Minimising Risk For Business Leaders
Whilst the marketing profession has typically been considered to be a creative industry, there has been gigantic steps taken to minimise risk through methodical research.
As industries becomes more competitive and business leaders strive to build profitable companies, research, understanding & evaluation tools have become essential.
Research in Business
In modern day business it’s unusual for any company to make decisions without justifiable research. Customer, market and competitor research can minimise risk whilst providing a solid foundation for companies to grow.
Research can be Primary or Secondary. Primary research is custom built, specific to what you need to find out and freshly produced. Secondary research is also known as desk research – it’s been created for another purpose and is not tailor built.
The primary research can be split into quantitative or qualitative. Quantitative research captures statistics, figures & numbers. Qualitative research gathers people’s thoughts and opinions.
Research can be conducted via a number of different methods including the telephone, face to face street survey, focus group, email and more.
When research doesn’t work
Research doesn’t provide 100% certainty of success. However, if you’re aware of the reasons why research would fail then you can build this into your final decision making. We’ve split research failures into two categories, Respondee error and Respondee unknown.
Respondee error is where the person answering the questionnaire provides the answer which they think the survey collector wants. This can be minimised by investing in quality people to conduct the survey and producing a well-structured questionnaire.
Respondee unknown is based on lead providers. Sometimes it takes the brightest minds to create a unique product and innovators, adopters, early and late majority and laggards to ‘jump on the band wagon’. Fifty years ago could anybody have envisaged consuming the internet in the way we do? Probably not. Research is not always successful for innovative products because we struggle to get behind a concept we know little about.
I believe 3DTV has massive opportunities, some of which have not been revealled yet.
Marketing, compliance and business leaders demand quality research to minimise risk and establish cost per lead, opportunity and overall return of investment.
If your business plans on becoming (and remaining) a market leader, improving service to customers or provide a better service than competitors, companies cannot guess the answers – instead comprehensive research must be conducted.