Many organizations receive the “Use it or lose it” message from the finance department on unspent budgets at the close of the year. Often, the unused budget that returns to the company will be also likely factor into a lower budget allocation the following year. This exercise creates a scramble to either complete funded projects or find other ways to use the untapped budget to ensure next year’s budget does not start with a lower amount. End of year market research is both a good investment and a way to prepare for next year.
Market research allows an organization to learn and improve their understanding in specific areas about their brand, customers, and products. Most importantly, conducting market research before next year will give the department the insights needed to have a data-supported strategy. And because market research can be conducted across all areas of a business, the opportunity to reduce the knowledge gaps either in one place or several can be achieved before next year.
To help identify where and how best to conduct market research at the end of the year, here are the five market research projects that every business can invest in before the calendar runs out. All can be launched and completed with minimal turnaround time and, most importantly, deliver valuable, strategy-supporting insights.
Insight Calibration – Organize, refine and find unknown insights you already have from completed research.
Already completed research may have underlying insights or learnings that were not considered when the project was first concluded. By revisiting existing research to extract new insights, raw data from previous research projects can be combined and reviewed with updated approaches to glean new information applicable to upcoming strategic efforts. Doing insight calibration on existing research will save you from running research to find already available insights.
Why now? Take a moment to review and organize the existing research. By refreshing the data at hand, you can develop a better understanding of what research and insights are missing from your strategic planning moving forward
How soon? Within two weeks, you can have legacy research and data reviewed and reset to obtain potentially untapped insights without needing a new research project.
Concept testing – Start learning what audiences like about next year’s products or services
By putting your concept in front of target audiences before launch, critical learnings in what attributes make the product attractive for purchase and find the weaknesses in the concept where adjustments might improve the overall reception of the concept. Because concept testing can include many different aspects from colors, feature sets, and packaging, the opportunity to test multiple variants of the concept before launch can help position a concept for success starting day one.
Why now? Get insights to guide next year’s product introductions. Get initial feedback or last-minute guidance on features or packaging.
How soon? Concept tests can deliver insights in as fast as five days from start to finish. Iterating on the concept with additional testing pulses, the concept can undergo several rounds of insights before the end of the year.
Message testing – Refine your outbound marketing and advertising to be more effective
Content and communications campaigns to educate and inform customers can improve how a message is received by an intended audience with market research. Testing key messaging and themes in different content pieces can ensure that a brand remains consistent across all segments and audiences. Market research on messaging can also bring forward sentiments and underlying motivations the audience has on a given message which can validate the expected outcomes of the messaging.
Why now? Ensure the Q1 campaigns to customers are persuasive and promote wanted activities. Having confidence that the message is correct will help free up time to work on the distribution and promotion of the message.
How soon? Like concept testing, message testing can have a quick turnaround and include different research approaches like a message highlighter, Perceptometer, and MaxDiff to help distill the impact and effectiveness of the messaging. These approaches can be applied and provide insights in as quickly as ten days from start to finish.
Retention/Customer research – Ensure you know how your audience feels about your brand
Keeping on top of how your customers feel and think about your brand can be one of the most valuable pieces of information a company can have. Running market research on selected audiences helps identify what keeps your customers loyal and what competitive and influencing factors make your target audiences defect. These insights can significantly affect and build the acquisition strategy for upcoming campaigns and creative efforts by giving you knowledge of what keeps your customers and what you might need to improve or address when considering your competition.
Why Now? Customer intercepts allow you to know what is working and where you might need to begin doing more to keep them as a customer. Updating customer insights will allow you to learn if competitive messaging or product concerns create potential defection or lower customer loyalty.
How Soon? If there is a known concern or emerging issue, such an effort can focus on gaining the needed insights before the end of the year. Suppose the interest is to baseline and capture the general attitudes of the customers. In that case, research can be completed in just a few weeks, making the insights available for you to begin to plan your customer engagement.
Qualitative Research – Reduce the knowledge gap in critical areas
Market Research offers the path towards making data-supported decisions about a business. Applying a qualitative market research survey on ongoing issues or possibly an emerging theme in customer feedback that can not be easily answered will help a company obtain the insights required to eliminate the knowledge gap. Because qualitative research is very specific and might only need a small group of customers, the opportunity to quickly resolve unknowns can be a powerful tool in strategy development.
Why now? Use the time to answer those questions that have been asked (and never answered) in the meetings this year. Confirm assumptions with supportive data so it can be part of the strategy. Take the time to review strategy documents and customer feedback to find insight gaps.
How soon? Addressing a specific issue might take several days, while a deeper or more comprehensive approach to the root of a wider issue could require several weeks. When using text science on open text responses or even audio and video transcription, the insights can include many different areas of opportunity and provide a deeper understanding of the drivers and motivations of the audience that quantitative research may not uncover.
Benjamin Franklin is credited with saying, “Don’t put off until tomorrow what you can do today,” and is very appropriate when thinking about market research projects. The end of the year, when budgets might have available funds to be used, investing in market research projects is wise. Additionally, having the market research completed before the end of the year can potentially eliminate a cost next year that would require approval amongst competing investments and can provide insights that will influence decisions beyond the upcoming year.