As a research firm that focuses on market research, polls, and surveys, among others, we hope to bring insights to you through today’s article on why you need to create a research division in your company.
Every business survives to solve somebody else’s problems. For as long as you are offering a solution to their specific problem, customers are willing to pay. However, the fact that clients still come in, does not mean that the business is performing at its optimal level. No business has a guaranteed market share. There is a huge need for any business to constantly be collecting data on the customers’ preferences, changing needs, levels of satisfaction with the current products, and existing alternatives, among other critical pieces of information.
The most progressive businesses invest heavily in research and development. For example, Microsoft is dominating the desktop operating systems (OS) industry with Ms Windows claiming over 75% of the market share worldwide. Macrotrends.net reports that the company’s research and development expenses for the twelve months ending June 30, 2022 were a staggering US$24.512 billion, an 18.32% increase year-over-year. Needless to mention, research is what enables Microsoft to keep innovating and staying on top through its problem-solving software and products.
Your organisation certainly needs an in-house research division. It does not necessarily need to be big. It may actually be stationed under an already existing department like the marketing, accounting, or admin section. The most critical fact here is that a business must constantly ‘self-introspect’ and check its product offerings against its clients’ ever-changing needs as well as new developments in the market.
Research is arguably the key to how a business/organisation can survive in a world which is constantly changing due to technological, legislative, and lifestyle advances. The problem with maintaining the status quo is that you can, one day, wake up irrelevant and out of business. If you cannot set up a research division, or favour an independent eye, then you need to periodically outsource market research services for your survival.
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