Sometimes, market research is not something you do, but rather, something you have. Indeed, some companies may not recognize that the information they collect and use each day may in fact be market research.
Best practices market research recognizes the importance of all forms of information flowing into the company—not just macro market data, but inputs such as political developments, research breakthroughs, competitor product releases, sales reports and customer complaints. Savvy decision-makers use this data to explore new markets, develop new products and measure customer satisfaction.
If a company’s employees have been trained as “brand managers,” customer preferences, complaints and kudos—and industry scuttlebutt—are solicited as a matter of practice. Once a company appreciates the diversity and complexity of market intelligence sources, a system of internal data collection and analysis can help even the giants respond in a faster—and more dynamic—way.