Can you afford NOT to budget for market research?
Monday, March 3rd, 2008
Just because you can’t afford to spend what you should on market research doesn’t mean you shouldn’t do any at all. Amidst the inherent chaos known as the annual budgeting process, make sure to give very careful consideration to areas in which your organization will need new or deeper market intelligence to effectively deliver on objectives and spend those budgets wisely.
Of course, the trick is balancing the need for market research with the pressure to do more,?? and to do it faster and with less. What’s our advice for overcoming that dilemma? Push back. Take a stand. Show how the lack of business intelligence has led and will lead to uninformed decisions that, in the end, will cost more time and money than the upfront research investment.
It’s estimated that 25-50% of marketing campaigns fail. The vast majority of new products struggle to survive. And many organizations can’t seem to get ahead in the game because customers are defecting for reasons yet to be identified and corrected.
Market leaders understand the value of market research as an investment in uncovering market opportunities, mitigating risk, and measuring performance. They include it as a standard budget line item,?? an absolute given – to develop meaningful campaigns that resonate with the target audience, To introduce new products and services that the market actually needs and wants. To build loyalty and retain customers. And ultimately, to move the needle.
So, how much should you budget for market research,?? and how do you protect it from those holding the ax? That depends. Click here for some initial guidance. Then let us help you develop a realistic research budget and approach to meet your research objectives. We can also share tips on how to convince others why this is a decision your organization can’t afford NOT to make.
