To have a fairer than average chance of ‘winning’, all businesses, regardless of sector or product, need to know the answers to certain questions.
As an insight professional servicing internal clients, knowing what these questions are likely to be is the first stage to becoming an effective resource.
Pre-empting these questions, and putting strategies in place to answer them, can move you up the food-chain from reactive resource to value-creator.
Here are the questions we believe you should be geared up to answer, through primary or secondary research, and using internal as well as external data.
Any glaring omissions, let us know in the comments.
Need help building any of these measures, drop us a line:
|What you need to know||What measures help answer these questions|
|How is my market performing and trending?||Internal KPI’s, industry data, trend and forecasting data|
|Do we have presence in the marketplace?||Brand Tracking – awareness, familiarity, relevance, distinctiveness/difference|
|How are we performing in the market (against our targets and against the competition?||Internal KPI’s, competitor analysis, pricing studies|
|Who are our customers?||Profiling and segmentation|
|What products and services do they have, and how much/often do they use them?||Market size and share, consumption and spend data|
|What products and services would they like?||Purchase intent/ proposition development|
|Why and how do people become our customers?||The buying journey from need to consideration to purchase|
|Why and how do people leave us for our competitors, or leave the market entirely?||Switching behaviour|
|How much will people pay for our products and services?||Pricing and VFM metrics|
|What is our customer experience?||Customer satisfaction, advocacy, event driven NPS, cross-sell, up-sell, mystery shopping|
|How do people react to our messaging?||Advertising tracking – communication, advertising, sponsorship, PR, digital, social|
|What do people think of us?||Brand tracking/ NPS, social listening|
|How effective and efficient is our media buying strategy?||Ad tracking, marketing effectiveness vehicles, volumetrics, long and short term brand equity|
About Caspar Tearle
I graduated in 1988 with an Honours degree in Geography from Exeter University. This led naturally (!) into a career in market research. Nearly 30 years later, I’m still a market researcher.
Over the years I’ve specialised in print and radio media research, mystery shopping, customer satisfaction, loyalty, branding, advertising and customer experience research. I’ve worked mainly in the financial services, telecoms, energy, retail and technology sectors. I’ve operated in the B2C and B2B environments in the UK and round the world. Although primarily a quantitative researcher I’ve been known to conduct the odd depth or group.
Nowadays, I’d describe my specialities as running ‘tricky’ primary research projects for blue-chip clients on the one hand, whilst providing consultancy on the research process and better use of research on the other.
My work based interests are around better communication of research findings and data visualization.
Away from work, I enjoy a wide range of PC games and running (although not at the same time).