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How do you determine the ROI of a Market Research team?
Great research doesn't necessarily translate to increased revenue. What do you use to measure the ROI of hiring outside market researchers?
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Good question. On a high level, market research should inform strategy of projects which produce ROI, so it deserves a segment of the cost and the return (however heavily weighted you desire to make it).
To get quantitative measurements of the ROI of market research projects you could also do the following A-B test.
A. Use your market research insights to make a product development decision, marketing decision, etc.
B. Create a control, where the market research insights are not used to inform the product development decision, or marketing choice.
Measure the success of A vs. B and you have your answer.
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