Okay, I admit I am a bit of a maths nerd. To me T-tests, Chi squares and binomial distributions are beautiful, exhilarating things. University instilled in me an appreciation of the complexities of research statistics and now, in my professional life, I have become somewhat of a statistics evangelist, spruiking the powers of data research to our clients and, in all honesty, whomever cares to listen.
I do this because the decision to invest (or not) in statistical research for your business can make or break you. Not to be melodramatic but when you are involved in developing a business concept you have nurtured for years, you tend to have complete belief in your business succeeding where others have failed. It’s normal, natural (who honestly begins a business venture believing they will fail?), and it can blind you to the realities of the position of your business within the business environment.
So many business owners in Australia downplay, or completely ignore, the importance, data research has on business ventures. The problem seems to be that data just isn’t seen as vital by the industry. Why spend three months researching the purchasing behaviours of target audiences specific to your proposed business venture when you can spend almost your entire marketing and advertising budget on a great TVC? The issue here is that the advertising agency can make the most beautiful, breath-taking TVC in history, yet if it doesn’t capture the audience intended, all the cash spent on advertising will never translate into consumer dollars in your pocket.
My solution? Objective data research. At Jack in the box we have a research department which can tell you exactly who does what, when and where, and we can even tell you how they do it. We can give independent, objective analysis of any industry you can throw at us. The benefit to your business? You get professional industry specific advice and information that is not tangled up in the emotional involvement business owners tend to have with their business ventures.
Data research can be elating when you realise your business is on the right track; can give you direction when you find yourself stuck in business mediocrity; provide an almost infinite number of ways to improve your business, from increasing sales, to attracting and retaining excellent staff, to increasing customer satisfaction. Data research, to me, is like a crystal ball. What business owner wouldn’t like to take a peek into the future to see what it holds for their business? Why wouldn’t you use a tool which can target your ideal market, save you money and ensure success? I suspect people’s reluctance to commit to research is the initial monetary outlay. Data research isn’t cheap, but it’s not expensive either, especially when you consider how much money business owners put into new businesses every day just to watch everything go belly up a few years down the line.
My advice to current and prospective business owners is to do your sums and invest in data research today. It could save your business.