Knowledge is power, so market research can be a source of competitive advantage for many companies. However, when it comes to research, companies need to work smarter, not harder. There are mountains of data available and the sheer volume can be overwhelming. Here’s the trick – ignore most of it.

For small and medium sized businesses, market research should be managerial (not scientific) in nature.  Gather enough facts to test an assumption, but no more. In a business situation, anything more is a waste of time and effort – and both are precious commodities for your business.

The saying "Don't boil the ocean" means don't try to analyze everything. You need to be selective; figure out what your priorities are and identify the most efficient way to meet them. Know when you’ve gathered enough information and then stop. Otherwise, the time spent will not justify the return, much like trying to boil the ocean to get a handful of salt.

Specifically, aim to integrate research activities into your daily operations rather than undertaking one major research project every year. For instance:

• Organize monthly focus groups: they’re easy to set up and can be effective sources of practical, action-oriented information.  
• Train your employees to ask two or three research questions every time they speak with a customer.  
• Form a small advisory group to act as a sounding board on new product ideas, target markets, or marketing campaigns.

A managerial, ongoing approach to research can yield valuable returns. Don’t assume that because you’ve been in business for 30 years, you know your customers. Things change and so do customer needs. Learn to understand what makes your customers tick without having to wade through an ocean of information.

*(Adapted from Ethan Raisel’s The McKinsey Way, 1999)

Generally speaking, corporations communicate from a level that does not relate to their audience; messages are often filled with jargon or too general. Consequently, they spend considerable resources trying to figure out why their messages aren't getting through to their audiences. When we talk to people, whether it be men, women, adults, teenagers, seniors or children, if we don't reach to communicate at their level the signal is missed or, worse, misunderstood.

Recently, I attended the International Association of Business Communicators Western Regional Conference and was inspired by the information Steve Cresenzo shared in his powerful and entertaining workshop, "Taking the Corporate Out of Corporate Communications."  To hear him be so frank and honest about the corporate industry and the reality of its communications approach was refreshing and motivating.

Cresenzo's position is this:
In business, we fight many battles on a daily basis. But, when it comes to marketing and communications, the truth is…we're fighting the wrong battles:

• The battle to meet the deadline
• The battle to create something that will make it through the approval process

Cresenzo's key point is that we need to stop fighting the wrong battles, and start fighting the only battle that really matters:

• The battle to gain our audience's attention

Making our clients happy and meeting their goals is our ideal scenario. As a result, the pressure and satisfaction of meeting a deadline and earning approval can take focus. However, if we don't achieve the audience's attention and desired reaction, both the deadline and the client's approval have little benefit. Mediocre messaging may be comfortable and meet the status quo, but typically fails to really "move" a market.

When making decisions about messaging for branding, advertisements, newsletters, annual reports, or any other communications materials, we must take our personal opinion out of the equation and focus our analysis on what will compel the target audience to action. What I (or the client) likes doesn't matter; what the audience likes does.

When we make a conscious effort to take the time to understand the target market's needs and see messages from their point of view, we're moving in a direction that achieves results.

Considering these options, which sounds riskier to you?

a. missing the deadline or challenging the approval process
b. missing the mark on moving your audience

I vote b.

In Ted's post, Marketing Starts Sooner Than You Think, he stated that traditionally, marketing is seen as the last piece in the puzzle, an afterthought of activities to take something to the market. Today in our globally competitive marketplace, strong marketing starts with strategy and positioning long before diving into the more familiar activities of branding and execution.

So what is strategy and where does marketing fit it?

Strategy involves choice. Specifically it means choosing what, and what not, to focus on. In marketing this means being at the table to decide what the company or product is going to do and who it speaks to. It also means deciding to not speak to all the other segments. Too often we see companies try to be all things to all people. And while this may sound like stating the obvious, choosing not to do something or not to speak to a client’s needs is not easy. When the question "what if some of our clients aren’t happy about our choice?" arises, the strong marketing strategy answer is "that’s ok".

Being strategic means choosing a focus and choosing to not spend time or energy on areas not within that focus. This may mean that you lose customers, but you simply cannot make everyone happy all the time. By trying to do so you will most definitely not make anyone REALLY happy.

Why is all of this important? Because consumers today don’t settle for just good. They need great. Increased competition, globalization, technology, all of these factors have contributed to create a world where consumers are savvy, skeptical, and impatient.

Without a unique, focused, and valuable position, the market will typically default to three possible fallbacks in choosing a company, service or product.

1. Lowest price – If every company is the same, then the cheaper one is better.
2. The incumbent – If every company is the same, then let's just stick with who we used last time.
3. Biggest profile – If every company is the same, then let's go with the one we've heard of.

In today's market you need to create a 'wow' experience and you cannot do this without focused effort and expertise.

The result may be that you have to say "no" to some of your customers, but if done well, even this will help solidify your position as an expert that brings value.

Choose what you are going to focus on and who are going to speak to, and do it spectacularly. You will not make everyone happy and you may even lose customers, but you will wow those you keep and your business will thrive as a result.