Even Savvy Pros Need Research Advice
Monday, April 14th, 2008
Even some of the most seasoned and savvy business professionals haven’t had the opportunity in their careers to drive or even be involved in primary research programs. That’s certainly nothing to be embarrassed about. In fact, in many cases, these professionals are inexperienced with research because they’ve worked in organizations where the most senior members of management aren’t accustomed to making research investments and, therefore, don’t understand or appreciate the potential return.
But, as markets get increasingly competitive and complex, research can no longer be viewed as a luxury. Indeed, many of these executives and organizations are in dire need of richer business intelligence that can help them avoid risky mistakes and fuel continued success.
When Market Connections talks with potential clients who haven’t yet conducted true market research, we often hear the following questions:
Does research really even work? Absolutely. That’s why businesses,?? especially market leaders,?? spend billions of dollars every year on different types of market research, including brand awareness studies, product development focus groups, customer satisfaction surveys, and competitive research, just to name a few. They utilize research to better understand their audiences, make smarter decisions in numerous areas of the business, validate their assumptions, and measure their performance.
Can we afford research? If you view research only as a line-item expense, it’s time to adjust your mind set. Research is an investment and should be positioned as such to senior management. The findings can drive performance improvements that could potentially have a significant impact on the bottom line. Furthermore, research doesn’t have to be all or nothing. If you can’t afford the most optimal program, work with your research provider to adjust your objectives and the research approach to get at least some amount of data that could help you solve the problem or leverage the opportunity in question.
Can research help solve our particular problem or challenge? That depends on numerous factors. Again, a research firm can tell you what is and isn’t possible based on specifics related to the targeted population, what you’re trying to accomplish, your budget and schedule, and so forth. But, if the stakes surrounding your challenge or opportunity are even somewhat high, it’s definitely worth exploring whether or not a research program is in order.
How do we go about getting the data? Don’t worry yourself with this. If fact, if you try to answer this question on your own, you could very likely go down the wrong path. Determining the best research methodology and structure is the job of an in-house research department and/or a full-service research firm. Share the objectives you’d like to accomplish with the research,?? the data gaps you’re attempting to fill,?? and your budget range, if you’ve established one. Then, let the pros do their job. A reputable and experienced firm should be more than willing to advise you on options for structuring the research to best align with your objectives. Just be sure to use a firm that has experience both in your market and with a wide range of research methods.
What if the findings don’t support our current strategy? Certainly, it’s never fun to learn that your hot new technology doesn’t meet the market’s needs, or that your channel structure isn’t how the market wants to buy, or that your marketing programs aren’t resonating. But, it’s also never fun to attempt to explain to senior management why certain performance areas are failing,?? especially if you can’t explain why they’re failing. Research better informs and empowers both you and the organization as a whole, as long as stakeholders are truly willing to act on the results.
How do I convince others to get on board? Sometimes the biggest challenge to getting research off the ground is gaining the approval and support of others in the organization. Our best advice is to arm yourself with the likely benefits of the study,?? both to your department and to others. In addition, be well prepared to answer the questions they’ll likely ask. This means meeting with a research firm in advance of “pitching” the initiative internally to understand exactly what it is you’re proposing,?? including the objectives to be met, the universe to be studied, the optimal research methodology to be deployed, and a realistic budget range and timeframe.
When it comes to understanding and justifying an investment in research, every question is a good one. If you have additional questions about research in general or a specific study you may be contemplating, we invite you to contact us at Market Connections for some free advice.
