How To Save $50 million
Woody Allen is famously reported to have said, “80% of success is showing up.” Well, there is something about the ROI for a strategic research portal that is analogous. By simply concentrating all of a company’s market research in one repository that is available to everyone involved in strategic business or product research, huge benefits can be realized without a lot of fuss.
One of our clients just gave us a wonderful example. They were in a super-time-pressured bidding-war for a potential acquisition. Like most Fortune 500 companies, this client is global, with many geographic and product divisions around the world employing thousands of people in marketing, strategic planning, and product research. The acquisition team that was assembled to consider the opportunity was not aware of anyone inside the company who had studied this market in great depth. Mostly, the acquisition team was using market analysis provided by the target and what they could find with general searching on the Web. Based on information from these sources, combined with a corporate interest in entering markets like this one, the acquisition team was preparing what was hoped would be a winning bid of over $50 million for the target company.
One of the members of the acquisition team thought to check their new Northern Light SinglePoint Strategic Research Portal to see if there were any reports in the research repository evaluating the market addressed by the potential acquisition. There in the aggregated collection of tens of thousands of reports from around the world, the acquisition team discovered studies of the market segment preformed in earlier years by different geographic and product divisions. These studies had not been carried out in the time-curtailed setting of an acquisition bidding-war that demanded an immediate response. Rather, the study teams had the luxury of sufficient time to research trends in fine detail, to challenge conventional industry wisdom, to question commonly-held assumptions, and to evaluate emerging alternative technologies that addressed the same underlying customer need. Significantly, the prior studies raised serious questions about the long-term potential of the technical approach being pursued by the acquisition target. With this knowledge in hand, our client dropped out of the bidding and avoided a $50 million mistake.
Wow. Now that’s an ROI on the strategic research portal.
There is a $50 million decision being made somewhere out there in your company right now. Wouldn’t you like to know that the best marketing and technology analysis ever created or purchased by your company that could affect this decision is in the hands of the decision makers? Perhaps if Woody Allen had been a marketing, product development, or business strategy professional, he might have instead made the observation, “80% of success is being able to find your research,” though it would not have been nearly as funny.