{"id":4769,"date":"2011-08-18T09:45:16","date_gmt":"2011-08-18T09:45:16","guid":{"rendered":"http:\/\/www.questionpro.com\/?p=4769"},"modified":"2023-08-24T06:41:34","modified_gmt":"2023-08-24T06:41:34","slug":"5-steps-to-making-market-research-part-of-your-product-offering","status":"publish","type":"post","link":"https:\/\/www.questionpro.com\/blog\/5-steps-to-making-market-research-part-of-your-product-offering\/","title":{"rendered":"5 Steps to Making Market Research Part of Your Product Offering"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.questionpro.com\/blog\/wp-content\/uploads\/2011\/08\/moneybelt-268x300.jpg\" alt=\"image\" class=\"wp-image-4771\" title=\"moneybelt\"\/><\/figure><\/div>\n\n\n<p>I recently ran into a terrific article by Christine Brown from Branding Marketing about Marketing your <a href=\"http:\/\/brandandmarket.com\/why-marketing-your-market-research-makes-sense\/\" target=\"_blank\" rel=\"noopener noreferrer\">Market Research<\/a>. &nbsp;Her main observation is that companies cut market research budgets because they see it as a luxury. &nbsp;But if they were able to use that research in a variety of ways &#8212; &nbsp;call it recycling or re-purposing &#8212; they might be able to justify those projects.<\/p>\n\n\n\n<p>She goes on to give several examples that inlcude:<\/p>\n\n\n\n<ul>\n<li>YouTube Video of the&nbsp;<a href=\"http:\/\/youtu.be\/7cY5l3a3MME\">BART seat lab surveys<\/a><\/li>\n\n\n\n<li>Blog post about survey results from&nbsp;<a href=\"http:\/\/womow.blogspot.com\/2011\/01\/our-business-survey-results-are-in.html\">Word of Mouth Association WOMMA<\/a><\/li>\n<\/ul>\n\n\n\n\t<div class=\"banner-section wf-section\" lang=\"\" >\n\t\t<div class=\"right-column-container\">\n\t\t\t<div class=\"bannerbg white\">\n\t\t\t\t<span class=\"h1-2\">Create memorable experiences based on real-time data, insights and advanced analysis.<\/span>\n\t\t\t\t<a href=\"#userliteForm\" data-toggle=\"modal\" class=\"button w-button\">Request Demo<\/a>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"userlite-modal modal fade\" id=\"userliteForm\" tabindex=\"-1\" role=\"dialog\" style=\"display: none;\">\n\t\t<div class=\"modal-dialog\" role=\"document\">\n\t\t\t<div class=\"modal-content\" role=\"document\">\n\t\t\t\t<div class=\"modal-body\">\n\t\t\t\t\t<div class=\"modal-header\">\n\t\t\t\t\t\t<button type=\"button\" class=\"close\" data-dismiss=\"modal\" aria-label=\"Close\">\n\t\t\t\t\t\t\t<i class=\"material-icons\">close<\/i>\n\t\t\t\t\t\t<\/button>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div class=\"contact-us-form-wrapper contact-box\">\n\t\t\t\t\t\t<div class=\"userlite-form-wrapper\">\n\t\t\t\t\t\t\t<iframe src=\"https:\/\/www.questionpro.com\/userlite-form-blog-en.html?product=Research&amp;referralurl=https:\/\/www.questionpro.com\/blog\/wp-json\/wp\/v2\/posts\/4769&amp;lang=en&amp;cat=market-research\" style=\"display: block;\" ><\/iframe>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"demo-form-wrapper success-message-div\" style=\"display:none\">\n\t\t\t\t\t\t\t<p class=\"success-message-para\"><\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n\n\n\n<div><strong><span class=\"Apple-style-span\" style=\"font-size: 14px; line-height: 23px;\">&nbsp;Other Ways to Use Market Research as Part of Your Offering<\/span><\/strong><\/div>\n\n\n\n<div>Christine&#8217;s article got me thinking that many businesses see market research as an expense rather than a revenue generator, &nbsp;There is an opportunity to &#8220;spin&#8221; your research projects or design them in such a way that they provide industry insights and information that your customers may want to gain access to.<\/div>\n\n\n\n<div>If you participate in industrial markets that include highly engineered technical products or instruments, you will find profound gaps in information about what customers value.<\/div>\n\n\n\n<div>\n<ol>\n<li><span style=\"font-size: x-small;\"><span class=\"Apple-style-span\" style=\"line-height: 22px;\">Create a separate brand and URL for the information and research service that you will provide &#8212; literally treat it as a separate product line.<\/span><\/span><\/li>\n<li><span style=\"font-size: x-small;\"><span class=\"Apple-style-span\" style=\"line-height: 22px;\">Start a subscription section of your web site. &nbsp;You can use WordPress &nbsp;and their Wishlist membership plugin to create a subscription function that allows you to take payments and distribute information based on membership or subscription level.<\/span><\/span><\/li>\n<li><span style=\"font-size: x-small;\"><span class=\"Apple-style-span\" style=\"line-height: 22px;\">Run YOUR research and use some of your data for your own decision making and the other data for re-sale to the industry.<\/span><\/span><\/li>\n<li><span style=\"font-size: x-small;\"><span class=\"Apple-style-span\" style=\"line-height: 22px;\">Offer to run surveys for customers or competitors in your industry. This might freak out your management, but it&#8217;s simply called &#8220;contract manufacturing&#8221; &nbsp;it happens in manufacturing all the time &#8212; companies who have tools and capabilities built into their infrastructure will make another company&#8217;s product just to keep the equipment running &#8212; it&#8217;s selling unused time and space.<\/span><\/span><\/li>\n<li><span style=\"font-size: x-small;\"><span class=\"Apple-style-span\" style=\"line-height: 22px;\">Run regular tracking surveys and sell the reports and data. &nbsp;Simply include general market and industry question in your surveys and run them regularly and then sell the results. &nbsp;One area of research that is always difficult to get for specific industrial segments is market share information. &nbsp;By simply asking a few questions, you can generate this valuable data and sell it.<\/span><\/span><\/li>\n<\/ol>\n<div><span style=\"font-size: x-small;\">Don&#8217;t let budget cuts eat away at the information that your company and industry need. &nbsp;Try these ways of engaging your management team in the research and creating products and services around research to get it to pay for itself.<\/span><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>I recently ran into a terrific article by Christine Brown from Branding Marketing about Marketing your Market Research. &nbsp;Her main [&hellip;]<\/p>\n","protected":false},"author":128,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[203],"tags":[885,1003,599,340,321,1004,1005],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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