Do you know everything you need to know?

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  • Do you know everything you need to know?

    Market research studies in the technology sector is not a common occurrence. Typical research includes studying new markets, customers or competition. Why do companies not do more of this research? Here are some reasons why: a. Known markets: Most IT service providers, from the large ones are invested heavily in the US market. Consider this TCS has 50% of its revenues and Cognizant has over 75% of its revenues from the North American region. If North America is able to sustain these larger companies, where is the need for smaller and mid-size companies to look elsewhere? With this reasoning, companies especially service providers, rarely venture beyond these familiar territories. b. Informed field force: In the case of larger companies, the presence of a large field force usually helps gather market intelligence. Companies tend to get by with the on-the-ground intelligence. c. Lack of bandwidth: The smaller companies especially are usually one-man shows and there is little bandwidth to focus on research the entrepreneur CEO would rather focus on chasing new opportunities than invest valuable and scarce resources in a market study. These are some typical reasons but are they sound enough? By not understanding the markets thoroughly, are we ignoring a potentially high-revenue generating opportunity? Or are we satisfied with selective bytes on competition and customers? In our view, market research is a must and this does not necessarily imply huge spends. Conversely, what we recommend is a periodic read on the markets business opportunities, customers and competition. Say, a quarterly update would help a company be far more prepared in dealing with business demands. It would allow you to talk in an informed manner with your customer/prospect, enable you to take appropriate actions against competitor moves and also motivate you to explore new markets more frequently. Isnt this important for healthy business growth? What do you think?

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