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Should you forget about research?

Are you using surveys or conducting focus groups to gain customer insights that will help your business development? Are you looking at how you might improve upon what your competitors are doing? Do you search for independent sources of information to support your assumptions about your markets and plan your development activities?

Many people do not understand how valuable research can be within the mix of activities they undertake for business growth. Or, if they do, they may fear that the costs will outweigh whatever the potential benefits could be. Research may be the means to prevent unnecessary spending on development activities which research suggests are implausible or not cost-effective. A critical piece of research may in fact save a significant amount of money.

By itself research may not provide you with a definitive answer; however, when combined with experience and instinct it can confirm your assumptions and help you to act with greater certainty whilst mitigating any risks which may be present.

Below is a list of activities in which research could play an important role:

Avoiding or preparing for various recurrent sources of external influence which will allow your business to maintain its profitable momentum

Maintaining your customer base and winning new customers by making the right improvements to your products or services

Predicting how your competitors might respond to various events within your market to ensure that your own position remains protected

Ensuring that your products and services do not become obsolete or replaced - and being aware of the rise of possible substitutes or alternatives

Understanding the cumulative effects on your business of changes in the market, legislation or new technologies and knowing how you will respond

Research is an expense, but it doesn’t need to be expensive. A lot depends on what is appropriate and necessary to safeguard your objectives. Can you accurately gauge how costly it might be for your business to fumble about with uncoordinated activities that have no clear focus or objective? Many businesses are already sitting on a wealth of information but do not know how to channel it to effectively contribute to their overall performance or business growth.