The Importance of Research

Organizations of every size and type need research.

For many companies, market research is the last thing on the “to do” list and is typically done in a one-off reactive fashion, with little planning or expertise.  However, market research, regardless of the size of company, should be an essential part of business planning. Successful businesses conduct research on a continual basis to keep up with market trends and to maintain a competitive edge.

As budgets tighten and CEOs are demanding more evidence of ROI before making investments in new products or programs, companies are faced with an “I can’t afford not to do market research, but I can’t afford to do market research” dilemma.

Running your business cannot be about going with your gut. This isn’t Las Vegas.  You can’t take unnecessary risks and gamble on business decisions. Research helps to minimize the risks in decision-making.  Research helps you make an informed decision.  Research adds another point of data to the decision process.  Research checks your gut or your boss’s gut.  It increases your odds of success – in business that is, not in Vegas.

Previously, research was the domain of large multinational organizations because they had the bigger budgets for marketing and research.  The advent of online tools, have put market research firmly within reach of companies of all shapes and sizes can now afford to reach out to their markets and to get credible information for inputs into their planning and business processes such as:

  • Determining if a product idea is viable/if there is demand for a product
  • Creating better product or service offerings based on customer interests
  • Understanding which attributes of a product or service really matter to a customer
  • Better target advertising and other marketing programs
  • Determining price points for products or services.
  • Re-establish dialogue with dormant or long-lost customers
  • Create awareness of ancillary products

 

Even research on complex issues such as these doesn’t have to be expensive.  What is expensive however, is making a bad business decision because there wasn’t enough supporting evidence from the market.

Research is particularly affordable if you do it yourself and there are a wide range of companies offering a wide range of tools.  It is importance to find the right tool at the right price for your organization that will give you a range of features to satisfy all of your research requirements. Compare features, how easy is it to use and compare pricing.

Even large organizations use a variety of tools.  Some of their research needs are large and complex requiring an enterprise-level platform, a Lamborghini so to speak. Some needs are simple and can be addressed with a more nimble, accessible online tool where they can conduct research quickly, efficiently and for a fraction of the cost of the high-end process and platform.

So whether your organization is big or small, a do-it-yourself tool can enable you to do more research, get more info and better guide your decision-making. Don’t be afraid or intimidated by research.  Ask the questions and get the answers.  Get the information you need to make the decisions that take your business forward

 

 

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