Loosening the Budget Belt to Make Room for Innovation

The dynamic nature of the marketing and market research worlds means people are tasked with staying innovative in order to grow their business. With zero-based budgeting practices becoming commonplace, it’s a constant challenge to conduct the research needed to support innovation and, ultimately, growth. To a true innovator, skipping the research step is not optional. The best way to stay innovative is to dedicate your budget to the time and resources needed for the best kind of growth.

“But,” you say, “Money doesn’t come out of thin air just because I need it for research!” We get it. You’ve DIYed your research and taken marketing research classes during your spare time to write better surveys. But you have gotten so spread thin in the name of a tighter budget that you’re tempted to just forgo the research step. So, just for fun, let’s ask some cats about a few ways you can fit research into your extra-tight budget.

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Dedicate the Team: Instead of tasking one person to oversee your research, delegate your research tasks to multiple people on the team. With every person contributing just a little bit, a lot can get done.

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Get a Guide: Still think DIY is the way to go, but aren’t sure if you’re doing it right? Hire a researcher as your mentor, taking on the bulk of the work, but getting the best guidance. Learn how to fish, right?

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Focus your research: Market research projects tend to get pricey the more broad you get with your questions. Instead of trying to cover Usage & Awareness, a concept test, and customer satisfaction in one survey, pick the topic you need the most to boost your innovation and stick with it. It will still cost something, but not a whole heap, and the insights you get out of your research will be much more powerful.