If you’re from the client-side and a user of market research insights, you know that finding a new insight through a research project is only step 1. The path from new insight to in-market execution can take many forms. Particularly depending on the type of organization you work in or the complexity of the research project.
All too often (at least in my CPG experience), new insights can get lost in the abyss of Corporate America. The research doesn’t live up to its fullest potential and the ROI is never achieved.
If you’re from the supplier-side, you may have no idea what happens to your results after you deliver the report. And you might think that finding new insights is enough to deliver an ROI.
But, delivering an ROI for a research project actually requires three more things to happen after the report is delivered/received. Client stakeholders must:
At Crow & Pitcher, we call this….The ROI Triangle. Like the Bermuda Triangle, insights can get lost in a company, never to be seen (or used) again. Unfortunately, I’ve seen this countless times in my career. It’s not a great situation for anyone.
There are many reasons why this happens. It can be hard for people to accept new insights that push against accepted beliefs (we are only human after all). Now imagine a complex matrix organization where the people closest to the research have to convince many other people, each with different existing biases. And limited time. Have you heard questions like this before? They all get in the way of completing The ROI Triangle.
That last one is my personal favorite. Usually, it's the memory of past data that's contradicted, not the actual data itself.
The basic premise of understanding (and completing) The ROI Triangle is to deeply understand the client organization. This is an opportunity to think as much about that organization and how they take in information as the data analysis itself.
Several factors impact the complexity of The ROI Triangle for any given project. For instance:
1 Client organization complexity and maturity
2 Research project scope and complexity
3 Presentation of the information to the client
Finding the insights is only half the battle. 3 more steps must occur for an insight to deliver an ROI: insights must be understood, accepted, and used by many stakeholders.
Brand owners and innovators, spend time tightening up your story so it’s easier for stakeholders who aren’t close to the research to quickly understand and accept the insights. And help your market research suppliers understand your stakeholders.
Market researchers, help your clients complete The ROI Triangle by taking the time to understand the complexity of their organization and the stakeholders they need to influence. Use that information to structure your reports in service of influencing the audience. Get our suggestions how by signing up here.