How do you decide which market research questions will move the needle most for your company?

It always starts with the business objective, and then moves into user needs. What I find is that happy, satisfied customers most often move the business forward. So, I like to start with a long-arch view of what we are trying to achieve, quickly followed by what we hope our users will say / feel when using our product. If we can align on those two objectives and the time horizon, then market research is usually a great tool to help us work backward and figure out what steps it will take for us to create that experiecne for the customer. 

Determine what you need to answer, and then work backward from that. The research needs to be relevant to your company in order to move the needle. For example—Do you need to prioritize what to build from a feature request backlog? Do you need to create more demand from new audiences/markets? Do you need to drive adoption of functionality that customers are already paying for? Do you need to identify an unmet market need so you can build the solution? Do you need to figure out whether it makes sense to expand to a new market, or which one(s) to expand to first? 

Once you’ve identified what you need to answer, then you can figure out the right approach to the research.

A few thoughts on this:

1. Follow the business goals! If it is adoption, then research how users consume new product information. If it is to increase revenue, then identify which features are most valuable

2. Follow the pareto rule. Identify the 20% of questions that will provide 80% of the value

3. Keep market context in mind. Understand differentiation and existing anchor points. this is critical for differentiation

Great question and It depends on who is asking or how we define "moving the needle"

A company is moved by several key needles (so to speak) depending on what they need. A mature company moves the needle by executing at scale. An immature product is searching for product-market-fit and market research may not even be really useful, so better to conduct user-research

If the focus is revenue, most research that helps is buyer behavior- Really understanding the pain and the "need behind the need". If the focus is product-fit, it has to be a multi-factorial approach to research

I hate to say it, but it depends. Techniques like scoring each question based on its potential impact and feasibility can help you allocate research resources effectively.

Here are some ways I like to think about prioritization:

• High-Impact Areas: Prioritize questions that address high-impact areas – those that directly influence key performance indicators (KPIs) like customer satisfaction, conversion rates, and market share. For example, understanding "What are the primary reasons customers choose our product over competitors?" can directly inform both marketing strategies and product development.

• Pain Points and Friction: Identify questions that uncover pain points and friction in the customer journey. These insights are invaluable for improving product adoption, customer experience, and satisfaction. Asking "What challenges do you face when using our product?" helps pinpoint areas for enhancement that can lead to significant customer loyalty and retention gains. I like using Miro to outline where/why these friction points are happening in a more visual way to share with other stakeholders such as product.

• Always ask about pricing and competition! See my other responses for ideas on what specific questions to ask.

  • nalyze your competition to identify gaps in your understanding of the market. Questions focused on competitive positioning, such as "What are our competitors' strengths and weaknesses from a customer perspective?" can provide insights that differentiate your brand and product offerings.

  • Some research options for pricing questionnaire:

    • Hotjar | Contentsquare: If your website or product gets enough traffic, integrate in-product surveys with 1-2 key questions about pricing.

    • Conjointly: Ideal for in-depth pricing surveys with targeted audiences. While on the expensive side, they are highly recommended for comprehensive pricing research.

    • Lyssna: Great for targeting specific professions like designers, marketers, and content professionals. They offer B2B selection options via external panels but lack specialized pricing methodologies.

    • Wynter: I've heard good things about them for B2B, but haven't used them personally.

For coming up with actual questions, here are some things to consider:

• Embrace the "Why." Understanding "what" customers do is valuable, but the "why" behind their actions is gold. Go beyond surface-level questions with techniques like the "Five Whys".

  • For example, if you learn customers abandon your onboarding process, ask "why" they abandon it. Repeat the "why" question five times to peel back the layers and uncover the root cause. This approach can reveal surprising roadblocks and opportunities for improvement.

• Think Beyond the Feature: We've all been there – crafting surveys loaded with questions about features. But features are just tactical solutions. What you really need to understand are the underlying customer needs and frustrations.

  • Instead of asking "Would you use a feature that does X?", delve deeper with questions like: "What are your biggest challenges with achieving Y?". This shift in focus unlocks insights into the core problems your product can solve, not just bells and whistles.

• Identify Knowledge Gaps: Challenge the assumptions you have about your market and customers. Use research to validate or refute these assumptions. Questions like "What do we assume about our customers that might be incorrect?" can surface critical insights that shift your strategic direction.