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The Importance of Research in Business Growth

Does researching your clients and markets make sense for a professional services firm?  If so, how should you go about doing it?

If the response to our webinar How to Use Research to Grow Your Professional Services Firm is any indication, there is a lot of interest in this topic.

Importance of research in business growth

The answer to the first question is clear.  Firms that do research on their target client group grow faster and are more profitable (see figure below). 

Chart: Research's Effect on Growth and Profitability

 

Further, growth and profitability are even greater if firms conduct regular research (at least quarterly).  The webinar also showed the potential return on investment that an average sized firm could expect from such a research investment. The importance of research to business growth and profitability is almost self evident.

Doing research the right way

We covered the second question about how to do it correctly in the remainder of the webinar.  Topics included:

  • The most common concerns and how they play out in the real world
  • Top research questions to ask
  • Case studies showing what real professional services firm have learned and how they put those findings to work
  • Types of research (such as surveys, interviews, focus groups, etc.) and strengths, weaknesses and best use of each type
  • Who should conduct each type of research (relationship owner, in-house staff or independent third party)
  • Common questions and answers

The case for the importance of research in business growth and profitability is clear. The next step is making it happen. So here are a couple of useful resources to get you started.

A recording of the webinar and a copy of the PPT is available for a free download in our library: How to Use Research to Grow Your Professional Services Firm.

A free Professional Services Guide to Research is also available for those inclined to read rather than listen. 

 

Free Guide to Professional Services Research

Author: Lee Frederiksen, Ph.D. Who wears the boots in our office? That would be Lee, our managing partner, who suits up in a pair of cowboy boots every day and drives strategy and research for our clients. With a Ph.D. in behavioral psychology, Lee is a former researcher and tenured professor at Virginia Tech, where he became a national authority on organizational behavior management and marketing. He left academia to start up and run three high-growth companies, including an $80 million runaway success story.

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