Is Research an investment or an expense?

Data has traditionally been perceived as just one aspect of a technology project; it never got its place or has been looked at like a corporate asset, except for internal data. In the past few years, more and more firms and enterprise have realized the power of data and content in formulating GTM strategies.

In my recent conversations with global heads and Sr. managers in the field of market research and content. I have learned that most of them are facing one common challenge, "budget cuts". In some cases, the research teams have been advised to put a hold on all their research projects or postpone it entirely to the next year, among others who have had to cancel it completely.

This comes to me as a surprise as now is the time more than ever when businesses need to, or I’d rather say have to engage with their current as well as prospective customers/clients to understand their mindset, their wants and needs during this global pandemic, when it comes to the products and services your business is offering and how you could support them by enhancing your product or services that would address your customers new requirements, giving you an edge over your competitors.

I understand the global meltdown caused by the corona virus left a big hole in the revenue pockets of lots of businesses and individuals having them struggle to stay afloat. I have one question for them, how are you planning to do that when you don’t even know your customers anymore. Yesterday is past, now is the time of new normal and comes with it gazillion changes and challenges for everyone, which we never would have thought of in the old normal.

So let’s invest in understanding our customers better.