Always the economy will get worse before it gets better.
So, the sooner you can set some research objectives, the sooner you will be able to act positively. Before you begin your research journey, you should define your project’s goals and objectives.
You may be considering a shift in your marketing strategy, but your stakeholders don’t think you are making the best move, but they will listen to sound research findings. During adversity the decisions you make now matter more than ever.
Some of the most successful people have mastered research skills, which allows them to reach their objectives over and over again continually. What is this skill? It’s the ability to adapt to the situation at hand and make the absolute best of it because you know the issues and trends they have to navigate.
Do you ever find yourself sliding back into old patterns, feel isolated or anxious, or get slowed down by ‘scarcity thinking’ even though you’ve done a lot of personal work? Well, research helps you to refine your messages to customers, employees and other stakeholders. Find ways to tap people’s willingness to help with your research project.
Research objectives help to know your instincts are right.
The way we are tackling the problems of regional Australia is slowly eroding our communities. We all sense it, even if it’s hard to put into words. Steering a town and its businesses during uncertain times requires an analytical approach with an emphasis on visibility, control and agility, backed up by sound research.
Research is an excellent way to validate the proposed shift in strategy and build consensus among stakeholders. Research can also help you explore new possibilities for your business. What additional services do your clients wish you offered? If they could change one thing about your business, what would it be?
Research can even uncover your real competitive advantage. It’s easy to research ‘wish lists’ to balloon into an unwieldy and costly project, so it is vital to set clear objectives upfront.
Here are a few real-world examples of tightly focused research objectives to:
- Bring certainty to your vision, other goals and strategies.
- Sharpen your positioning and messaging.
- Improve the way you approach your target market.
- Uncover relevant ideas and opportunities.
- Improve training and development employees.
- Identify and profile top competitors.
- Develop new products and services to offer.
Before you jump into a research project, discuss with your team what you hope to achieve. When you have your objectives clearly in mind, you can determine what type of research is most appropriate. Keep in mind the more goals you have; the more complex, time-consuming and costly your research project will become.
Market research objectives may have the biggest payoff.
Those businesses who conduct systematic research on target customer groups are both more profitable and grow much faster
First, you need to decide what approach you want to take. Will you be doing original research, or will you be mining existing research for answers? Or will you do a little of each?
Primary research involves collecting data directly from the source. For example, suppose your business is considering adding a new product or service to complement your existing offering, and you need to develop a marketing strategy. You might reach out to potential buyers to find out how likely they are to buy your new service. Primary market research can answer specific questions about your business and your customers.
Secondary research entails combing through existing market research for insights which are relevant to your business. You might, for instance, look at economic data to estimate a market’s size, or you might turn to market studies on buyer behaviour to decide whether it makes strategic sense to add a new product or service.
It is often hard to focus your research project. Contact us for a copy of the tool “What Should You Be Researching”, https://faqsupport.com.au/contact-us/.
Key Message: When life pushes you, stand straight, smile and push back with proper research.What if you were able to see beyond the current challenges and find suitable solutions more quickly than your competitors?
“Research helps you to find the right ways to promote your business when you know many people are in bad financial shape”. Peter sergeant