Posts Tagged ‘Corporations’

Custom secondary research is affordable and better than primary research

January 26, 2011 Leave a comment

According to Wikipedia, as of March 2009, the indexable web contains at least 25.21 billion pages. Google claims there are one trillion unique URLs.

Can you imagine the amount of information nuggets in web pages, blog posts, news articles, documents, discussions and social network chatter out there? Secondary research can tap into all that gold mine of information and make businesses rethink that “reliable market research only comes from primary research”.

Here are the drawbacks of Primary Research

  1. Sample size is never big enough
  2. Cannot guarantee that respondents are giving an honest answer
  3. Respondents may not be qualified or have the right exposure to provide answers

For the same drawbacks here are the benefits of Secondary Research on the net

  1. Sample size is practically limitless
  2. Answers can be cross verified e.g. homes with two car garages in a suburban area is a more accurate indicator of mean income than asking 100 respondents from that area about their household income
  3. When Apple wanted to determine the market size for iPhone I don’t suppose they asked the phone users if they would buy one.

Businesses should NOT ignore business schools

January 26, 2011 Leave a comment

An article in the Financial Times today reported that The Academy of Management claims research done by business schools is irrelevant. The three reasons quoted were that management is not a professional qualification second, its not a science and third, it tends to engage in the kind of research that universities expect them to. While the first claim may be true I don’t think the three reasons given are the reason why business schools are getting ignored.

In my opinion, business school faculty and students are a massive bank of mind power that is woefully untapped by businesses. Perhaps its the fault of the business schools that they are not marketing themselves properly to make the businesses community realize how much they can contribute.

Here are three good reasons why businesses should (and I speak more for the business school students since we work with them all the time) should be tapped for their research capabilities.

  1. Commitment: B-School students are hard working eager minds who have made a conscious commitment of time and money to learn business. In creative professions recognition is far more valuable than money. If artists were to enter profession for the money, there would be no art in this world.
  2. Environment: They have the time and perfect environment to think and be creative. Creativity has a certain spontaneity to it. If a management thinker can can hatch one idea in a week, we cannot take 5 and expect them to create one in a day – and most students we work with, work seven days a week!
  3. Resources: They have the resources and collective power of teams. Their access to online and offline information, academic mentoring and the community of friends to work in a team makes it ideal for researching and analyzing any issue under the sun that businesses are facing today.