What are my competitors doing to stay ahead?
How satisfied are my staff?
Does my organisation have the competence to deliver our vision?
What are we doing well and how can we improve?
What do our customers think about us?
Understanding your business, your product/service and your customer is key to running a successful organisation. Knowledge is most definitely King and business owners armed with the right information are stronger and more able to respond better to marketplace challenges if you have gained accurate information by asking the right questions.
Outsmart the competition
With a constantly changing marketplace, an ongoing and flexible approach to research is vital for organisations to understand the bigger picture, and to stay ahead of the competition. Research can provide essential knowledge to help make the right key decisions. It is a critically important way for an organisation to understand the “here and now” from which you can foresee the future and act accordingly.
Those that do this, have the market edge.
Research for multiple objectives
Landsker’s work with a diverse range of clients and industry sectors enables us to define and propose research initiatives with measurable results. Projects can assist with business development in numerous areas. Valuable insights can help to; assess customer or employee satisfaction, guide new product development, identify new market opportunities and gain competitive advantage by understanding what your competitors are doing.
Research initiatives vary considerably in scale, form and length. The information required to review competitor activity is vastly different to the information needed to understand what your customer thinks of your latest product.
Common research formats include:
- Desk research – reviewing, analysing and extracting relevant information from existing specialist publications, websites and reports.
- Customer/Employee consultation – direct conversations with groups, stakeholders and individuals to understand attitudes, behaviour, wants and needs.
- Competitor analysis – reviewing and comparing competitor activities to produce a benchmark or define best practise.
- Marketplace analysis – understanding and monitoring what’s happening within a specific market to help define an effective strategy.
- Mystery Shopping – testing/sampling the ongoing performance of your own organisation or competitors, to establish areas for improvement or gain an edge.
Real facts empower confident decisions
The good news for those that invest time and effort into doing research, is that there is always a factual outcome. If your research objective is to learn about the tourism market in Wales (how many customers you have the potential to engage with, where they are and how much they spend), the outcome will provide you with facts and figures enabling you to accurately produce a financial forecast. If your objective is to find out how well your latest product or service is being received, the outcome will provide you with first-hand comments, reactions and suggestions from real customers, which will enable you to make relevant adjustments, resulting in more business.
Research is the catalyst to doing business better
Being armed with such valuable information is only the start of the journey to doing business better. Good research can lead to effective business strategies, realistic business plans and may uncover a fantastic opportunity that you want to explore further via a feasibility study. All are essential requirements for organisations serious about improving turnover, profit and general continuous improvement.