“Professional service firms that conduct systematic research on their current and potential clients grow from 3 to 10 times faster and are up to 2 times more profitable.”
The reasons why research drives growth and profitability are manifold and include:
- Allows you to uncover hidden opportunities
- You build relationships with new potential clients during the research process
- Provides insights to better align your services to client needs
- You’ll be seen as a value creator in your market
- You can identify market-wide trends that will help in your future planning
- Create research derived facts that cut through the fog of opinions and assumptions
- Provides insights to create high-value original content your ideal decision-makers yearn to consume
Can an independent consultant or boutique professional services firm create such research without the need to use an expensive market research firm?
The answer is yes.
The key is to conduct what I term ‘fast research’ as part of your ongoing system to generate conversations with your ideal decision-makers on demand (with no selling).
Keep your research simple and a combination of qualitative and quantitative. The easiest way to conduct quantitative research is to ask ‘problem’ and ‘consequence’ questions and follow this up with interviews with your ideal decision-makers to gather examples and discover how your market is currently trying to resolve these issues. (This is the same approach I adopted for my first Harvard Business Review and INSEAD Knowledge articles).
‘Fast research’ will enable you to create incontestable value so you are known as a Value Creator in your market. This forms the cornerstone of our Executive Engagement Program. For details, tap here.