Study Finds Companies Not Fully Capitalizing on Research
A new study finds that many large organizations aren't fully capitalizing on the potential of marketing research.
A new study from The Boston Consulting Group confirms what many on the agency or consultancy side already suspect – that many large organizations aren’t fully capitalizing on the potential of marketing research. The study, titled “The Consumer’s Voice – Can Your Company Hear It?”, finds that most companies are using marketing research tactically – to validate and optimize marketing messages with consumers, or to develop new products – vs. designing and executing research strategically to impact a company or brand’s direction moving forward. BCG finds that more than 70 percent of the study participants apply research in those two more tactical contexts, whereas less than 40 percent use consumer insights to set product prices, develop promotions, forecast financial results and forge channel and distribution strategies.