How is Research Consulting Bridging the Gap between Market Research & Strategy Consulting?

In the field of advisory services, there are market research firms, strategy consulting firms, and a hybrid of both known as research consulting firms. Whether on the firm-side or the client-side, market research and strategy consulting firms have different opinions to strengthen their side. This is when research consulting bridges the gap between both types of services. Let's see how they work and how they make it happen.

Understanding the Differences Between the Two

Strategy consulting and market research are two highly distinct services. Market research involves gathering information regarding customers' preferences and needs, asking the correct questions, and using suitable methods to access relevant audiences. Their ultimate goal is to deliver high-quality, comprehensive data. On the other hand, strategy consultants help businesses make strategic decisions to maximize profitability and leave their competitors behind.

When it comes to research consulting firms, they bridge the gap between the two by addressing strategic business needs. They have access to a company’s senior team members, allowing higher levels of business-related decision making, such as realizing the research needs and implementing the suggestions.

What does Research Consulting Entail?

Research consulting bridges the gap between strategy consulting and market research by doing the following:

• Implementing a Data Driven Strategy: Market research is a process-driven industry that involves data collection. However, these experts do not have access to a company's primary data. On the other hand, research consulting is built upon rigorously collecting and analyzing data to help businesses make data-driven strategic decisions. They collect and analyze data, develop immersive knowledge, and make recommendations based on information with specifically designed research tools.

• Providing Internal Consultation: Research consulting explores, challenges, and deconstructs assumptions that form the research's basis. Rather than looking at the objectives and hypotheses at face value, they conduct interactive workshops between project sponsors and research teams. They seek views from stakeholders to understand the desired outcomes better. 

A broader perspective allows them to identify any potential hurdles, recommending implementations to improve engagement. Internal consultation helps the company understand its internal capacity and implement the recommended strategies to achieve its company goals.

• Incorporating Market Context: The most important strength of research consulting firms is their ability to understand customers’ views and satisfy their needs. By incorporating a broader perspective of the social, political, and economic forces, they understand their impact on the market and the company’s performance. 

• Making Partnerships: Based on the research results, the research consulting firm presents data to the clients and makes recommendations. Rather than structuring the results in a one-way delivery system, they correctly interpret and define actions based on the research. Consequently, they help all parties collaborate with each other and act to implement the recommendations. With constant assessment and monitoring, they help build long-term partnerships with a detailed understanding of clients' businesses. 

Working with clients and interpreting results, research consulting firms interpret results, implement strategies, and prioritize actions to capitalize on human capital. Research consulting reinforces strategic and long-term partnerships with clients by bridging the gap between strategy consulting and market research.