Research Can Save You Marketing Dollars
The great unknowns, in marketing as in life, can cost you big time. Research can help you make an informed decision, whether you are trying to learn about customer satisfaction, customer loyalty, products, markets or competitors. Insights developed through research drive good decision making. Companies can save millions by changing how they view research. Research is a valuable investment not a necessary evil. And finding the right research partner is the first and most critical step.
Research, properly developed and executed, is a tool that can help you grow your brand and your company – and help you avoid costly business mistakes in the process.
When should a company do research?
There are a number of motivating factors for a company to invest in research. Some of the most common applications for research are: customer satisfaction surveys, market share and competitive analysis and new market or product launches. Research is also the backbone for brand identification and creating messages that will resonate with target audiences.
Why should a company do research?
A company should do research because is financially prudent, and to develop business or market intelligence upon which to act or make decisions. In most cases investing in research is far more cost effective than making a marketing mistake. Rarely does a company or a product get a second chance.
Everyone is familiar with the book of research results sitting on the shelf, which someone may have thumbed through but did nothing with. How can companies avoid wasting its research investments?
To die-hard researchers, that is one of the saddest realities of the business. It is almost painful to watch a company invest in research and then apply it half-heartedly or not at all. That's why working with a marketing communications company as partners leading your research efforts is imperative. They will help guide you to applying the research and maximizing its value.
What are the three biggest advantages to research?
There are numerous advantages to investing in research, so the answer is somewhat dependent on the motivating factors for doing the research. However, there are some commonalities for conducting research: to better understand your market, to learn how to engage with your target audiences both through pinpoint messages and tactics for delivering that message, and to measure customer satisfaction and loyalty.
What three things should companies do to maximize the success of their research projects?
First companies would ideally invest in an objective third party research partner. Second, to view research as a critical component of their overall marketing communications plans and future results. Third, companies should involve key decision makers as part of the decision to invest in research. This helps to ensure that the results are adopted and implemented - that you are getting the value from the investment.
What types of research does HRB provide?
On behalf of our clients we research customers, non-customers, prospects and employees. We conduct competitive analysis, product testing and market research. We test electronic, print and online advertising. We’re on the cutting edge with Web usability testing. We also utilize secondary research such as psychographics and demographics to supplement primary research.
Have HRB clients actually saved substantial sums by investing in research?
Yes. We were asked by an out of state healthcare organization to research the construction of a new clinic outside its primary metro area. The organization was poised to spend several million dollars to build and staff the facility. It wanted to do market research to see if the local residents would use it. Our research clearly showed that local residents would not use the clinic, and it was not built, saving the organization an estimated $2 million investment in a facility that would not have been used.
What companies has HRB and our research team conducted for?
We have conducted research in a number of industries: healthcare, retail, banking, engineering, universities, manufacturing and other special interests.
What is the difference between qualitative and quantitative research?
Qualitative research such as focus groups, in-depth one-one interviews and Web site usability testing are utilized to draw out how the audiences connect with the company, product or ads. We choose to draw upon quantitative research techniques such as telephone, online and mail surveys when statistically projectable measurements are desired. Image and perception and customer satisfaction studies are typical applications for quantitative research.
What are the steps in a research project?
The first step is to clearly identify what the goals are for the research starting with what do we want to find out and why do we want to know more? Then, second, moving on to how will we use the research? Once these questions have been answered then basic questions can be answered like who to research and how. Once the methodology and target audiences have been identified then the survey or research instrument is developed. Oftentimes, the tool is tested before it goes out in the field. Then there is the actual fielding of the research followed by tabulating and analyzing the results and summarizing the findings. Finally, there is the implementation of the findings, which might manifest itself in various ways such as creating a brand position, launching a product, kicking off a campaign or posting a new Web site.
How do you start a research project?
Put simply, you start by identifying your goals – why and what you want to know more about the subject to be researched and partnering with a research expert that can drill down into your research and bring it to life.
When is the best time to do research?
Obviously, at HRB, we believe in the value of research and on a daily basis we’re incorporating research into our clients marketing communications plans. Yet, there is another valuable point to be made about when companies should invest in research—that is now. In a down economy companies should turn to research to help make decisions that will not only be smarter and more relevant, but also position the company to increase market share as the economy recovers. Oftentimes, companies aren’t as busy during a down market and have the time to focus their research efforts.
Jim Thebeau is CEO of Henry Russell Bruce, a strategic marketing firm with offices in Cedar Rapids and Davenport, Iowa. HRB has performed research for a number of companies and organizations, including the American Rental Association, KJWW Engineering, RK Dixon, Mercy Medical Center, Waldorf College, the University of Iowa, Trinity Healthcare, VenueWorks, Modern Woodmen of America and dozens of other leading companies. Thebeau can be reached at 319-298-0242 or at jthebeau@hrb-ideas.com. To learn more about research, visit www.hrb-ideas.com/research.
Jim Thebeau
jthebeau@hrb-ideas.com
800-728-2656
Posts
About Me
- Jim Thebeau
- Experience in radio, television, print and magazine journalism, creating and producing marketing and training videos, and marketing for a billion dollar electronics firm. Currently CEO of Henry Russell Bruce, a full service strategic marketing and Internet marketing firm. Native of St. Louis.