We’ve all been there right? We’re watching the presentation from the agency. The data is new, but the conclusions are either something we’ve seen before, or are so blindingly obvious it barely needed researching. Ever been there? Of course you have! But there is a simple little hack you can use with pretty much any market research data that often uncovers a new insight.
This is not true for all market research agencies, but…
As a precursive statement, in this post I’m going to be a little bit mean about some of the work I’ve seen from the market research world. To be clear, there is lots of fabulous work being done, (and if you want recommendations of the best in the best when it comes to consumer or shopper research let me know.) But let’s be honest. There is an awful lot of average, cookie-cutter-template-driven analysis that is dressed up as insight. You know it and I know it. We’ve all sat through those presentations!
Market research presentations can be depressing
Now, where were we? Ah yes. We were watching that presentation that was high on slide count but low on aha moments! You know those presentations. Slide after slide with a graphic in the middle of each page. Words at the top that basically tell you what the graphic says. And for each slide that sense of ‘I’m not really learning anything here’.
Its all a little depressing isn’t it? But you are in luck, there is a simple hack that you can apply to pretty much any data that improves the chances of learning something valuable. It doesn’t always lead to a huge AHA, but in my experience it has an uncanny ability to turn up new thoughts, new ideas, and those ideas often lead to new ways of thinking and new opportunities.
Before you blame the market research agency
But before we get to the hack, can we just go back to those dull PowerPoint presentations from agencies? Firstly, if the report isn’t telling you what you asked for in the brief – kick the agency out and tell them to come back when they answer the brief. And if they are answering the brief and your still not happy, maybe check your brief, because in my experience a lot of bad research starts with a really bad brief. And if you didn’t write a brief – shame on you – you are getting what you deserve!
Anyway. No matter how good the brief, we still often find ourselves with those slides that appear to tell us nothing new. So come on Mike – what’s the hack? Here it comes!
The simplest hack to create new nuggets from market research
Invert the answer. What do I mean by that? Simple. Just invert the answer. If the slide title is ‘76% of shoppers prefer to shop online when its raining’, invert the answer.
‘24% of shoppers DON’T prefer to shop online when its raining’
Immediately you have two answers, plus an extra free bonus.
Market research data – Two nuggets for the price of one
Two nuggets. A second ago you had one nugget. Now you have two. That’s pretty good value isn’t it? And the reality is (I’m sorry, agency person, but I call it as I see it!) the one that was presented will tend to be the most obvious one. I can’t guarantee that the second headline is going to be more valuable, but it will almost always be less obvious. And in my experience that means it is likely to be more valuable.
Market research data – big is not always best
‘But Mike’, I hear you say, ‘isn’t it likely to be smaller?’ Well. Sort of. Yes, the number may well be smaller. But that doesn’t mean it is less valuable. Bigger is not always better. It depends, right? It depends on the questions you ask next. Who are these people? Why do they do what they do? And why don’t they do what most people do?
Market research data – beware hyperbolic headlines
And often those hyperbolic headlines (‘shopper prefer xxx’) are based on the thinnest of majorities. ‘Shoppers prefer x’ might actually mean that only 51% of shoppers actually prefer it. Lazy marketers are therefore ignoring 49% of the opportunity because they got bored in the research presentation and only read the headlines. And remember, even if the split is 80:20 – that’s still potentially 20% of the market that everyone else is ignoring. Remember, we don’t need to win with everyone to hit our targets.
So that’s the hack. It’s so simple but when I share this in our consumer and shopper insights training I am amazed that very few people know about it, let alone use it.
The market research hack that comes with a bonus
And I mentioned a bonus? There is a bonus. And it works like this. The simple process of using the ‘Invert The Answer’ hack stops your brain being lazy. Your brain stops just reading the headline. It looks at the data. It engages actively. This has two benefits. Firstly, that you engage with the data, which means that you are much more likely to get more out of it. Secondly, it makes the presentation far more interesting, so the time passes more quickly.
Two free bonuses!
Learn how to get more from your market research data
We share this hack, and many others in our Consumer & Shopper Insights Training, together with an unbeatable, proven process that delivers massive insights no matter how much (or how little) data you have. If you are interested, check it out now. We design every program exclusively for you, so we can definitely make it fit your budget.
Some companies spend a fortune on research data. Some don’t have that luxury. Wherever you are on that spectrum, you can use this hack, and this approach, to get more from whatever data you have. Check out our insights approach now.
