How to leverage research for optimum business growth

1. THE ROLE OF MARKET
RESEARCH IN
PROMOTING BUSINESS
GROWTH
OLUOCH AKELLO
Director, Bridget Eclause Limited
www.bridgeteclause.com

2. Research is about
understanding important
opinions and using the
information to make more
quality decisions

3. Business is value creation, problem solving
Every business person here needs to answer
these questions:
Where is the problem?
Who has the problem?
How can I position myself to solve this
problem?
What premium do I attach to my solution?
A new approach to business…

4. To achieve sustainable growth and
profitability, your business activities
need to be focussed on:
Innovation: coming up with new solutions
Exports: Finding new markets
Diversification of markets
Diversification of your business
Business approach cont’d

5. Research and business
Consumer
behaviourresearc h
Advertising
Market protec tion
Internal
diagnostic s
Growth
strategy
Success and
profitability

6. Discover your internal strengths – Just
do a simple SWOT analysis of your
business
Do you have innovative employees?
Do you have ultra modern machines?
Is the leadership aggressive and flexible?
What can your business boast of?
Internal Diagnostics

7. Is there really a problem?
Do your customers think they have a
problem?
Sometimes to do business, you will have
to help the consumer believe there is a
problem and that what you offer is the
solution
Consumer behaviour research

8.  Which are best ways of reaching to the
population you have identified as having a
problem?
 Do they visit the net? To browse or
socialise?
 Do they love entertainment? What kind?
Suppose you interrupt their enjoyment, will
they appreciate it?
 Do they consider the media as
trustworthy?
Marketing and advertising

9.  How will you react to competition?
 Suppose there is no competition, will you
remain faithful in solving the problem?
 How do you plan to block competitors?
 Will you contract key suppliers?
 Will you patent?
 Will you form strategic alliances?
 Will you rally for protectionist government
policy?
Protecting your market

11. As a business person, be friendly enough to have
conversations with clients, suppliers, employees and
strangers to your business
What is said about you reflects their opinion of your
business. If people think positively, they are more
likely to take up your services
All opinions are important. You never know who is
listening...
Both facts and rumours about you affects your
business.
1. Develop a feedback system

12. Even with the best machines
but with poor operators you
will still suffer inefficiencies

13. When employing, look for someone who is
better than you... A better sales lady, better
accountant, better driver...
Learn your employees enough to fix them in
what they are best at, what they love doing.
You will not struggle to motivate them in their
area of domain
Give your employees a chance to improve
their skills. If you can, why not train them?
2. Strengthen what you have

14. Many potentially large
businesses remained small
or died because of micro
management

15. Research indicates that employees perform
best when no one is closely watching
Allow your employees to contribute in
decision making
Give your employees a domain of control
Pay for performance, not presence. This will
reduce malpractices as they will feel they are
rightly rewarded for making you richer...
3. Practice autonomy

16. Do not be deceived. Bad
business relationships lead
to bankruptcy

17. Businesses associate with each other as
customers, suppliers, strategic partners…
Appreciate the value of long term
relationships with the best business
suppliers through contracting
Also, get close to businesses that you
admire… learn their best practices, work
towards developing best standards…
4. Choosing associations

18. As your business grows from small to large, it
takes after your personal beliefs and
practices. This is what we call
organisational culture
Vision is what you want to achieve. Keep
communicating it till the picture becomes
clear in their minds
Commit yourself to your course no matter the
hardships. Business is not for those who
give up…
5. Don’t look down on your
business