Groundhog Day has a reputation for being a day when the same inane scenario repeats itself, well, repeatedly. And Albert Einstein is widely credited with defining insanity as, “Doing the same thing over and over again, but expecting different results”. There’s one situation where we at PANOPTIKA think Einstein was wrong, and you might want to be a bit more like the groundhog.
Most of the research we do for our clients is custom research, so naturally, it can be adapted to be different every time. Questions and lines of discovery, methodologies, and even target audiences, can be switched out or massaged to meet their varying objectives. But there’s still one kind of research that we recommend you do over, and over again with few changes – at least for three years running. Tracking studies, or longitudinal studies, or wave studies, involve taking measures of your key performance indicators. Those, you want to keep as static as you can.
Let me explain. Some of you may be fortunate enough to be in an industry that there is market data regularly released in syndicated reports, so you can check those numbers on an annual, or even quarterly, basis. Do that, if you’re able. Many of our clients are in highly sensitive industries, or very specialized verticals, and that means they need to source this kind of data by using primary research. In this case, we recommend they (and you, if this is your kind of company), undertake a standalone tracking study with as many levers as possible controlled, at least once annually.
This isn’t because we don’t want you to ask new questions or learn new things. In fact, it’s quite the opposite. This study should reveal if there are changes occurring over time. It will let you see whether the target audience (your core clients) are having an attitude shift. Or whether patterns are emerging that might present you with a new opportunity, or reveal an unanticipated risk. You’ll also be able to be more confident that you’re not getting different answers, just because you changed how you’re asking the questions.
Tracking studies can be helpful for your budget, as well. With custom studies, a big piece of your cost is developing the research methodology, working with you to determine the target, and so on – basically, setting the foundation. Just like marketing tactics or online education of your clients, if you then go to “rinse and repeat”, your costs should diminish somewhat. Partners like us will often provide you pricing in advance for additional waves of the study, so you can make a better estimate of next year’s costs.
So, while we won’t advise you approach insanity (by Einstein’s definition), as we approach this year’s Groundhog Day, call us to talk about whether a tracking study is right for you.
My name is Megann Willson, and I’m one of the Partners here at PANOPTIKA. We work with you to see everything that will help you make better decisions for your business or career. You can also find us on Twitter, LinkedIn, or Facebook. And if you sign up before Friday, you’ll get this week’s issue of news you can use delivered straight to your inbox. Just click the button below to register. (We don't need to ask you twice, right?)
Megann and Steve, Partners in PANOPTIKA, are working for our clients every day to help them see everything they need to know to make better decisions in their complex business environment.
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