ROI of market research - 0 views
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Colin Bennett on 13 Feb 15"How can we measure ROI? The more general the market research objective, the more difficult it is to achieve a ROI measurement. In possibly half the market research projects that are commissioned, it is likely to be difficult, if not impossible, to measure the ROI. For these projects though, a more subjective approach would be useful to justify the market research expenditure. For example, to the question 'what is the risk to the business of taking a decision without market intelligence?' the importance of the business decision can be ranked from 1-5, where 1 is low and 5 is high. If the answer to it is a score of 4 or 5, then market research could be justified. Where is the measurement most feasible? It is clear that the measurement of market research ROI is a valid concept, even though there are inherent difficulties in doing so. It is worth holding a post mortem after every research study is completed to judge the success of the project and whether it was financially justified. In other words, a straightforward satisfaction score on the research project may, in itself, be as good a measure as any."