‘Knowledge is power,’ as the saying goes. But in business, it might be more accurate to say ‘Knowledge leads to better decision making and results’. It may be less catchy, but it’s certainly true. Making business decisions based on solid research and accurate information delivers better results than acting on gut instinct or assumptions.
That’s why research – good, impartial, independent research – is so important for business success. Whether it’s market research, competitor research, reputation research or another form of data gathering, research can be the fuel that really drives your business forward.
Benefits of outsourcing research
But why bother outsourcing research when you can do it in-house? One major reason is resources. When you outsource your research needs, you free up your in-house talent to focus on core business activities.
Another advantage is impartiality. Research that’s conducted in-house, especially if it’s market research, can be swayed by the researcher’s knowledge of and passion for the business. For example, they may unintentionally end up confirming their existing biases and overlooking negative results – even when those negative points could identify critical areas for improvement.
There are also advantages around flexibility and cost. Outsourcing research means you don’t have to employ or train (expensive) in-house researchers, so you can move quickly when research needs arise, without breaking the bank. Plus, you can dip into external research capabilities as and when you need them.
What does this mean in practice?
At OCTOPUS, research is one of our core services and we regularly work with businesses to gather the data they need. Here are just two examples of what this means in real life.
- Market research: One of our clients, a learning provider, asked us to conduct market research to help identify and evaluate new course opportunities. We conducted an in-depth market survey to identify which topics were most desirable among the target market, and also researched appropriate session duration and cost.
- Database cleansing: It’s vital data is kept up to date and accurate, so we’re working with one business to cleanse their customer database, by identifying incorrect or outdated records, and correcting or removing them. As a result, our client has an accurate database that will continue to deliver value for the business.
To see how your company could benefit from better research talk to OCTOPUS. We’ll deliver the information you need to make smarter decisions and grow your business.