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By Elliot Gluskin
September 29, 2005 Getting the right information to make the right business decisions.
You and your colleagues are sitting around the conference table discussing the latest challenge to your market leadership and someone suggests doing some research. Everyone agrees, but then what? Do you assign it to the intern just out of some prestigious institution of higher learning? Do you tell your marketing director (just promoted from top product guy/gal) to start looking?
Here's what Professor Research suggests. Follow this eight-step procedure to guarantee that you'll get the right information to make the right business decisions.
- Step 1. Determine the real objectives- Take the necessary time to figure out exactly what you really need to know?
- Step 2. Demand commitment- Don't go it alone. Make sure the people who requested the research are committed to, and involved in, the process.
- Step 3. Identify your target audience- Who is the target audience for this project, and more importantly, how do you contact them? What if your target is your competition's customers? What do you do then?
- Step 4. Construct the survey- This is the most crucial part of the whole project because a well-designed survey will make it easy for you to get the answers you need. Remember, there are only two types of question's...the first type delivers answers that are nice to know, and the second type deliver answers you can act upon. Stress the second type.
- Step 5. Administer the survey- This should really be Step 4B because determining how you administer the survey will help you construct the survey. In todays marketplace, there are traditional and non-traditional methods. Knowing which one is best for you will increase your odds for success.
- Step 6. Compile the data- People are starting to respond to your survey and if you've used any of the traditional methods (i.e. mail-out survey, phone, etc.) you'll be required to key the responses into a database.
- Step 7. Analyze the survey data- It's time to figure out what it all means. Will you be satisfied with just a top-line overview? Will you be concerned with certain subsets of respondents such as 18-24 year olds? Are the answers to particular questions more important than the answers to others? There's also the topic of statistical relevance to address.
- Step 8. Communicate the survey results- Written report okay? Full-blown presentation necessary? Who are the final recipient...your boss...or your boss's boss? The higher up you go, the more planning you need to make.
Steps one through three are your responsibility. Make sure steps four through eight are the responsibility of a well-qualified research company...come to think of it, the Professor happens to know one (hmmm).
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