Market Research Procurement
I have recently been given Market Research as part of my portfolio, I would be interested in thoughts from everyone regarding how you measure market research, what KPI's do you have?
How are you adding value from a procurement prospective?
The following are some KPIs to think about:
• Define objectives for market research – do you want to review (or have the capacity to review) monthly, quarterly, 6 months, yearly.
• Identify specific important areas you want to measure
• Identify tasks/outputs
• Determine work procedure for each “important area” or task.
• Identify methods to measure the results
The following are some things to avoid when creating KPIs:
• Do not create too many KPIs
• KPI should change based on your changing needs
Market research is a comprehensive task and requires identification of your objectives first then the method of research second and the sample size third, then if you know all this you will design your questionnaire and send it to your target, collect answers then perform the statistics and have the results and recommendations