{"id":3752,"date":"2021-07-29T08:00:00","date_gmt":"2021-07-29T12:00:00","guid":{"rendered":"http:\/blog\/story\/the_importance_of_research_in_business_growth1\/"},"modified":"2021-07-29T09:26:30","modified_gmt":"2021-07-29T13:26:30","slug":"the_importance_of_research_in_business_growth1","status":"publish","type":"post","link":"https:\/\/hingemarketing.com\/blog\/story\/the_importance_of_research_in_business_growth1","title":{"rendered":"Primary Market Research: A Valuable Key to Unlocking Greater Professional Services Growth"},"content":{"rendered":"

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

What you don\u2019t know\u2014or what you assume you know\u2014could be costing you some real revenue. Let me share an example.<\/span><\/p>\n

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

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

The real importance of research in business growth<\/strong><\/h2>\n

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

Not sure you agree? Our research with more than 1,000 global professional responses is pretty persuasive:<\/span><\/p>\n\"\"\n

 <\/p>\n

Professional services firms that do occasional research, grow faster and are more profitable than those who do not do any systematic research. Those firms that do frequent research (at least once per quarter) grow even faster and are even more profitable. I\u2019m not sure how one could find a clearer case for the importance of research in business growth and profitability.<\/p>\n

\n

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

More Benefits of Professional Services Primary Research<\/strong><\/h2>\n

If the opportunity for greater growth and profitability is not enough to convince you to include primary research in your marketing and business development strategies, here are a few more benefits to consider. Primary research:<\/span><\/p>\n