Research Methods To Support Strategic Decision Making

Research Methods To Support Strategic Decision Making

In this fast paced world of technology and rapid decision making, it is important to have solid research methods that support your strategic and tactical decisions. Given our 30+ years of experience with strategic research, we recommend the following research methods:

1. Talk to Your Customers

2. Research Your Competitors

3. Continue to Monitor the Changes in Your Channels of Distribution

4. Monitor the Value that You Provide to Your Customers

Below are some of the research methods that you should use to support these strategic and tactical decisions:

#1 Talk to Your Customers

We recommend the following research methods to “talk to your customers”:

  • CATI [Computer Assisted Telephone Interviews]
  • Online Surveys in Developed Markets
  • F2F Interviews in Emerging and Developing Markets
  • Focus Groups for New Product Concepts and Line Extensions

#2 Research Your Competitors

While your internal staff can conduct desk research and collect information from your sales force, it is important that you secure an outside firm to collect the following information that you cannot collect internally. We recommend the following research methods:

  • Desk research — above and beyond what you have done in-house to date
  • Telephone qualitative research calls to suppliers, distributors, customers, and competitors to elicit this information
  • Ethnographic or observational interviews to add more insights to this competitive intelligence information

#3 Continue to Monitor Changes in Your Channels of Distribution

The best research methods to support this strategy are as follows:

  • Telephone calls to your suppliers, distributors, and supply chain vendors
  • Face to face interviews when necessary to view the distribution channels
  • Online surveys for large multi-country and/or large-scale projects

#4 Monitoring the Value that You provide to Your Customers

We recommend the following best approach to monitor your customer satisfaction and the value that you provide to your customers:

  • CATI and online surveys for customer satisfaction
  • Application of advanced statistical methods, e.g. Net Promoter Score, Conjoint Analysis, Monte Carlo, Max Diff, and Discrete Choice
  • Applied Customer Value Analysis [CVA analysis]

In Summary

while there are a plethora of Big Data and high technology solutions, traditional “talk to the customer” methods remain the best pathways to providing you with sustained customer value, and an increase in sales and profits.

For additional information, contact:
Ruth Stanat, CEO and Founder of SIS International Research at +1 212 505 6805.

We can provide you with our strategic thinking on your growth strategies.