Capturing Insights: Without Data You’re Just Another Person with An Opinion.
Capturing Insights: Planning for a Quantitative Market Research Study
The digital era presents B2B brands with access to a people and a treasure trove of data — and more easily than ever before by connecting with customers and employees in all four corners of the U.S. and across the hundreds of countries around the world.
Data leads to actionable insights. A lot of C.E.K. & Partners' clients, B2B brands based in Atlanta, ask us to design market research studies to support a range of objectives. Some common ones are below:
Common Market Research Objectives
What is our brand’s point of difference?
Which tagline will be better received by customers?
Which video does a better job presenting the content?
How satisfied are customers with our offering?
What do employees think about our company culture?
What topics do our customers want to hear more about from us?
What does the sales force want and expect from the annual sales meeting?
W. Edwards Deming, data scientist, stated it best, “Without data you’re just another person with an opinion.”
Do you want to base your brand planning on assumptions and opinions? Or, do you want to make informed decisions based on market research and actionable insights that will enable your brand to make a meaningful connection with your customer?
The data garnered from a well-designed and conducted B2B quantitative market research study allows for better-informed decision making. And, a survey informs more than just the marketing team. Often the data collected from a survey can be leveraged by multiple groups within an organization, such as sales, product development, and human resources.
Beware of Assumptions — Data Reveals the Truth
While it is probably clear by now, there are many benefits derived from quantitative surveys. As too many brands have learned the hard way, it’s less expensive to invest in market research than to launch and market a product or service that might not even resonate with the customer. Basing decisions on assumptions alone has lead to too many brands wishing they had invested in market research, such as Smith & Wesson’s foray into mountain bikes based on the police force’s love of their bikes, Coors Beer’s launch of spring water based on their beer containing water from the Rocky Mountains, or Pepsi AM’s high-caffeine drink launch based on the premise of consumers drinking caffeine for breakfast.