One of the biggest challenges we often see with our clients is their struggle with dealing in business information sourcing. Business Information Sourcing is a highly fickle activity where sometimes you strike gold and sometimes you keep digging through mud.
When a startup wants to make informed decisions, they require the proper, relevant knowledge of every possible nuance. But there is quite a bit of bottleneck when it comes to a Startup’s initiation for its search of business information.
So we decided that we will talk a little about 5 major challenges that a startup, like yours, can and probably will face in business research information sourcing and how we can help you solve them.
Challenge 1: Not enough Brand Recognition to be taken seriously by industry experts.
A Startup is inherently a new entity that is primarily trying to make its mark. A key aspect of this striving is hampered by the novelty of your brand. When experts are not aware of the waves your brand is/can be creating, they are less likely to be responsive.
How to supplement your Brand’s invisibility? (Read about the importance of preparation by other professionals and take a page out of their playbooks). One of the key reasons why business information sourcing can be a struggle is that the person on the other side believes you have nothing of value to offer in return. Thus, the reluctance of idea can keep you stuck. Preparing ahead and clarifying your requirements with a capable business research support team can do marvels.
If you start the conversation by throwing out a key factor or something similar of high value, you pique their interest. And when they are hooked, you suddenly become someone who knows what they’re talking about.
Challenge 2: How much to invest and how much to expect?
Good return of investment is more crucial to a startup than it is to an established corporation. Every penny counts. Now that you have decided to prepare ahead, you want to make sure you don’t invest too much only to gain too little.
Luckily, business information, and especially industry trends are easily available. All you need is to do a little detective work. A sharp eye and a skill to read between the lines can help you gain information about industry despite never knowing every nuts and bolts. With the help of a research analyst you can find out the implications of the industry patterns as well as the decisions of thought leaders. This allows you to create a fine first impression with those who you seek to partner with as well as those who you need to talk to acquire the information. Once you establish credibility, then you’re someone they know as a purveyor of value.
While it’s true that quality of business information often justifies the expense (the more expensive, the better), there is a benchmark of relevancy and timing. You as a startup should be always aware and seek counsel of your research analyst to decide. How much of that business information is beneficial and for what duration? How to decide the authenticity of the sources and their credibility? Sometimes what the best offer isn’t necessarily the best for you.
This also creates an offshoot factor of whether you should pay the respondents or not for their consultation.
Challenge 3: Money talks. Or does it?
It’s a basic psychology. Money is the most obvious incentive. The quality is always directly proportional to the incentive. So a consultant who you pay will of course give you a considerably higher quality of information than a cold call. He may even provide business decision information that takes you farther than you imagined.
Sales or Tax Consultants and other financial experts constantly keep themselves ready for consultations with Banks and major financial institutions. This allows them to contribute to a major financial event as well as earn handsomely. And banks don’t shy away from this either. Similarly, you as a startup can always find experts and consultants who are well prepared, aware and communicative in your industry by offering reasonable incentives.
Money talks! But depends on how you use it. Be reasonable and you’ll hear something that could make you a game changer. This now brings us to next key aspect to be aware of as a Startup before you start business Information sourcing.
Challenge 4: The Correct Network
In an ideal world, when you enter the field as a startup, you are connected to your investors, your team and your target audience. But realistically, you are just beginning to be noticed. You need to leverage a network that already exists but you are not a part of it.
This is where business information sourcing becomes trickier. Who do you talk to, as opposed to what do you talk about, becomes critical factor in deciding between success and failure. The right networking access will enable you to not only gain the best possible information, but with a little care, you will be able to save on your efforts and investments too.
Remember how we spoke about professionals who should be incentivized to speak? Well, let’s ignore it for a minute. Now how about we tell you there are professionals who are part of a network where the incentive is measured in information and value, not in Dollars and Euros? Wouldn’t you love to be a part of that network? You have value adding information from your preparation and you’re eager for exchange? But how to begin?
Once again, it’s your capable business analyst support to the rescue. Speak to them and ask them about it. Business Analysts spend years cultivating contacts and inculcating leads and experts who can drop relevant information at the drop of a dime (or for free). You can always find yourself such an analyst and start sourcing the information that takes you from being a startup to being a success!
iSBS research equips you with comprehensive information about potential market size, key consumers, distribution channels, etc and aids you in evaluation of new business commitments & initiatives. One of our primary methods to accomplish these parameters is Primary Research initiatives. The engagement with professionals, the human insight and a personal touch establishes a credibility and affability that allows a clearer picture than template questionnaire.
Want to know how we can help you in Research & Market Evaluation? Let our work speak!