Question

Topic: Research/Metrics

Collection + Dissemination Of Customer/market Data

Posted by stone611 on 4/3/2020 at 11:38 AM ET 250 Points
I am a graduate student currently working on a project for which I would like to understand how top-tier companies across industries conduct market research and generate actionable marketing insights from the data collected. Specifically, I would like to answer the following questions:

1. In your experience, do most firms collect and present market research and consumer insight data to internal stakeholders within the company’s marketing organization?
2. What market data collection is key to a greater understanding of customer insights?
3. How do you distill market data into actionable insights for use within your organization?
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RESPONSES

  • Posted by mgoodman on 4/3/2020 at 3:24 PM Moderator
    In most large companies, market research is managed by folks in the marketing department. They identify a need that market research can address, articulate the specific objective of the research, decide in advance how results will be used, analyze and interpret results when they are available, and recommend/take indicated action(s).

    I have worked and consulted for dozens of companies in the Fortune 100, and this is the way it works in all of them. Results are reported internally to the appropriate audiences by the authorizing marketing manager -- on a need-to-know basis. Often findings are considered confidential, with limited distribution within the marketing department and senior management.
  • Posted by stone611 on 4/6/2020 at 3:06 PM Author
    This is helpful, thank you! In your experience, do you have any specific examples of the types of customer/market data that is typically collected, and how this data is then interpreted and presented in the form of actionable insights for the internal marketing stakeholders? I'm hoping to create an "industry best-practice" process map for collecting, analyzing, and sharing market/customer data for use by marketing organizations.
  • Posted by mgoodman on 4/6/2020 at 5:56 PM Accepted
    A few years ago I put together a seminar for MarketingProfs that included a hand-out report discussing the various kinds of market research a business might want. Learn more here: https://www.marketingprofs.com/marketing/online-seminars/115

    You can also buy a similar report that contains a lot of the same information titled "Do-It-Yourself Market Research – Done Easily, Done Right." It's available at https://dialoguemarketinggroup.com/pages/StartUp/SU-Resources.html . You will see that this report contains a thorough discussion of market research used by large companies as well as lower-budget alternatives.

    From the descriptive material on the report:

    "... This report demystifies Market Research and offers a straightforward way to get the answers you need using proven tools and approaches. It identifies the 25 different categories of market research, the specific tools in each one, and how to decide when to use each one ..."
  • Posted by Shelley Ryan on 4/24/2020 at 11:48 AM Moderator
    Hi Everyone,

    I am closing this question since there hasn't been much recent activity.

    Thanks for participating! #stayhome #staysafe

    Shelley
    MarketingProfs
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