Did the new Federal Budget hit you with a side kick or shower you with new hopes?
“Pay more, gain less” could be one way to express your opinion on Australia’s Budget 2014-2015, and it is as extreme as “Building Australia’s future”. If the words “Medical Research Future Fund” don’t make you sing, let me breathe some optimism into your view of the situation and make a few suggestions that could bring your marketing strategy back to life.
Justify marketing expenses at the light speed
When the marketing budgets drop down, the best and only thing to do is get a commercial emphasis in your research. Gone are the times when marketers could conduct a campaign for the sole purpose of enhancing the company image or investigating new opportunities on the market. But what if along with the usual research report you received a list of quick wins – a magic paper that would uncover ways to boost your performance in a matter of days? That’s the goal of market research with a strategic focus. There is no point in presenting tons of statistical data at your WIP meeting, aim at information that you can actually use as your tactics.
Capitalise on limited budget
If your attention is more absorbed by “repairing the budget”, rather than exploring new horizons, this is the time for your company to get acquainted with an economising plan. A big mistake would be an attempt to answer all the research questions by conducting one comprehensive study. “One for all and all for one” is not the best motto for your marketing department. Instead of generalising the objectives, outline the specific areas of importance and make most of your market research study by targeting at them.
80% NASA, 20% Disney
Although initially this recipe of success described McLaren, you could apply it to market research nowadays. Try building your strategy on digital marketing, add a pinch of creative, and you will see that your budget is not that small anymore.
Written by
Anna Usupova – Quantitative Specialist, THINK Global Research
For further information on THINK Global Research, please contact Kristy Ihle (Managing Director) at info@thinkglobalresearch.com.
