Ten Personal Insights Into Research in Business Development, by Yulia Reinshmidt, Universo CEO
People talk about the new reality where changes are so frequent. It’s enough to mention the COVID-19 crisis and the war that is now developing in Europe to understand that decisions made on a day-to-day basis now affect the business world directly.
Exposure to information - current, relevant, accurate, and based on business analysis - is more critical to business survival than ever.
My first statement is: "Focus is the name of the game."
Having led business development processes for 12 years in companies that want to go global and enter new markets, I’ve seen the increasing importance of conducting accurate and focused preliminary research on the target market for such companies.
In this article I want to share with you the challenges and solutions that are part of our day-to-day work at Universo. This is the "customer voice" I want to bring to you today and I believe it will be possible to learn a few things from it.
1. Data Only vs Data Based on Business Analysis
In my opinion, there is no need to explain the importance of data. However, many companies find it difficult to move from the data phase to the execution phase. The reasons for this may be that the data is not being analysed from a business point of view and therefore is not rated in terms of potential for success. Data alone, no matter how accurate, will not take the company forward. The challenge is not to produce an Excel spreadsheet with columns of contact information for potential leads - the trick is to understand why a particular lead fits into that table, as well as what preliminary estimate we can define for its suitability to enter into a business engagement with us.
New tools from the AI world are now entering the arena. These tools help to analyse data and draw conclusions from it. In the field of business development research, these tools are gaining momentum. However, the real wisdom would be to develop the high analytics capability of these tools rather than the data collection aspect. For the sake of the right wording, this should be described as “data-driven research based on AI” (please follow me as I will soon publish a dedicated article on this topic).
2. Focused vs Scattered
Our clients adopt two techniques:
All other options have been found to be resource-splitting, bringing no real results.
2. The Secret of Mapping
I mentioned the subject of business analysis earlier. Mapping is the secret, the heart of the matter. A good study is a study in which the research questions are not necessarily many, but very, very accurate. It takes very high skills in info science to understand and cross-reference information from different sources, but no less important is understanding the industry, understanding the rules of the game in the market, and activating creative thinking to map out the main insights from tonnes of information.
How do we know if a fast-food chain is looking to incorporate very specific health products into its menus?
How do we know if a particular technology integrator is in business relationships with relevant government bodies?
How do we know which hospitals use a therapeutic substance for one of the cancer types, a substance that has so far been mainly used in clinical research?
The correct mapping gives us the answers.
4. Wide Funnel vs Specific Niche
A partially erroneous approach that some companies adopt is rooted in their desire to reach only the exact decision-makers for business engagement.
In today's world, these leads need to be located, of course - but so too do the entire groups of people that surround them.
In one recent study, it was clear that different role holders in the same company needed to be reached and not only the direct decision-makers. This is because only they were responsive and could link to the right person.
In another current study, in which it is necessary to locate international consultants specialized in a very specific niche, it is clear to us that it is worthwhile to contact other people with a background in this niche and utilise their connections to these experts.
In quite a few studies we recommend our clients to thinking about the characterization of "door openers" or middlemen, whose main advantage is quick and efficient access to leads.
The wider the funnel, the better the results.
5. Quantity vs Quality
Along with the above, quantity does not always win. What’s more important to you? A very large number of leads that are mostly irrelevant (using the "let’s try everything" method) or a smaller number of leads, but which are incredibly accurate and have high potential?
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The KPIs of the research process are not always based on a quantitative index. What matters here is the ratio of quantity compared to business potential.
The process of communicating and controlling the number of quality leads is much more efficient than working with quantities of low-quality leads.
6. Spider Webs of Networking
The wisdom of any good study is to come up with internal connections between the leads in the datasheet. Who works with whom? Who services whom? What does this type of relationship mean? How can this help our customer?
Internal relationships are a power multiplier of any research. This is because it is based not only on data work, but on an in-depth understanding of how business networking works and how the spider webs of networks can lead us toward the business goal.
7. Timing
Another “killer” advantage of the research is figuring out if the timing is right. Proper timing is a complex matrix of visible and hidden information.
In one of our previous studies, our client wanted to offer a highly innovative app for supermarket chains in the Netherlands, Belgium, and Germany area. During the study we discovered that one of the chains not only put the issue of technological innovation at the top of its strategic priorities at the beginning of that year, but also that it intended to implement it in a new market it had recently penetrated: the US market. It was clear that timing here was critical, before competitors entered and explored the window of opportunity. In a short period, we were able to reach the main decision-maker in the chain and, one week later, our client boarded a flight to Rotterdam for a round of meetings. The goal had been reached.
8. Connect to Public Information
We are exposed to tonnes of information flowing to us via a variety of media, the main one being the Internet, of course. How do we know how to shift our perspective and identify the next window of opportunity in a specific article or source of information on the Internet? The business mapping and analysis capabilities mentioned earlier enter the game. This is a type of muscle that needs to be developed and trained regularly, even on a daily basis.
9. Speed and Quality – Separate or Aligned?
Research needs time. Working on and analysing information is like being a worker ant: difficult. If the customer wants to strive for high quality, he should leave enough time for the researcher do his work.
At the same time, research should meet the time-to-market schedule. The researchers should also know how to respond to opportunities that have suddenly popped up (timing is critical!)
When news has already reached the media, the timer works fast. For example, if you’re a factory which supplies a certain chemical material to an industry and there is currently a shortage of this material in the world, you should jump at the opportunity.
Not to mention delicate political or economic situations that arise. Any crisis can provide golden opportunities, break the monopoly, and set new rules for the game.
10. Proof of Performance
With all of the above mentioned, company leaders today understand more than ever that research and the application of research do not work in a linear order. Rather, they operate in parallel. Research needs to be provided to the customer throughout the research period, so that the customer begins to realize the inherent potential and returns insights from the process of reaching out to researchers.
It is a circle of life that feeds itself all the time.
Moreover, a company that wants to develop a global business presence in the target markets must realize that information gathering is not a one-time thing: it is alive, dynamic, and changing. Research of desirable information should become a regular routine of companies that are growing and striving for continuity in their expansion in global markets.
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"Focus is the name of the game," we said at the beginning, right? The ten insights presented in this article should help you see the most accurate picture of your business development research. Best of luck!
My next article will deal with the entry of AI into the worlds of business development research. Anyone interested in getting the link to an article to be published in the coming weeks is welcome to send me a personal message on LinkedIn, or comment on the current post. I would love to share my insights with you.
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