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Purpose of functional area #
Role of market research is ensure that the company obtains timely insights about the market, the various personas and their needs, by conducting qualitative, quantitative surveys and desktop research.
Inputs: How it impacts CVM #
Provides essential market insights on:
- Personas / Customer segmentation
- Customer Needs and Preferences
- Customer Experience and satisfaction
- Gaps in offering
- Pricing feedback
- Competitive landscape
- Differentiation
- Communication
CVM work related to function #
- CVM must incorporate market insights into CVM initiatives by creating new campaigns, adjusting segmentations, tailoring pricing, etc.
- CVM can share insights and trends obtained from current customer base analysis on personas, needs/jobs-to-be-done with the market research team
Outputs: How CVM impacts this area #
- Formulates requests for market research projects
- Provides customer base insights that shape market research design, hypotheses
Key handshakes to consider #
Market Research ↔︎ CVM functions must establish a close collaboration and information sharing processes, so that both functions would have a shared understanding of customer behaviors, needs and market trends.
Impact of collaboration quality on CVM team results #
LOW – lack of alignment with market research results in both teams duplicating each others’ work.
