Using research to breed innovation can be essential for your business. It is said that the more that you know, the more that you can do with what you know.
Research, unlike R&D (research and development) is more like a long term commitment whereas with R&D it focuses on the short term. Looking beyond your business’ current practices, research can produce slow and steady growth for your business.
Unfortunately, research comes with costs involved. Many companies in this economy have cut spending in all departments of their business and this may have affected or axed their budget on research. This can be a very shortsighted decision as this may save money right now but has the potential for your business to come out the loser in the long run.
Research does not have to been a huge expense. If you use customer feedback to your advantage, it is a form of research. By tapping into a consumer’s wants and needs, you can find out a great deal of knowledge that can be practically applied to your business. Acquiring feedback can be as simple as a meeting with your customer, picking up the phone to call them or by sending them an email. What you learn from these interactions can help grow your business.