Working with a market research agency to implement a relevant and agile performance is a determining factor in detecting the impact of a new marketing campaign as early as possible, and in being able to quickly adjust the strategy if necessary.
In order to translate your marketing team’s objectives into the most pertinent KPIs, marketing and market research teams must be aligned on two fundamental questions:
It is critical to select relevant indicators that objectify and explain performance, and ultimately aid strategic decision making across departments.
The ultimate reasons for conducting market research should then be specified. Specific objectives could be to:
For instance, the tracking results could be utilized to:
Defining the global business goal of the research, in terms of actions and decision-making, is essential to efficiently reveal the resulting indicators and methodology. One marketing objective could lead to the implementation of a research program consisting of multiple modules with different targets.
To illustrate, a pharmaceutical or med-tech company preparing to market a new oral treatment for T2 diabetes patients needs to make the following decisions:
Pharmaceutical and med-tech companies should consider all the information available to them and plan a multi-stage project to answer these interrogations. The project would first aim to identify and characterize the potential prescribers/decision-makers and then measure their relative weight in driving product prescriptions.
It is important to know who the end user of the results will be; possibilities include:
The end-user of the research influences:
A relevant indicator needs to objectify and explain performance. Above all, it is simple, specific, measurable and actionable information. It evaluates the degree of change obtained through a series of actions that are aimed at achieving a specific objective.
By assessing past performance, reflecting trends, and defining future objectives, this indicator will feed the marketing plan. Whether assessing awareness, market share, brand equity, satisfaction, prescriber share, the market penetration rate of a target population, a pertinent indicator can be characterized as being a critical factor in estimating performance.
An indicator is relevant when it allows you to:
The eBook covers the following topics:
Aligning stakeholder objectives
Organising a successful RFP
Writing a winning brief
Selecting a market research agency