From the Desk of Steven Muro: Five Most Common Mistakes Businesses Make About Research
In providing research, marketing, and business consulting for a few decades, I have seen and worked with some of the most tightly knit and professional organizations in the country. I have also worked with others that were somewhat less “together.” The result has always been that those groups that fully understand research and the need for it have performed much better than those that did not. Organizations that don’t understand the importance of research also don’t understand how to utilize and implement key findings that could potentially improve their business. Research and information can help you grow your sales, improve your marketing, and make for happier customers (whether consumers or other businesses).
Here are the top five mistakes businesses make when it comes to research.
5. Waiting Too Long
These are two separate mistakes. One is putting off research so long, even when you knew it was needed much earlier, that the findings arrive too late for your company to effectively use them to reverse the course of business. Two (this may seem far-fetched, but it is not) is believing that research is a one-and-done proposition. I have had businesses tell me that they don’t need research because they have already completed the task – even though it was completed over a decade or more ago. The market, businesses, and especially consumers are changing at an ever-increasing rate. A consumer or a business five years ago is different than today. So, while similar research may not need to be refreshed as frequently, waiting too long is a major mistake.
4. Thinking Research Is Too Expensive
No doubt about it, research can be expensive. There is an old expression, “If you think research is expensive, you should try failure.” You should also know that research, just like everything else, comes in all shapes, sizes, and prices. However, basing your final decision on price alone may be a significant mistake. Research can be expensive to perform but deciding which company will perform your research based solely on price could mean you will get shoddy results. You would never purchase a car that was slapped together with baling wire, so why skimp on the information that helps you drive your business (pun intended). Using poorly executed research to make business, sales, and marketing decisions is way more expensive than the research itself. So, ask your researcher for some examples of the work they have performed in the past. Compare the work before you compare the price.
3. Dismissing or Reinterpreting the Findings
I have seen this mistake on a few occasions. A business has research developed but then rejects or reinterprets the findings because the results do not comport with their view of the market or preconceived ideas of their customer base. This then is a case of, “I don’t believe the results, because I know best.”
Good research should challenge your ideas and preconceived notions surrounding your business. It should slap you in the face (a little) and provide a new way to think about your business and customers. Research is an opportunity to learn. It shouldn’t be viewed as a means to reinforce your own long-held opinions and beliefs, or to only confirm the results you want to see.
2. Not Asking the Right Questions About Your Business
The famous Beatle, George Harrison, wrote a song with these lyrics: “If you don’t know where you are going, any road will get you there.” So, where is your business going? You need to answer that question.
This is probably the most common mistake businesses make. They feel the need for research, or their boss has told them they need research, and that is where their involvement and understanding of the process stops. They reach out to the research firm and simply ask, “What research do we need?” Before reaching out, some work needs to be done to determine what business questions you need answers to. For example, “What do my customers think about us?” or “How does our brand compare to the competition?” or “How do consumers shop for our products?” you need to think about these types of questions first. Then you can work with the research group to refine and home in on the best research methods for your business.
So, make a list of the questions you think will be beneficial to know the answers to. This is a great starting point.
1. Thinking You Don’t Need Research
This needs little explanation. If your sales are soaring and business is almost too good because you already know everything there is to know about your business, the competition, the market, the consumer, then please come and work for me because I have never met someone quite like you.
Do you want to know how to do research the right way? Give us a call at (818) 718-8084 or email at Steven@GoWithFusion.com.
FUSION is a recognized leader among B2B trade agencies specializing in building produce sales results with trade channels. FUSION’s client list includes leading produce industry companies and commissions including the California Avocado Commission, Hass Avocado Board, Zespri Kiwifruit, California Strawberries, The Mushroom Council, Rockit Apples, California Pears, and many others. For a complete list please click here.