In this week’s In-Ear Insights, Katie and Chris discuss market research capabilities. What kinds of resources should an organization allocate towards market research? How often should you be doing market research? What are the different kinds of market research? These questions and many more answered – tune in to find out!

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In this week’s In-Ear Insights, let’s talk about market research.

And when the best time is to invest in market research and how much you invest, because market research, at least in the context, we’re using it here is all about getting information about your market, hence the research to make better decisions.

So Katie, a welcome back.

And B.

When is the best time to be doing market research? And what kinds of market research should we be thinking about doing?

Yeah, well, thank you, I had a lovely little bit of time off, which is always helpful for me, to get my head clear, so that I can think more deeply about these kinds of questions.

And so market research, I love market research, I love the psychology behind why people do what they do, why they make certain decisions.

And so I think, when people think of market research, they probably think of these big, you know, projects that involve, you know, lots of researchers and analysis.

And, you know, those are really, really great and helpful.

And those are, you know, things that like McKinsey and Bain and those kinds of consulting agencies do.

I love those studies, but they’re really expensive, especially if you want to conduct one on your own.

And so the question being, what is the time to investment market research, I would say save those, for when you are thinking of like a new product launch or pivoting your company, you know, in a different direction, that kind of thing.

Otherwise, I would say it’s always a good time for market research.

And market research doesn’t need to be this expensive, labor intensive activity.

Market research can be as simple as a one question survey.

once a quarter, which is something that we do, it can be as simple as adding a short, you know, questionnaire at the end of an email or at the end of a form.

And it’s something that you’re constantly collecting data on to understand, do people like the thing? Do they not like the thing? Will they try it again? Would they come back? Why did they pick this particular thing? So I would say there’s, you should always be collecting some kind of data from your prospects, your customers, your audience on what they like, what they don’t like.

It’