The belief that strategy consulting and market research are two quite different fields is widespread. Conventional market research involves obtaining data on the requirements and inclinations of consumers. Providers of market research are renowned for their skill in selecting the best technique, knowing how to reach the appropriate audience, and crafting insightful questions with the ultimate objective of producing thorough, superior primary data. Conversely, strategic consultants are excellent at assisting a company in making critical decisions that allow it to beat the competition or boost profitability.
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However, b2b market research more frequently solves a strategic company requirement than b2c initiatives. Since senior team members are more committed to the project and participating in the process, this can provide b2b market researchers with access to higher levels of the corporate decision making chain. Boardroom level decision-making drives a lot of business-to-business research efforts, both in terms of determining the need for research and carrying out the recommendations. This is most likely due to the fact that b2b marketplaces often have fewer strategic clients, higher-value transactions, and consultative selling as opposed to mass marketing for the sale of goods and services.
Boundaries blurring: Data-driven approach
The idea that market research is solely a process-driven field focused on data collection is one of its perceived limitations, albeit this may be a misunderstanding in most situations these days. Market researchers, however, have an advantage since strategy consultants sometimes lack the internal resources necessary to do primary data collecting. By enhancing their basic competencies of meticulous data gathering and analysis, market researchers may give organizations a solid foundation of facts upon which to make data-driven strategic choices. A comprehensive understanding is created and well-informed recommendations may be made through the process of creating the research instruments, gathering data, and analyzing it.
It is crucial to investigate, dissect, and question the underlying assumptions of a project before moving forward with it, as opposed to accepting the goals and hypotheses at face value. An interactive workshop between the project sponsors and the research team can accomplish this. In order to comprehend the intended project outcomes from a wider perspective, identify any potential roadblocks to the implementation of recommendations, and enhance stakeholder engagement in the process, another strategy is to seek the opinions of various stakeholders within an organization outside of the core project team. The research consultant can determine if the client has the internal resources to put the suggested methods into practice and can make sure that the suggestions are in line with the company’s overall goals, culture, and business plan by conducting internal consultations.