Your market research report is ready. Great! Now what?
As an innovation guru, you already know the purpose of market research. It sheds light on which of your innovations are relevant and which may need to be forgone. It offers factual, objective data that can be leveraged to convince investors or federal subsidizers of your innovation’s true potential — enticing them to fund it. It can also be a tool for validating the commercial potential of your innovation, finding strategic partners and even acquiring more commercial leads.
These are the things you know. But what else can your research report tell you? The answers may surprise you. Here are five questions you must ask yourself to get the most out of your custom market research report:
Question #1: What about my innovation’s strengths and weaknesses?
The responses in your report may reveal vital information about where your innovation is thriving — and which parts are subtracting from its full potential.
This can help determine which aspects of your innovation need altering: is it the product or service itself, the sales pitch or the overall business model?
If there’s a part of the innovation that confused or disengaged respondents, perhaps it needs to be reworked or removed. If your pitch wasn’t resonating with potential buyers, maybe a new marketing tactic is necessary.
Changes to both of these factors will inevitably change your overall business model.
Question #2: What does it tell me about my competition?
Custom research offers a fascinating and valuable glimpse into your innovation’s competition. It reveals your true competitors (both startups and major actors), how competitive your innovation is in comparison, how you can position yourself in relation to them, and what can be learned from their past mistakes.
This not only gives you a better idea of where your innovation stands in light of current competition, but it can also help you clarify your product or service’s unique strengths — and how they can be highlighted and leveraged in marketing and external communications to stand out.
Question #3: Which insights are from potential buyers, and which aren’t?
Market research reports often reveal insights from two different key profiles: primary targets (distributors and direct buyers) and secondary targets (industry executives with the authority and ability to recommend your product to potential leads).
Thus, when analyzing your market research analysis, it’s vital to distinguish the difference between the two and segment the feedback accordingly — giving special consideration to insights from your primary target. As the ones who may consider directly purchasing themselves, their feedback is more relevant and thus deserves more consideration.
Question #4: How realistic are the respondents’ suggestions for new applications and markets?
The respondents from your custom research may offer new ideas for the application of your innovation. While they may sound great on paper, it’s essential to thoroughly consider their applicability, feasibility, market accessibility and TTM (time to market). Is there enough time, manpower, and internal resources available to actually pursue a new market right now?
Further, are the comments oriented towards the respondent’s typology (primary vs. secondary), requiring varying lenses for interpretation?
With the right analysis, you could find completely new and different applications for your innovation that you have yet to even consider.
One such example? After receiving a market research analysis with custom insights from relevant respondents, a company discovered that their molecular barcode innovation — originally developed for the secure documents market (banknotes, passports, etc.) — had potential for use in the pharmaceutical sector to fight against counterfeiting.
What potential markets for your innovation may be lying dormant?
Question #5: How can I reprocess and reevaluate my leads?
A characteristic of a good marketing research report is its ability to expand your potential lead inventory and open doors to new networks. How can you pave a relationship with these new prospects and solidify the connection?
Consider sending an email with your contact details, visiting their company website to find their phone number, or calling any potential partners or companies suggested by respondents. Initiating and maintaining relationships with potential prospects can pay off long-term in the form of advantageous connections and new sales.
Now that you know how to utilize your BtoB market research report to its full potential, take a second look at your own report for vital data points or overlooked insights. Check out this market research report sample to see how these questions factor into a real-world innovation scenario.
Which insights and revelations from custom market research are awaiting your innovation?