Businesses are
all too often caught up in day-to-day operations, ensuring existing customers
and enquiries are dealt with effectively and not thinking too far into the
future. But what happens when the enquiries stop coming in? Do you know why –
is it because the industry has moved on?
What
is Desk Research?
Desk research
involves collating information from industry reports, articles in media
publications, the internet and other sources of information on your chosen area
of interest to form a clearer picture.
Why Conduct Desk Research?
There are many
reasons why businesses conduct desk research for example:
· To identify trends in your industry or market sector
· To understand the current state of your industry and where it is forecast to go
· To determine where your business fits into that future picture
· To identify if your business could operate in a different industry or market sector
·
How can you conduct Desk Research?
As with all
market research, it’s important to have a clear objective; an understanding of what
you want to find out from the research and how your findings will influence
your business moving forward. Having determined your objective there are a
number of steps to take:
·
Define your industry / market sector
Although you may
be positioned in one particular industry or market sector, there may be other
related industries and/or market sectors that will have an influence on your
business. For example, a traditional print newspaper publisher will be affected
by the online publishing sector.
·
Identify potential sources of information
As previously
stated, there are numerous sources of information available, some free of
charge whilst others would incur a fee:
·
Mintel
Reports
·
Industry
publications
·
Industry
bodies
·
Thought
leaders within your industry
·
Check information for relevance
Having
identified potential sources of information, it is then important to check the
relevance and authenticity of the data, opinions or facts stated. Any
information you find could provide valuable insights for your business but it
should be considered in light of the following questions:
·
When
was the information published and what dates does it cover?
·
Is
the information based on the industry in the UK (or the geographical area you
operate in) or is it a more general overview?
·
What
sources of information have been used to create the report / article? Are these
sources credible?
·
Does
the information come from a voice of authority within the industry?
Review Findings
Once you have
collated your information from the various sources you can build a picture of
the history of your industry from the past through to the present and where it
is forecast to go in the future. From these industry forecasts business
decisions can be made regarding how to develop your business moving forwards.
For example, if your research shows that the industry is forecast to decline in
the near future, decisions can be made regarding whether to diversify your
business to offer your existing customers something new.
· Communicate
Following any
research, it is important to communicate with your employees to ensure they are
aware of your future business plans. This will reduce the likelihood of
employee unrest due to any changes made as a result of the research, especially
where these changes have a direct impact on your employees.
If you would
like to discuss how we can help you to better understand your industry /market
sector through desk research, give us a call today.
Karen Munson is
Strategic Officer at Enterprise Marketing Solutions and contactable on 01296 695635
or Karen.munson@enterprisemarekting.co.uk.
No comments:
Post a Comment