Ongoing research is vital to a company’s long-term success. Whether the goal is to enter a new market, drive growth, or sustain a competitive advantage, research consulting firms need to leverage research effectively. It is crucial to conduct better research to deliver insights that the clients will appreciate. Here are some valuable tips for performing better research in the current shifting economy.
- Select a Research Solution Aligning with the Client’s Business Objectives
These days, search technology has evolved drastically, and research firms no longer need to rely on web search engines for information. Now, there are numerous powerful research options consultants may use to conduct their research. Most of the time, marketing-driven content dominates the search results, including relevant SEO keywords and paid ads.
Anyone can create content and post it on the net in the current digital age. Therefore, such content and sponsored ads available on search engines are irrelevant and unreliable. The search engine results are often cluttered with outdated information from non-reliable sources. Consequently, using a dedicated research platform is crucial to getting the required information and using it effectively to derive results.
- Understand the Clients’ Objectives to Gather Information
Providing value to the clients is impossible if the research consulting firms do not understand what their clients plan to do with the gathered information. Having a clear purpose helps research consultants use specific data sources and types accordingly. This is where a research platform delivers great value.
With a range of legal and business sources and a variety of news, it specifically aggregates to fulfill business needs across the globe. For instance, if a client wants to inform their strategy by anticipating competitor moves, the research consultants must concentrate on finding company mentions in press releases and news. With the relevant global sources and translation tools, the consultant may identify when the competitors are expanding into the emerging market. It is also crucial to stay informed about M&As and track activities throughout the process.
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- Have a Detailed Look Into Activities
Headlines aim at grabbing a reader’s attention and never give the whole story. Taking only the headline or looking at just the face value leads to missing the clear picture. Therefore, it is crucial to conduct research over a broader range of content types and sources. Accessing the market analyses, reading the interview transcripts, and exploring SEC fillings are excellent ways to substantiate the research findings. The ultimate goal is to turn the gathered information into quantitative insights.
- Stay Updated with the Latest News
The market may change overnight, especially in the current global landscape. One market that closed in one country may impact the market opening in another country. A video may go viral and set off negative or positive media attention waves. Consultants may setup Alerts to stay updated with what’s going on in the market. With this, they may get live updates about what the market is saying about their clients, competitors, and other relevant topics. They may even refine their Alerts to look for specific content like industry intelligence, company information, and intellectual property.
- Use High-End Reporting Tools
By using a dedicated research platform instead of relying on a search engine, the research consulting firms can benefit from features designed explicitly for their clients, like data reporting, sharing, etc. Some value-added features of a robust reporting tool include quick company comparison, multiple searches simultaneously, and easy access to view competitors’ weaknesses, strengths, threats, and opportunities.
By organizing the collected data into folders, the research consultants can share it with their teams and achieve the intended goals. A good platform works across different corporate divisions to manage change, improve efficiency, optimize costs, and grab opportunities. It must offer customized solutions to the clients, including strategy research, benchmarking, competitive intelligence, industry analysis, and due diligence.
Global consulting firms, professional services, and accounting firms may hire research consulting firms to analyze the market, monitor media activities, conduct market research, and other services. These firms may also help clients create quality business content, like market updates, newsletters, alerts, company profiles, economic reports, case studies, whitepapers, proposals, web content, and communication messages.
Comprehensive market research is a prerequisite for new as well as existing companies in the market. It helps understand the market statistics, based on which clients can make informed decisions and fulfill their aspirations. Using the tips mentioned above, a research consultant can conduct better research and provide value to their clients to achieve the desired results.