Navigating market opportunity: traditional market research and deep customer insight methods

Abstract

PurposeThis paper aims to explore the use of a design process of inquiry that incorporates both deep customer insight (DCI) and traditional market research (TMR) in an ill-defined, complex current market opportunity to generate new business opportunities for firm-based innovation.Design/methodology/approachThe paper reports on an empirical research case study conducted within a multi-national insurance agency looking at the shift in mobility in Australia. Data were collected across seven distinct research phases, all of which used TMR and DCI techniques for joint comparison.FindingsThe findings revealed that TMR and DCI methodologies developed both contradictory and complementary research outcomes. These outcomes saw rise to newly generated novel business model concepts for market entry opportunity from the case study firm.Research limitations/implicationsThe theoretical outcome of this study is the design thinking DCI framework providing guidance on appropriate implementation of research methods to respond to complex market opportunity.Practical implicationsDCI methods used in conjunction with TMR can provide early stage market opportunity assessment for firms seeking to innovate from a customer perspective.Originality/valueThis is the first paper to apply a design approach, combining TMR and DCI methods to a complex market opportunity rather than a tangible problem. In addition, it also contributes to the emerging field of DCI methodologies by providing a practical examination of their use in the field.