What’s worked for one business may not be applicable to another, so that’s it is important to discuss business objectives and strategically research core areas of performance.
As the name implies, strategic research has to do with ‘strategy’ – the long-term goals, challenges, priorities and plans of any enterprise. Strategic research is important because it helps organisations make decisions that impact the future performance of any organisation. Strategic research is the systematic procedures for gathering, analyzing new information by applying collected data to specific scenarios.
While the definition of strategic research specifies a limited number of fields and disciplines, the idea in strategic research is to create a document that balances specificity with several high-level ideas. Strategic research enables organisations and enterprises to also balance priorities with flexibility.
These are just a few of the benefits of strategic research:
• Prioritise time & budget
• Identify new opportunities
• Synchronise marketing activity with key seasonal trends or events
By setting the course with high-level strategic priorities and by providing a way to see the priorities turned into actions, organisations and businesses will be able to achieve excellence, mobilization and impact required by their mission and objectives.
The strategic research plan for any business should keep in mind the vision, objectives, priority areas and then define a roadmap for future success. The strategic research plan should be the deciding factor for the business’s long-term funding priorities and infrastructure investments, guide engagement with industry, influence hiring priorities and help organisation and distribution of responsibilities.
Strategic research provides the information necessary for developing new products and devising market strategies and it enables managers to assess the effectiveness of marketing programs and promotional activities.
Strategic research is also useful in financial planning, economic forecasting and quality control. In the long run, strategic research is also crucial in rising above competition. For instance, researching which markets are most important to product sales and targeting those where it can focus its resources to achieve market dominance. Speaking of competition, strategic research is a very accurate way to gauge competition. Where does your business sit within the competitive search landscape? Strategic research enables you to study competitors to establish why they’re ranking where they are, and how much effort is required to catch up and outrank them.
As with any other research process, conducting informal research is the first and most basic step of strategic research. This helps the researchers to learn more about the market, the competition, and the business environment, and to better define the problem.