{"id":3720,"date":"2021-12-08T08:00:00","date_gmt":"2021-12-08T13:00:00","guid":{"rendered":"http:\/blog\/story\/the_importance_of_research_in_business_growth\/"},"modified":"2022-02-25T13:42:35","modified_gmt":"2022-02-25T18:42:35","slug":"the_importance_of_research_in_business_growth","status":"publish","type":"post","link":"https:\/\/hingemarketing.com\/blog\/story\/the_importance_of_research_in_business_growth","title":{"rendered":"The Importance of Research In Business Growth"},"content":{"rendered":"

Let\u2019s face it. Most professional services firms place little value on research. They firmly believe, \u201cI know my clients well.\u201d So what\u2019s the point?<\/span><\/p>\n

What you don\u2019t know could be costing you some real money. Let me share an example.<\/span><\/p>\n

Just the other day we presented the results of client and prospect research to one of our clients. The firm\u2019s leadership thought that they knew their market well. One of their strongest beliefs was that their clients were very price sensitive. The problem is, it wasn\u2019t true.<\/span><\/p>\n

In fact, their clients were much more concerned about how well the firm understood their industry. Price was a minor issue. It turned out that the firm\u2019s entire business development efforts were aimed at addressing a concern that prospective clients did not have.<\/span><\/p>\n

The Real Importance of Research in Business Growth<\/h2>\n

The bottom line is that professional services firms that do systematic, structured research on their target audiences grow faster and are more profitable. In short, research will help you grow your firm.<\/span><\/p>\n

Not sure you agree? Our annual High Growth research study<\/a> on over 1000 professional services firms <\/span>is pretty persuasive:<\/span><\/p>\n

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High growth professional services firms are those that grow at least a 20% compound annual growth rate. Low Growth firms are those that do not grow at all. High growth firms are also twice as likely to be highly profitable. So how do these two types of firms approach research?<\/span><\/p>\n

High growth firms are about two and one-half times more likely to do research on their target audience. In addition, when they do research they are also more likely to do it more frequently. Clearly, research is important to business growth and profitability.\u00a0<\/span><\/p>\n

Yet many\u00a0 professional services firms are missing out on the benefits of research. For this reason, Hinge has released a comprehensive guide on the topic called the <\/span>Professional Services Guide to Research<\/span><\/a>.<\/span><\/p>\n

We wrote it not only to help you understand <\/span>why<\/span><\/i> you might want to do research, but also <\/span>how<\/span><\/i> you might go about doing it. It also talks about the kinds of insights that you can gain through research and how to apply them in your firm.<\/span><\/p>\n

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Download the Professional Services Guide to Research – Second Edition<\/a><\/p>\n<\/div>\n

Another Role for Research in Business Growth<\/b><\/h2>\n

This is where it gets even more exciting. While the actionable insights that you gain from a piece of well designed research are game changing, there is another use for research in the world of thought leadership marketing.<\/span><\/p>\n

Professional services clients choose their providers to help them address important business issues. They are looking for someone they can trust (the trusted advisor) and who has the relevant expertise and experience to meet the challenges. This is why thought leadership marketing is so prevalent in today’s digital environment.<\/span><\/p>\n

As it turns out, research is also the most trusted form of thought leadership content<\/a> and is most relevant in conveying your expertise in a specific topic area. By publishing a piece of research you establish both relevance and convey your expertise. That is pretty powerful.<\/span><\/p>\n

Because of this valuable use we have developed a second guide called <\/span>Research as Content: A Guide for B2B Marketers. <\/span><\/i><\/a>The whole purpose of this comprehensive document is to show you both the <\/span>Why <\/span><\/i>and the<\/span> How <\/span><\/i>of using research as a key component of your go to market strategy.<\/span><\/p>\n

You\u2019ll learn about commissioning custom research as well as the less expensive strategy of licensing an existing study. There are excellent use cases for both.<\/span><\/p>\n\"Click<\/a>