NEW SITE Location http://researchplaybook.com/
We’ve moved and changed our look, but not our focus on content!
The Research Playbook http://researchplaybook.com/
You can also find the newest blog posts at: www.AtHeath.com
NEW SITE Location http://researchplaybook.com/
We’ve moved and changed our look, but not our focus on content!
The Research Playbook http://researchplaybook.com/
You can also find the newest blog posts at: www.AtHeath.com
Written in collaboration with Dr. Ralph Finos
In an earlier post, we talked briefly about near-term and long-term forecasting – Why Do We Forecast?
Near-term Forecasting and Planning
In near-term planning we’re trying to be as accurate as possible about the outcome – regardless of how we get there. The premium is on prediction vs. explanation.
Problems like:
“What are my sales for established products likely to be in the next 6 months?”
Or demand pull considerations in the supply chain: …….
NEW SITE Location http://researchplaybook.com/
We’ve moved and changed our look, but not our focus on content!
The Research Playbook http://researchplaybook.com/
You can also find the newest blog posts at: www.AtHeath.com
Create Email Groups
Experience has shown that one highly effective method of communication is to create and use email groups (Reply to All lists). Include everyone involved in the project on the project communication email. This semi-automates the process of keeping team members informed of progress, decisions, and issues, allowing them to react accordingly.
Even if you don’t think the information is relevant for them at the time, it probably will be. For instance, if a team member is responsible for writing cross tab (banner book) specs, he or she can begin this process as soon as he learns the questionnaire has been finalized. The email communication alerts him or her along with the team members responsible for working on the questionnaire design. . . . .
NEW SITE Location http://researchplaybook.com/
We’ve moved and changed our look, but not our focus on content!
The Research Playbook http://researchplaybook.com/
You can also find the newest blog posts at: www.AtHeath.com
Research dissemination provides an audience with results through reports and presentations designed to help clients assimilate the information as quickly as possible. Graphical formats are emphasized over tabular data and an executive summary is nearly always provided.
However, that is often not enough. Dissemination does not guarantee assimilation and is far removed from action. Remember the purpose of market research is to solve a business problem or provide direction for business initiatives. Simply dropping off the report on the (internal or external) client’s desk does not fulfill that mission. . . . .
You can increase your knowledge by using AtHeath’s Resource Center content and the services offered. www.atheath.com
Written in collaboration with Dr. Ralph Finos
We forecast in order to discern what is most likely to happen in the future, which enables us to do something about it. While the future is impossible to control (and very hard to predict), good forecasting allows us to see into dark corners. We gain insight into what could happen next. This insight allows users of the forecast to take action and influence the vision of the future offered by the forecaster.
Market Forecasters answer questions like:
Depending on the purpose, the forecaster can be in the business of prediction or explanation or both. Consistently getting the answer right (regardless of the “how”) is a great benefit. Understanding why the result occurred, gives you power to influence the future – which is a greater benefit. Be sure you are clear about which one you’re doing.
For the purpose of clarity, we’ll call the focus on prediction “near term forecasting” and the focus on prediction and explanation combined “long-term forecasting”. “Near” and “long” are relative terms – consumer products may have short life cycles in real-time (perhaps the duration of the December holiday season). This type of product is certainly a candidate for a near term forecast. On the other hand, the life cycle of a large-scale technology product such as data center sized storage products, are likely to require a long term forecast.
The answer to this question might appear to be obvious. However, the reasons companies invest in market sizing and the approach they use or purchase will vary dramatically based on what they (you) are trying to do, the requirements for precision, and the tolerance for ambiguity in the room.
Market sizing is (and this is true of many areas of market research) a combination of science and art. Many analyst firms provide market sizing services to companies as a cornerstone of the syndicated research programs they offer. Companies interested in understanding (typically from a supply side analysis) the size of a market, use these services to determine market share and to plan future business strategy.
Gathering sales information from at least all the major players in a market is a typical approach to sizing. Further detail by market segment and geography is also typically part of the effort to size a market. The greater the detail the easier it is to find errors in the estimations.
Ultimately, companies use market sizing to estimate the position they hold in the market place. The estimates of market share become increasing accurate as firms compare the data for current size with the historical information they have collected. An analyst firm with five or more years in the business can pinpoint the size of a market with remarkable accuracy – assuming they are using a solid methodology, but that’s a topic for another time.
Written in Collaboration with Andrea Lacroix
In real estate, there are three important considerations location, location and location! Project management also has three important considerations they are: communication, communication, and communication!
Before we go further in our discussion of project management, let’s discuss communication. Communication with team members, vendors, and clients throughout the project is vital. Okay, you knew that – right!?
The frequency and type of communication will change throughout the course of the project, but establishing consistent meeting times and consistent communication patterns will ensure that the client and team members are aware of the latest progress and issues as they occur.
Documentation is also critical. So much happens on a project before it goes into the field changes are bound to happen and equally true the reasons and approvals can be forgotten – don’t let that happen. Create a clear and friendly paper trail. You should, as a best practice, always follow-up meetings and phone conversations with an email. Summarizing the conversations that took place as well as noting decisions, next steps, and approvals will all help to keep the project on track.