Data decathlon – Five simple ROI boosters
The value of research in the B2B marketing mix goes way beyond the stats. Great research insights should impact the business at different levels and it’s up to marketers to run, skip and hop through the data decathlon to find that illusive competitive edge. Unlike standard marketing campaigns, its value can’t always be measured in a matter of weeks of months, but this doesn’t lessen the impact research can have on informing sales and marketing strategies. Data which will help you compete in the B2B market is everywhere, and much of it is free. So, use it in a structured way to learn about your competitors and your market. There are various methods of doing this; such as a) internal sources e.g. sales data, win/loss statistics, b) secondary sources e.g. news feeds, published reports or social media, or c) primary sources e.g. custom research related to customer feedback, or product development.
Five simple ROI boosters
Research reports so often get filed once the initial requirement has been met, but this is a mistake and a waste! It’s crucial to sweat the data and repurpose and rejuvenate those nuggets of insight. The brands that gain the most from their research are the ones who put it into action.
- Collaborative starting points – Bring key stakeholders into the research planning process. Collaboration creates efficiency and manages politics.
- Layered insights – Invest time in building your own insight resources (internal & secondary data) to increase primary research value
- Ask the Audience – Your customer-base is an asset. User groups, focus groups and communities should be part of how you create strategy
- Share your wares – Bring research to life within the business. All hands sales calls, or internal events make everyone an expert or an advocate.
- ROI = Action – Have clearly defined outcomes and expectation of all research projects. It’s not the ‘how’ in research, it’s the ‘what next’. For more insight into how to get more value from your B2B research, listen to our webinar hosted by Billy Hamilton-Stent and Angela Richmond, founder and MD of our research division, Loudhouse.