NEW AUDIENCE

The world is like a strange magical capsule that keeps on shifting its pattern whimsically. Every age it acquires a new pattern dictated by its taste, never respecting the systems affected in it. But these systems soon to learn give themselves into the capsule’s whims to survive.

The world of information is not far from this whimsical capsule and its changing patterns; every new age has suggested a new pattern of dissemination. In the preceding age, print medium of relaying was held in awe and patronage. But the rise of technology, especially digital technology, has suggested a new pattern of a culture whose unchallenged efficiency at rendering previously stressful tasks effortlessly and efficiently has been so far welcomed globally and turned everyone’s attention to itself.

This is the case with audiences of information who are now courting this new culture — the digital culture for information, instead of the traditional print and electronic media. It behooves the practitioner of journalism, the profession equipped with the means of dissemination of information, to translate his method into this new pattern.

Although it’s argued that the medium is insufficient at the task, but this is understandable considering its newness. but against this setback, the advantages of this form is multitudinous: it saves time; it supports efficient retrieval and archival of information; it demystifies the problem associated with publishing; it is creative and interesting; it has gained tremendous patronage; it is easier.

Hence, any practitioner who wishes to employ this medium does not have to be bugged down by the rigour of learning computing codes for it is as simple as any chore performed day-to-day like sending of emails and the likes. The sole requirement to capture this new audience is just a change of mentality.

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THE RELEVANCE OF RESEARCH IN BUSINESS

Why is research important in business?

Research is a strategy that seeks to make basic discoveries and uncover new principles or factors so far not unknown or unrecognised. It is the systematic search for new knowledge.

A business research program is an increasingly popular way for companies to train and educate their managers and other employees in a vast array of different fields. Business research can pertain to economics, business strategy, and ethics, in fact, anything related to modern business and trade.

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Research is an important element in business management in many different ways as follows;

  1. Testing of new products: Business research tests the potential success of new products. Companies must know what types of products and services customers want before they market them. Market research will minimize risk – Market research can help shape a new product or service, identifying what is needed and ensure that the development of a product is highly focused on demand.
  2. Ensuring adequate distribution: Companies may also use business research to ensure the adequate distribution of their products. For example, a consumer products’ company may want to talk to retailers about all the different brands they sell. The results of the business research will help marketing managers determine where they need to increase their product distribution.
  3. Measuring advertising effectiveness: Companies use business research to determine the success of their advertising. For example, a milk manufacturer may want to know what percentage of the population saw its most recent television commercial. The milk company may find that more people become aware of its advertising the longer the television ad runs. The milk company may need to run its television advertisements at different times if few people have seen the commercials.
  4. Studying the competition: Companies often use business research to study key competitors in their markets. Companies will often start with secondary research information or information that is already available. For example, a software company may want to know the percentage of customers in the market who purchase its products versus competitors’ products. The researchers can then study the purchasing trends in the industry, striving to increase their company’s share of the market. Companies will often need to increase their market share in an industry to increase sales and profits.

 

Other benefits include:

Research is an essential part of any business that wants to offer products or services that are focused and well targeted. Business decisions that are based on good intelligence and good market research can minimize risk and pay dividends by making market research part and parcel of the business process.

Research creates benchmarks and helps you measure your progress – Unless you measure, you may not be able to gauge how well your business is performing. Early research may highlight glaring holes in your service or shortfalls in your product, regular market research will show if improvements are being made and, if positive, will help motivate a team.

Research will help you better communicate – Your current customers’ experiences are a valuable information source, not only will they allow you to gauge how well you currently meet their expectations they can also tell you where you are getting things right and more importantly where you are getting things wrong.

Doing research in business management is vital as it helps a business plan for the future, based on what may have happened in the past. If carried out successfully it can help a company make informed plans on how to become more viable in its sector. Some business experts agree that looking to the future of business is very much about looking at the past. The two are interlinked and by carrying out research you are more likely to see a positive outcome in your chosen objective. In business, making ill-informed decisions may be very precarious as there may be too much money at risk or a company’s reputation may be put at stake.

Research is important in any business for it to stay competitive in the market. The foremost function of research is to provide a business with an outlet to accurately identify its customers. Through the surveys, a company can analyze the likes and dislikes of its target consumers. In addition to this, these studies can also give a business the opportunity to scrutinize its rivals in the industry and analyze and emulate key strategies that might likewise help in its operations.

Research provides a business with a chance to update itself on the latest market trends; such knowledge will prove helpful in the formulating of useful concepts and tactics for success in the market. All things considered, it is through research that a business is able to make educated and informed decisions.

Research helps the business to improve the productivity, lower the cost and save time and retain the expertise of their core competencies and this through research discovery of new technology and development which leads to the development of innovative management system for future growth.

Research helps the business to continually revise their design and range the product due to continuous technological changes and changing preference of customers.

It also helps in the recruitment of employees. It’s through research that human resource managers are able to identify and recruit skilled manpower. Proper recruitment of employees with the right skills and attitudes helps the firm to increase its productivity levels. Research for the right employees can be got via the internet, consultancy firms and institutions of higher learning.

Research helps the firm to get the right supplier at the right price and at the right time. A proper supplier selection enables the firm to get or acquire high-quality raw materials which result in the production of high-quality products that are consumed by the end user. Also reliable and efficient suppliers help a firm to perform effectively as supplies will be got in time.

In conclusion, every organization needs to conduct research, and small budgets are no excuse for lack of a research plan. By starting out with some easily accessible resources, you can begin to develop better marketing strategies that can position you for market growth.

Email info@edusearchuk.com to consult Edusearch Global Network Limited for expertise in business research services with the most appropriate methodology possible. Edusearch Global Network Limited is a growing business and management research firm based in the UK, US, Canada, Australia, New Zealand, India, South Africa, and Nigeria, building capacity and informing best practices in the business research field globally.

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October 1, 2018 · 3:59 PM

Building Momentum For Growth: SEMINAR 1- Highlights

Some religious myths about business growth:

1. Growth can happen by believing only…
NO, faith without works is dead!

2. Growth can happen by praying only…
NO, prayer only makes power (divine impetus, ability, grace, momentum, propulsion, impulsion, force, motive force, driving force, drive, thrust, continuing motion, energy, push, steam, strength, motivation, stimulus, incitement, incentive, inducement, inspiration, encouragement, boost; urging, pressing, goading, spurring, prodding) available to put to work the revealed principles and means for growth to happen.

3. Growth can happen by simply sowing seeds…
NO, sowing seeds only connects & keeps you to the vision. Where your treasure is, there your heart will be also.

4. Growth happens when you keep confessing it…
NO, your confession only augments your conviction to do or put to work these revealed principles and means.

General myths about business growth:

1. You can achieve growth independently…
NO, growth is a compound phenomenon that requires a team-work, divine or external body or force. There is need to seek professional expert advice (business advisory services), network with others in the same field of business, go into strategic alliances and partnerships that is well informed, belong to a business related association, go for more knowledge by attending seminars, trainings, a relevant business school and more importantly, belong to a group of people who have a walking relationship with God.

2. A couple of efforts directed at growth can bring about growth…
NO, growth is the PROCESS of increasing in size, number, value, or strength. Process means a series of actions or steps taken in order to achieve a particular end.

3. Growth happens only when there is large funding (huge capital)…
NO, huge capital can lead to a catastrophe (disaster) when there is no structure on ground to engineer and sustain business growth.

The truth about business growth:

– Growth is the product of continuous conscious effort. Hence, the need to consciously build a culture based on revealed principles and means…

– In a bid not to pay the price of discipline required in building such culture, some business men follow short-cuts by consulting spiritualists to engineer business growth, which last but for a moment leading to drastic business failure in the end.

– Unless the LORD builds the house, those who build it labor in vain… Psalm 127:4. Spirituality CANNOT be ruled-out! God is the author of growth. He has already revealed to us certain principles and means by which growth is inevitable. GROWTH IS NOT BUILT IN A DAY!

* First step is you must be determined (resolute) to grow by tenaciously following the revealed principles and means. Also, there has to be a vision you are passionate about and a related mission you are committed to. Proverbs 29:18 – Where there is no vision (revelation), people cast off restraint (discipline)… meaning you easily sway from the continuous building of a business culture based on the revealed principles and means. Also your vision must have a connection to God the source of lasting growth (sustainable growth).

* Second step is you must understand these principles and how they work… how they translate into ‘Solow residual’ for the business. The Solow residual is the portion of an economy’s (for the purpose of this seminar, business’ or company’s) output growth that cannot be attributed to the accumulation of capital and labor, the factors of production. It is a measure of productivity growth that is usually referred to as total factor productivity (TFP). Total Factor Productivity (TFP) is the portion of output not explained by the amount of inputs used in production. … As such, its level is determined by how efficiently and intensely the inputs are utilized in production. TFP growth is usually measured by the Solow residual.

The question is what are these revealed principles and means?

Watch-Out for Seminar 2 in our next event on BUILDING MOMENTUM FOR GROWTH on Saturday 27th October

Time: 12noon – 2pm

Plan to be there live! Do not miss-out

Your membership of Abule-Egba Economic Forum and participation in these series will not only provide you with vital information about your own business growth but practically, professionally & spiritually assist with the appropriate plan to engineer and sustain your business growth. The implementation plan and follow-up process is our collective concern as a group. Help is here!!!

Kindly drop your comments and reactions so we know those who are with us. Very important!

God Bless You!

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Strategies for High ROI from Facebook PPC Advertising Campaigns

Running ads on Facebook can make your entrepreneurial dreams come true or can be a nightmare. It all depends on your Facebook Advertising Strategies.

Let’s start from the beginning. Facebook is a pay-per-click marketing channel. This means that you’ll be paying every time someone clicks on your ads. You can also be charged based on ad impressions, video views, and other metrics.

Having a solid Facebook PPC (pay-per-click) strategy helps you to get more people to your website and increase the sales revenue.

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But what makes a good Facebook PPC strategy?

After managing tens of Facebook ad campaigns, I can tell you this: The perfect Facebook ad strategy includes both successes and failures.

You can’t have one without the other.

However, you should also create yourself a safety net by applying multiple Facebook PPC strategies at once.

If one strategy fails, you’ve still got others that bring you the results.

Up next, I’m going to share one of the Facebook advertising strategies that in my experience often deliver a positive return on investment.

Are you ready to step up your Facebook ad game?

#1 Strategy: Experiment With New Ad Placements

When analyzing Facebook advertising costs, it was found that your cost-per-click can vary by 700%, depending on the ad placement you’re using.

For example, displaying your Facebook ads to people via the Audience Network is way cheaper than advertising on Instagram.

However, the lowest cost-per-click price doesn’t always guarantee the best results.

You can experiment with different Facebook ad placements to find out which one has the lowest cost-per-conversion and the highest ROI.

Currently, there are nine different Facebook ad placements available in the Ads Manager:

  • Facebook Desktop Newsfeed
  • Facebook Mobile Newsfeed
  • The Right-hand Column
  • Facebook Instant Articles
  • Facebook In-Stream Videos
  • Facebook Suggested Videos
  • Instagram Feed
  • Instagram Stories
  • Facebook Audience Network

For example, the Instant Articles ad placement lets you place your Facebook ads into the instant article feeds of mobile Facebook users.

instant article

Here’s how a Facebook mobile ad looks inside an instant article.

instant article2

While Facebook news feeds are the most widely used ad placement, it doesn’t mean you couldn’t benefit from other platforms, such as Instagram ads or offers displayed among Facebook Suggested Videos.

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Relevance of Market Research

Is market research of any value to both an existing and a new business?

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It is believed that accurate and thorough information is the foundation of all successful business ventures because it provides a wealth of information about prospective and existing customers, the product, the competition, and the industry in general. It allows business owners to determine the feasibility of a business before committing substantial resources to the venture.

In case you just dabbled into the business you are currently in without a professionally done market research, you lack what makes the difference in any endeavour; the right information is key! Get a free advice- stop struggling… go for knowledge about your customers, market, product, competition and the industry you are operating in. Engage the services of certified management consultants. The benefits far outweigh what it will cost you. Be wise!

Request for a price quote for a qualitative + quantitative market research today.

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August 25, 2018 · 8:00 AM

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August 6, 2018 · 4:36 PM