With a researcher trained in the new methods and with access to global data, projects can be completed for a tenth the cost and turned around in a matter of weeks.
Four Ways to Use The New Business Research
- To increase market share
- To expand into new markets
- To better understand your competitors strengths and weaknesses
- To better understand local and regional economic trends. These may be very different from the national trends that make the news.
The Three kinds of Business Research
The New Business Research
1. The New Business Research is internet driven, from a simple Google search on a Competitor to free Government Census Data. In addition to free resources, there are a number of large research companies that collect and sell consumer, demographic and psychographic data. The cost for paid data continues to come down.
The Old Business Research
2. Traditional Marketing Research is consumer focused. Research projects include customer surveys and focus groups.
3. Traditional Business Intelligence is internal analysis of company controlled data. Billion dollar companies take customer data at the point of sale. Every time a customer appreciation card is swiped at a Big Box Store data is collected. The Big Box knows what sells, to whom and where.
A July 2011 study by the consulting firm McKinsey&Company puts the global value of internet search at $780 billion.
The reasons small to mid-size businesses do not take advantage of the New Business Research are:
- It is costly to have an internal person dedicated to search
- It takes training to understand where the data is and what it means for your business
- Companies may be unaware that the cost of The New Business Research is considerably less than the cost of traditional methods. Traditional market research and business intelligence projects cost upwards of $20 – 30 thousand and take months to complete.
- Consultants familiar with The New Business Research methods and databases may be hard to find.
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Beth Plutchak Consulting 