In the brave new world of the 2020s, there is more data around than we know what to do with. But unless it is framed in the correct context, it becomes meaningless. You can prove practically anything with an internet search engine and a set of statistical data. That’s great if you want 10 minutes of entertainment reading a blog post about spurious correlations, but it won’t help you achieve any of those strategic objectives we mentioned earlier.

Good quality research comes from expert analysts who understand both the power and the limitations of all that data out there – and can convert it into relevant insights.

For example, anyone can pull some trends from census data. But an experienced analyst will factor in those hidden factors such as error rates, changes to category definitions and how to handle that most feared category of all, “other.”

Similarly, you might read an industry report. Surely that’s as clear a source of market intelligence as anything? It could be, but how is the report categorising product groups or sectors? Is the data really industry-wide or only relating to members of the association that published the report?

Today, we live in a world where we tend to think Google has the answer to everything. For sure, you can get hold of a market research report right there for nothing with a quick internet search. But where has it come from, what methodology was used in gathering it and most important of all, what is the context from which those data points were pulled?

Market research is all about asking questions – don’t stop asking when you have the data set out in front of you.

At Turquoise, we take pride in our reputation as one of the global leaders in market research. We can confidently say we know as much about our specialist field as anyone. But nobody knows your business, your industry and your customers as well as you do.

Be ready to discuss and even challenge the findings with your market research analysts. There is no better way of really getting to understand that all-important context that we mentioned earlier. You will also end up far more confident in the conclusions and with a clearer picture of what steps you need to take. As well as helping you get the best use out of the data, it makes life so much more comfortable when discussing the project with stakeholders within the organisation!

Finally, don’t get too hung up on the “crystal ball gazing” aspect of market research. There’s a common misconception that it is all about preparing for future events. Of course, it is important to do so, but don’t get so blinkered in your focus on what might happen in five years time that you miss the market insight that reflects changes happening right under your nose.

Whichever market you operate in, you’ll have noticed that it is evolving, and at a faster rate than ever before. Use the insights from market research to help you drive that change, not simply to prepare to let it drive you.