When one is rushing around the globe teaching people how to conducting online market research, now and again one needs to take time-out moments to look back at the common challenges that people face acquiring the skill.
Here are some of the key lessons I can share as a market research trainer…..
It takes time I always have to remind myself that it took me many years to develop my research attitude and skills, so why would someone else suddenly pick it up in a number of days. So patience is required, but the trainee needs to keep working at it otherwise it will take VERY long.
Guidance is required After the class room learning quite some guidance is still required before the trainee can take confidently take the reins. With today’s extensive online communication facilities guidance can effectively be provided remotely.
Discipline Whilst sifting through all the information we need to go through the potential for distraction is enormous. This is especially the case with the information overload we face on the Internet. It is extremely important to develop very tough discipline to remain focussed on the item to be researched at hand.
Always follow a Market Research Plan Taking the time to carefully plan what type of research needs to be done per topic is highly required and needs to strictly adhered to. The bottom line on this is straight forward – “3 hours are equal to 6 months” as one fellow trainer once phrased it, and I totally agree with him. This is a very true hard fact. Habit is part of the problem in this regard. Along with the ever increasing speed of computers and internet we have also acquired a habit of rushing things and we rarely take a pause to plan what we intend to achieve anymore. We are all very, very likely to dive straight into pumping in some keywords into a search engine before making any considerations about the game plan of our research. It takes quite some effort to break away from this habit.
Manage time prudently In research there is so much information to look for, so much material to go through and so much that needs to be re-verified that we really have to be as efficient and effective with our time as possible. Tips – (i) search smartly, (ii) filter effectively, (iii) store information sources carefully so that they are easy to re-access just like with physically files – a huge wastage of time can be booked if we don’t file our papers well.
Time for research is sacred As we associate research more and more with the internet we unconsciously also associate it with recreational web browsing that can be done anywhere in between anything. So as a result we tend to forget that research is actually a highly focused activity which needs a dedicated time and peaceful undistracted peace of mind setting.
Setting the right context The ability to stand in the shoes of the prospective reader. This is probably the most important point of all and so often it is overlooked, mainly because we rush into it.
Feel it. Live it. Breathe it. Are we able to put our heart into it? Are we able to feel and visualize the product as well as the market? I can always tell when one of my trainees has not gone to this length. It is a critical factor and when we fail to commit to this extent, the output is adversely affected.
It’s not only about the numbers Numbers in market research should essentially only serve one purpose which is to set the context. Hereafter begins he real insights and details on the market such as what are the uses of the product, how often is it consumed, what are the major segments, what are the trends, how is the distribution channel structured, which are the major outlets, which are the major brands, do they sub-contract etc, etc?
Analysis paralysis We need to go easy on the number crunching and the drawing of too many conclusions from data. Trade statistics is particularly an arena for this. We run the risk of analysing too much and our reader will end up getting confused. Worse still is when we ourselves start getting confused and lose confidence in what we are analysing.
Make it your own Due to the information overload on the Internet, the first best option is to compile a jumble of copy and pasted pieces rather than right our own and loose the cohesiveness of the story. The net result is first of all that the story doesn’t read well. And second, that the reader immediately gets the impression that the author has acquired limited knowledge on the topic and his or her recommendations are meaningless. Sadly, I have to say, I see this very frequently.
Beyond the Internet Are we prepared to get off the internet and use other resources like journals form libraries or talk to companies?
Today’s new web of world trade is broader and more diverse than the old silk road – the network of trade routes between East Asia, the Middle East and European Union, some dating to prehistoric times and others to the reign of Alexander the Great.
China will account for about 20% or 180 billion renminbi of global luxury sales in 2015, according to new McKinsey research. Even during the global recession in 2009, sales of luxury goods in the mainland rose by 16%, down from the 20% growth of previous years but far better than the performance of many other major luxury markets.
These days, startups are using cloud-based business apps to store tools for virtually all of their needs. These tools are optimized for the cloud and mostly paid for on a monthly basis. They help companies reach and exceed its sales goals so that it can deliver quality products, according to Donna Wells of Mindflash.com.
Consumers love low prices, but retailers shouldn’t overlook the way shoppers perceive value online and in stores. While price competition is tough, perceptions of value still matter in the ever-more complex multichannel-retailing environment.
India has relatively few Internet users: just 7% of its population is connected to the Web, compared with 32% in China and 77% in the United States. And yet, India has an opportunity to lead the world by becoming the first truly mobile digital society.
Just returned from Bali after a strategic session with the management and staff of the Bali Export Development Organization (BEDO). It is a dynamic and interactive process of rethinking and redesigning the strategy of the organization, to be lean and mean(ingful). In this second strategic session, a breakthrough was realized in conceptualizing a new business model, services portfolio and marketing strategy.
MarketingProfs author Karen Talavera cites in her article that lack of variety in email marketing is a common dilemma for marketers. Businesses newer to email marketing or with fewer resources tend to gravitate first and only to promotional messaging, but there is plenty more we can and should communicate to our list.
Frontier Finance, like the Centre for the Promotion of Imports from developing countries, is also a good source for data mining. It gives free access to more than 1,000 sources of finance in leading emerging markets such as China, Vietnam, Russia, Brazil, India, South Africa, Egypt and many others. Sources include banks, development banks and institutions, private equity funds, grants, carbon funds and others.
Filipino consultants trained in CSR auditing
Field visit
Key to the training was a field visit and a simulation of a CSR audit with 2 exporting companies in Cebu. The consultants organized an audit team, prepared an audit plan and conducted the audit using a checklist based on the BSCI code of conduct, ISO 26000 guidance document and ISO 14001.
It was a fascinating learning experience to both the auditee companies and the consultants, with management interviews, worker interviews, document verification and observations in various organizational units.
Towards the desired state
The findings were reported highlighting good practices and improvement areas indicating major and minor non-conformities where applicable. We worked on the gap analysis and the desired state and paid special attention to the creation of shared value with the subcontractors and the workers’ communities.
Altogether, we established a sound basis for the next stage: establishing and implementing a CSR policy and improvement plan. That will be part of our third workshop, to be conducted in December 2011.
To be continued!