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Survey and Sell: Why Companies Should Participate in Research

21 May 2019
Survey and Sell: Why Companies Should Participate in Research

Feedback and Innovations

Consumer and client surveys constitute a key instrument that is essential for the survival of both large companies and startups. Sometimes customer feedback has long-term effects.

For example, since the 2010s Apple (U.S.), a major player in the consumer electronics market, has made surveys an important part of its strategy. In 2011, the corporation created a special Apple Customer Pulse community to collect information on what clients want to see in Apple products.

Experts believe that marketing research is as important for a company's technological development as its innovative solutions.


"These are online surveys, the company is able to compile and analyze the data faster, and the surveys are easy to administer, without much effort. This makes the market research more appealing to those that participate, as well as to the company," SurveyPolice points out.


Feedback provided Apple with information on consumer expectations / Photo courtesy of apple.com

B2B International cites a different example when the lack of research had an adverse effect on business operations. Several years ago, Japan's Sony corporation tried to introduce its e-Villa internet appliance into the market. The company spent 1.5 years on product development, but had to discontinue it just 3 months after the launch.

 

"The product failed as it was simply too heavy to lift. However, had Sony conducted more market research, it could have potentially saved a considerable amount of money in terms of the financial and human resources that were required in the product development and commercialization process," B2B International states.


First Round

Experts point out that participation in research is a major component required for the survival of the industrial B2B segment. Surveys provide enterprises with impartial and objective information on what is going on in the market.

 

"Research is an opportunity to explore or predict competitor intentions, objectives, and trends, e.g. obtain information about potential new players or redistribution of the market share,"
 

Alexey Sergeev, Head of Corporate Appraisal Department at Swiss Appraisal Russia & CIS, emphasized.


 

Strategy Partners invites business owners and CEOs to participate in its research entitled Digital Transformation Readiness Index. Research results will be presented at INNOPROM-2019. Trade Fair participants and visitors will learn about the status of digitization in Russia.

The study seeks to assess Russian enterprises' readiness for Industry 4.0, perform bottleneck analysis for companies and industrial segments, identify digital transformation champions among Russian companies, and determine best practices.

 

"The study will be also used to develop corporate digital transformation initiatives,"

Aleksey Prazdnichnykh, Head of Practice "State and Public Institutions" at Strategy Partners, claimed.


 

We invite you to take part in the survey in order to receive data on your company with individual assessment of its readiness for the digital transformation compared against other industrial leaders and national indices (available upon request), as well as the summary on the Digital Transformation Readiness Index. The survey will take 25-30 minutes to complete.

Based on the first round of research, Strategy Partners discovered the correlation between the level of digitization and operating results, i.e. companies which implement digital technologies far exceed their competitors' financial and production outcomes.

 

So far the majority of companies do not apply digital solutions to the transformation of existing business models. 61% of Russian enterprises sell physical products, whereas only 3% have switched to the platform business model.

48% of companies understand the importance of digital transformation, 17% have developed a relevant strategy, and another 17% do not perceive digital transformation as their priority. Digital transformation is hampered by (a) lack of human resources (41%), (b) lack of funding (41%), (c) lack of knowledge about technologies and suppliers (35%), and (d) failure to understand benefits resulting from the implementation of digital technologies (27%).

 

Strategy Partners guarantees the confidentiality of all information provided by survey participants. Research results will be reported as de-identified data, and the names of companies or survey participants will not be released.

Need for Education

Research not only allows for discovering market trends, but can also help companies understand their needs. Moreover, surveys constitute an efficient tool for exploring audience motives and determining market readiness for certain products.

 

"For example, we conducted a study of the labor market during industrial digitization and used this information to develop our own educational product – free online tutorial Digital Manufacturing. It has already been viewed over 5,000 times, and more than 20% of viewers completed the tutorial," representatives of Zyfra, which specializes in the development of industrial IoT and artificial intelligence, shared.

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