Learn how to deal with uncertainty in your market research as a consultant. Discover tips to assess, communicate, seek, adapt, embrace, and learn from uncertainty.

Be honest. Whether it's a new business, product, or marketing campaign research, market development or brand enhancement will always depend on the quality of market research conducted in the preliminary stage. This step is the most crucial, and honesty here is an asset. Avoid painting a rosy picture if your research suggests otherwise. It should be presented as is, and if needed, a request for a new plan with a clearer lens should be deployed for the good of the organization.

What do you do when your market research is uncertain?

Market research is a vital tool for consultants to understand their clients' needs, preferences, and challenges. However, sometimes the data you collect may not be clear, reliable, or consistent. How do you deal with uncertainty in your market research and still deliver valuable insights and recommendations? Here are some tips to help you navigate this situation.

1 Assess the sources of uncertainty

Uncertainty in market research can arise from various factors, such as sampling errors, measurement errors, response biases, data gaps, or changing market conditions. The first step is to identify and evaluate the sources of uncertainty in your data and how they affect your analysis. For example, you can check the sample size, design, and representativeness of your survey, the validity and reliability of your measurement tools, the quality and completeness of your data, and the assumptions and limitations of your methods.

Add your perspective

Poonam Vijay Thakkar (PVT)

Mentor - NITI Aayog | Host - The PVT Show Podcast | Former CMO - ABML (Aditya Birla Financial Services - Aditya Birla Group) | Angel Investor | Pursuing L.L.B.
Report contribution
Be honest. Whether it's a new business, product, or marketing campaign research, market development or brand enhancement will always depend on the quality of market research conducted in the preliminary stage. This step is the most crucial, and honesty here is an asset. Avoid painting a rosy picture if your research suggests otherwise. It should be presented as is, and if needed, a request for a new plan with a clearer lens should be deployed for the good of the organization.

Like
Ben M.

COO/Owner of MENTTrade, LLC/Adjunct Professor of Business / Writer/Author / Marketing and Financial Management Consultant/OnLine Innovator/Humanist.
Report contribution
After assessing one's sources, embrace an adapt. Communicate your concerns, conduct another market study with different variables, and compare the results. If you are trying to move on a product, then do test market research in a geographically defined area.

Like

2 Communicate the uncertainty

Uncertainty is inevitable in any market research, but it does not mean you should hide it or ignore it. Instead, you should communicate the uncertainty to your clients and stakeholders in a transparent and honest way. You can use different techniques to convey the uncertainty, such as confidence intervals, margins of error, sensitivity analysis, or scenarios. You should also explain the implications of the uncertainty for your findings and recommendations, and how you accounted for it in your decision-making process.

Add your perspective

3 Seek additional information

Uncertainty in market research can also be an opportunity to learn more about your market and your clients. You can seek additional information from different sources, such as secondary data, expert opinions, customer feedback, or experiments. You can also use different methods, such as triangulation, validation, or cross-checking, to compare and contrast your data and reduce the uncertainty. However, you should also be aware of the trade-offs between the costs, benefits, and timeliness of collecting more data.

Add your perspective

Roberto Castañeda Sarabia

Ph.D. in Education
Report contribution
Market researchers can use a variety of techniques to deal with the uncertainties inherent in their work, such as scenario planning, sensitivity analysis, test marketing, and updating projections as new information emerges. The goal is to make reasonable assumptions and forecasts, while also preparing for alternative outcomes through contingency planning. However, some level of uncertainty always remains. The goal of these techniques is to help market researchers make more informed decisions about the future of the market. However, it is important to remember that there will always be some level of uncertainty, and no technique can guarantee perfect accuracy.

Like

4 Adapt to the uncertainty

Uncertainty in market research can also be a sign of a dynamic and complex market environment. You should be prepared to adapt to the uncertainty and update your analysis and recommendations as new information becomes in. You can use tools such as scenario planning, contingency planning, or adaptive strategy to anticipate and respond to different possible outcomes and changes in the market. You should also monitor the market trends and indicators, and track the performance and feedback of your solutions.

Add your perspective

Danielle Davenport

Davenport Group | RE Portfolio Management Entitlement, Development, and Investment. Offering Land Acquisition & Use Consulting, Disposition. Site(s) Selection to Build Out to Asset Management.
Report contribution
Uncertainty becomes clearer as you move further into a project. I have employed Risk Mitigation Strategies based on Gap Analysis and update them at critical stage gates.

Like

5 Embrace the uncertainty

Uncertainty in market research can also be a source of creativity and innovation. You should embrace the uncertainty and use it as a catalyst to generate new ideas and solutions for your clients. You can use techniques such as brainstorming, design thinking, or prototyping to explore and test different alternatives and possibilities. You should also involve your clients and stakeholders in the creative process and co-create solutions that meet their needs and expectations.

Add your perspective

6 Learn from the uncertainty

Uncertainty in market research can also be a valuable learning experience for you and your clients. You should learn from the uncertainty and use it to improve your market research skills and practices. You can use methods such as reflection, feedback, or evaluation to review and assess your market research process, outcomes, and impacts. You should also share your learnings and insights with your clients and stakeholders, and build trust and credibility with them.

Add your perspective

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

Add your perspective

What do you do when your market research is uncertain?

1

2

3

4

5

6

7

1 Assess the sources of uncertainty

2 Communicate the uncertainty

3 Seek additional information

4 Adapt to the uncertainty

5 Embrace the uncertainty

6 Learn from the uncertainty

7 Here’s what else to consider

Consulting

Rate this article

Thanks for your feedback

More articles on Consulting

More relevant reading

What do you do when your market research is uncertain?

1

2

3

4

5

6

7

1 Assess the sources of uncertainty

2 Communicate the uncertainty

3 Seek additional information

4 Adapt to the uncertainty

5 Embrace the uncertainty

6 Learn from the uncertainty

7 Here’s what else to consider

Consulting

Rate this article

Thanks for your feedback

Explore Other Skills