return on research investment
DESCRIPTION
Culture of Insight's proposition for improving the returns of market research to your business.TRANSCRIPT
Value
Delivery
Goals
Communication
Evaluation
R.O.R.I.
Return On Research InvestmentCulture of Insight’s consultancy enhances your
For only 1% of your annual research budget, we will deliver a clear, in-depth assessment of your current research effectiveness, using our five-point RORI process.
Effective Market Research Strategy Culture of Insight 2009
R.O.R.I.
EFFECTIVE MARKET RESEARCH STRATEGY
Goal Orientation
WHAT DO YOU WANT TO ACHIEVE?
Research objectives sometimes get detached from the business issue they are meant to solve.
This happens because the real goals are lost in translation between the end user, the research team and the supplier.
Through depth interviews with internal and external research stakeholders, we’ll identify how much clarity and consensus t h e re i s a round you r re s e a rch objectives.
CULTURE OF [email protected] 07717 605116
Research buyers in media companies scored their organisations 6/10 for their cultural understanding of market research: 2009 Culture of Insight study
Effective Market Research Strategy Culture of Insight 2009
WHAT IS RESEARCH WORTH TO YOU?
Research gets valued by the wrong measures: things like cost per interview, or last year’s budget plus RPI.
To better understand how much you should pay to solve a specific question, or even on y o u r w h o l e r e s e a r c h programme, we tackle it from several angles.
The result is a better way of choosing between research suppliers, and allocating your overall budget.
R.O.R.I.
EFFECTIVE MARKET RESEARCH STRATEGY
Putting A Price On Research
CULTURE OF [email protected] 07717 605116
Major research agencies usually include a mark-up of up to 25% of the total project cost, so you pay for the project running over-budget even if it doesn’t.
Effective Market Research Strategy Culture of Insight 2009
EVER FEEL THAT RESEARCH HASN’T UNDERSTOOD THE QUESTION?
Successful research involves a lot of people understanding each other clearly.
Briefs that are sent and responded to by e-mail often miss out key details - a n d t h a t ’s o n e r e a s o n s e n i o r stakeholders often leave a final debrief without the answer they wanted.
We’ll identify how well expectations of research are communicated, and scenarios planned for both inside your business and with your suppliers.
R.O.R.I.
EFFECTIVE MARKET RESEARCH STRATEGY
Communicating Effectively
CULTURE OF [email protected] 07717 605116
Three-quar ters of research buyers in media companies have often left a debrief thinking “so what”?: 2009 Culture of Insight study
Effective Market Research Strategy Culture of Insight 2009
R.O.R.I.
EFFECTIVE MARKET RESEARCH STRATEGY
Memorable Delivery
CULTURE OF [email protected] 07717 605116
IS YOUR RESEARCH DELIVERED IN THE MOST EFFECTIVE WAY?
Many an excellent research project ends its life as a useless pile of PowerPoint slides.
We will identify how accessible your research is to the people who are supposed to use it, and how well communicated the implications are.
We’ll then help you design a plan for communicating future market research projects, to ensure the right messages are delivered effectively to the right stakeholders.
Over half of research buyers in media companies think projects often end up as a useless pile of PowerPoint slides: 2009 Culture of Insight study
Effective Market Research Strategy Culture of Insight 2009
R.O.R.I.
EFFECTIVE MARKET RESEARCH STRATEGY
Evaluating Research
WHY SHOULD RESEARCH EVALUATION BE “TOO DIFFICULT”?
Research is a major sunk cost to your business, and it’s essential to know what works well, what doesn’t, and to learn from it.
By talking to people throughout your business, we’ l l identi fy how wel l successes and failures are identified, assessed and dealt with.
We’ll then run a workshop to help you come up with an approach for efficiently evaluating all future projects.
CULTURE OF [email protected] 07717 605116
“We’re drowning in data, but lacking in insights” senior WPP marketer.
Effective Market Research Strategy Culture of Insight 2009
WHAT WE DO FOR YOUOur approach is based around talking and listening to stakeholders inside and outside your business.
We’ll meet with a representative selection of individuals, and question them about a full range of research effectiveness issues, covering the five key elements in our Return On Research Investment framework.
We’ll use this to create a draft report, and run through this in detail with the most important stakeholders, including the research and procurement heads.
Our debrief will take the form of an interactive workshop, illustrating each issue, and helping you come up with the right way of addressing it for your business.
Finally, we follow up after six weeks to find out if the agreed measures are working.
HOW MUCH IT COSTSOne percent of your total market research budget (for argument’s sake, we’ll take the last financial year as a guide). So, if you spend £1m a year on MR, that’s £10k.
You will also need to invest stakeholders’ time, for interviews and the debrief, and cajole external suppliers into taking part.
WHERE IT ALL HAPPENSWe’re great believers in face-to-face communication, so where possible we’ll meet you in your offices. If there are a lot of interviews or stakeholders located outside London, these will be by phone, or travel costs can be agreed.
OUR EXPERTISECulture of Insight MD James Smythe has 12 years experience in the marketing business as a market research and insight specialist.
He’s worked in communications agencies, media companies, trade bodies and research suppliers, and brings his extensive understanding of all the elements of research effectiveness to bear for your business.
TIMINGSTwo weeks for interviews, and two weeks to design the debrief workshop, assuming there are no major issues with the availability of key stakeholders.
GETTING IN TOUCHJames Smythe, Managing DirectorCulture of Insight(020) 8440 596207717 [email protected]
R.O.R.I.
EFFECTIVE MARKET RESEARCH STRATEGY
Details & Contacts