Market Research - Your 'Friend with Benefits' • THINK Global Research

Market research, we are the friend you need, but not the one you always want. We like to think of ourselves as the voice of reason steering marketing decision makers in the right direction. Over the years, market research has received some bad press with some viewing our industry as the less glamourous and exciting subcategory within the creative industries. We would like to set the story straight by shedding some light on common misconceptions about our beloved industry…

#1: “Market research is a ‘luxury’ and not a ‘must have.”

Too often market research is seen as a tool only utilised by the those in the ‘big leagues’ with huge budgets to spend. With the evolution of new techniques borrowed from design thinking, research can be conducted faster and more cost effectively. Of course, there are costs involved but consider the financial impact of using ‘gut feel’ as the basis of major customer strategies? Environments are rapidly shifting and trying to keep up with changing customer needs, trends and competitors are overwhelmingly important.

#2: “Research is too complex and un-relatable”

The type of research required can vary between industries and so can the level of complexity of the research. In saying this, the final insights provided in a research report should always be directly applicable to you the client – clear, concise and actionable. Just like a good friend, we tell our clients what they need to hear, not necessarily what they want to hear.

#3: “Research will only tell us what we already know”

You can never get to know your customers or industry too well! In fact, we know your customers better than you do, we even know your competitors better too! Not doing your homework never led anyone anywhere. We are the friend that stays up all night preparing you for that final exam. We help you stay ahead of the game; proper research provides insight into any aspect of your customer, competitor or industry.  We are all about your competitive advantage.

As the end of another financial year approaches, think about how best to maximise next years’ marketing budget and lean on those industry friends that you need, not the ones you want.