7 standards for excellence in market research

Excellence in the field of market research can be assured through the following seven standards:

1. Quality: Quality is often considered to be a mindset rather than simply a combination of systems and procedures. It should be integrated into every component of your business and corporate culture. Quality can be ensured through appropriate research design, research process, research execution, and product development processes.

2. Responsiveness: Your responsiveness depends on the speed of your market research processes. You should be able to design, analyze, execute and report the data to your clients with speed that is second to none – while ensuring that the quality standards are not compromised! The more responsive you are to the needs of your clients, the more time you will be able to save, which can in turn be used for addressing any challenges that you might face in the research process. Often responsiveness comes with you being responsible and accountable to your desired outcomes.

3. Flexibility: By being flexible, you will be able to ensure the lowest incident levels, design solutions that are a great enhancement compared to the current methods, adapt to the changing needs of the clients even during the project implementation phase, and deliver customized research solutions in the fast changing environment.

4. Critical thinking expertise: Problems that come up during market research are not homogeneous – you should be able to leverage on your research, process and business expertise and deliver the best research solution possible, through suitable problem solving and decision making processes that are complemented through a strong critical thinking expertise.

5. Innovation: You should always be on the look out for newer and better ways of addressing your clients’ research needs. Today businesses operate in a rapidly changing environment and that requires you to be innovative enough to come out with the latest and built-to-fit research solutions that are the best.

6. Dedication: A dedicated team which is willing and able to understand the clients’ needs so as to understand all the variables in the business context and accordingly deliver great results is essential for excellence in market research. Hand in hand with dedication is focus, commitment and perseverance in making things happen in their environment.

7. Process: Your market research process should focus on your clients’ business objectives and requirements and be adequate enough so as to address any contingencies that may arise due to changing business requirements.

If you look at these seven factors that are essential for excellence in market research, the fact becomes very evident – your people are the most critical component in the market research.

If you’ve stopped by, and listened and learned a little something, then my post has been successful. I invite you to visit my website www.gameplancoaching.com to make your day.

Here's what others have to say about how we've helped them through coaching.


Best wishes,
Karyne Ang