My career has spanned a few businesses by now, with exposure to anything from start ups to well established corporates. One company that really stood out was Gartner, where everyone is on a constant mission to find ways to do things better. Data was foundational to this mission, at each level in the organisation . It did not matter if we looked at the performance of a single sales territory, or the CFO explaining how a 15.000 strong sales force could accelerate by changing 1 thing (best presentation I have ever seen), data underpinned action.
Before and after that I was with smaller businesses. Whilst small, these companies are at least if not more ambitious, have smart people and great plans. They do not however have the vast resources Gartner has to look at data. In daily operations this has less impact, we can setup a dashboard once and operate effectively. It's more complicated when strategic decisions need to be made.
Market Research for Business Growth
Some of the most impactful decisions revolve around the commercial strategy. It's a costly exercise, carries lots of risk and can potentially be frustrating if you do not get it right.
- Is it better to grow internationally?
- Should you explore new verticals instead?
- Is that new innovative product really going to pay off?
- How should you launch it?
To make things easier, companies resort to market research. Good market research decreases the risk of new initiatives and validates the decisions that a company makes. Good market research is also resource heavy. In my case, I often worked with internship trainees who would work tirelessly for 3 months before presenting a report. It was the 'lightest' resource approach we could think of at the time.
In any of those strategic initiatives for the smaller businesses, we ran into the same challenges:
- We don't have enough people to do regular market research.
- It's too costly to hire a marketing agency to do the research for us.
- We make fast decisions and it's not feasible to research every single one.
- Three months is a long lead time for any decision we needed to make.
- Relevance of a research quickly diminished as our environment changed.
The research was in all cases extremely useful to ground decision making and stop us from making mistakes, it was just too complex to keep on building a dataset to help us along the way. In practice, we did a study once and executed for a year to two years before going back and validate our approach with a new study.
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