Unlocking the Power of Market Research: Purpose, Planning, Action
There are many good reasons to conduct market research. Done thoughtfully, the data that emerges can be the key that opens a door to valuable insight and meaningful action. The risk, though, comes when you dive in without sufficient forethought and, as a result, obtain a key without knowing which door it opens.
Before your institution invests in market research, consider the following recommendations culled from Paskill’s more than 30 years of experience supporting higher ed partners.
First, clarify why you’re doing the research
What’s driving the research? Why are you doing it? And what do you plan to do with it? For instance, are you looking to solidify your core marketing pillars? Are you building out a campaign? Are you trying to identify opportunities in the market? Knowing what you’re trying to accomplish will enable you to gain maximum benefit from the work.
Second, make sure you can implement your findings
Ideally, market research is step one. Acting upon your findings is step two. For instance, say you’re conducting a perception study. What if you determine your brand’s messaging is not resonating with your target market? You will have to re-image or develop a new messaging platform. Are the resources in place to implement the findings? Make sure you think beyond the “why” of your research and consider how you will resource and implement your findings.
Third, involve your community
Actively seek input from your entire campus community—staff, faculty and students. This step is essential for building and sustaining momentum for your eventual recommendations. By engaging everyone and hearing their voices, you let them know they are valued, and you build excitement and understanding of what you’re trying to accomplish.
Fourth, include dissenting voices
Yes, there are often naysayers and, incredibly enough, you may have one or two on your campus. Be sure to include them. Oftentimes, there’s a basis to their concerns and you can find solid takeaways in their flow of negativity. Equally important, by making them part of the process, you make it more difficult for them to push back against your recommendations.
Finally, have a third-party partner conduct the research
Market research should be handled by objective professionals. Hiring a third-party partner eliminates bias. A third-party partner goes in with an open mind and follows the data, without worrying about whether it confirms or undermines current thought. Moreover, when it’s a third party speaking, the community is more inclined to listen.
Paskill has not only been conducting market research for three decades, we do so through the prism of enrollment marketing’s full landscape—from assessments and plans, to creative, websites and digital media. In presenting the findings and outcomes, we frame our recommendations in actionable insights: for instance, how they might impact nurture campaigns with students; how they might affect lead generation with digital media; or how they might be revealed on your website.
With market research, you get one chance to get it right. Reach out to us and get a clear picture of where you stand, where you need to be, and how to get there.