Can’t Stop the Research
I know the story is getting old—doing more with less, or worse yet, doing nothing with less. Unfortunately, when budgets get tight the first things to go are often the things that are needed most. In this case, I’m talking about market research. You could effectively argue that research is needed more than ever to help better manage the uncertainty.
When times are good, everyone seems to easily succeed—even if your position isn’t particularly distinctive, or your pricing isn’t competitive, or your brand isn’t all that memorable. Today, with decreased budgets and greater pressures, it’s critical to not only conduct targeted market research, but also to make the most of the limited dollars that are available.
In an article by marketing expert John Quelch, “How to Use Market Research in a Recession,” he offers many recommendations about why the time is still right for market research—the following pertain more specifically to higher education. The full article can be found here.
Stay focused. Match your precious dollars to the studies and audiences that are key to your marketing strategy. Focus on research that addresses your weak points, areas of concern, audiences of note, etc. Stay with the need-to-knows vs. and resist the temptation of the neat-to-knows.
Strategize with a trusted marketing research partner who can help you get the most bang for your buck for your primary research needs. You can also explore tracking studies or other syndicated (still higher ed focused though) research where you can piggy-back and save money. In short, find a trusted, respected buddy.
Consider online—but beware. We know that online research is quick and cheap, and pretty much anyone can do it. Audience panels, although not as inexpensive but very handy, are also an appealing alternative. While doing-it-yourself may be less expensive than using an outside research firm, there are considerable risks with sample sizes and respondent biases. Remember, you get what you pay for.
Careful pruning. Use a tweezers rather than a hedge clipper when trimming your market research activities. Because you’re trying to make the most of everything you can still afford to do, you need research to make sure those select activities are the most targeted, best stated, strongest, etc. A pre-test before going to market with a new message, a new price, or a new identity could save you big money in the long run by waiving you off potentially bad decisions.
Keep an eye on the new targets. It’s impossible for marketers to predict the future and the recession is making it harder for consumers, including prospective students, to imagine or express their needs. The uncertainty, at this time, doesn’t mean you shouldn’t ask them anyway. You need to find out how current events and potential future changes are going to affect the behavior of your audiences. For example, are your prospects going to return to their pre-recession opinions and activities when the recession ends? Are they adjusting their behavior and will that behavior become the new norm even after the recession is over? What new offerings, services, etc. will audiences be of interest?
Once the recession ends, institutions that have been able to invest wisely in market research will be those that are best positioned for the future.
Photo by: stephangeyer
