Within the confines of this article, we shall delve into addressing the subsequent inquiries:

• What is worth investigating?
• Who are the providers of market research?
• What is a market research brief?

What is worth investigating?

One might assume that market researchers are always engaged in supplying the information needed for businesses to function effectively. However, this isn’t the reality. It’s important to note that not all business choices necessitate official market research. Market research should be employed solely for significant choices and situations where there is an insufficient understanding to proceed.

Market research typically arises as a solution to address a business challenge and determine potential opportunities. It’s worth noting that market research can be costly and is often outsourced. The diagram below illustrates the stages that a market research process might entail.

Market research is both costly and time-consuming, but advancements in technology, particularly in data collection and analysis, have significantly reduced the actual expenses of research. Nowadays, it’s possible to create a questionnaire quickly, launch online surveys, and receive results on the same day.

Who are the providers of market research?

While certain companies and universities conduct original research with fieldwork, others rely heavily on existing sources and information from the internet. The market research sector comprises various types of suppliers. Some provide comprehensive services, featuring researchers for questionnaire design, fieldwork teams for interviews, data analysis departments for processing information, and analysts for interpreting data and generating reports.

The primary focus of many market research firms is on ad hoc research. These projects are customized for individual clients and tailored to address specific needs and goals. Due to their close collaboration with clients and deep engagement in understanding research requirements, these firms often blur the line between research and management consultancy.

When compared to the fees charged by management consultants, market research doesn’t appear as expensive. Additionally, if one takes into account the potential costly errors that could arise from lacking the necessary intelligence to inform decisions, the cost of market research becomes even more reasonable.

What is a market research brief?

A research brief is a document provided by the sponsor, outlining the objectives and context of the situation with enough detail to allow the researcher to strategize a fitting study. Typically, the quality of a market research study is directly linked to the quality of the brief. The brief plays a crucial role in guiding the researcher, helping to shape the chosen methodology and aligning with the project’s goals.

Having a written brief becomes particularly significant when multiple research firms are asked to present proposals, as it establishes a consistent standard that applies to all participants.

When composing a brief, it’s important to take into account the following inquiries:

1. What steps will be implemented upon the research conclusion? What potential consequences might arise from omitting the research?
2. What factors have contributed to this issue or prompted this opportunity?
3. What existing information pertains to the research domain?
4. Who are the intended recipients of the research?
5. What precise data is sought from the research (e.g., market size, trends, consumer behaviour, satisfaction, needs, segmentation)?
6. What is the suggested budget?
7. Are there any preliminary concepts for the research approach?
8. Are any reporting obligations specified? (e.g., PowerPoint presentations, narrative reports)
9. By when are the findings needed?

Once the brief is received, whether from an in-house researcher or an agency, a written proposal needs to be submitted to the sponsor. This proposal should convey an understanding of the issue, objectives, research method, and timeline.