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excerpts from a letter, parts of a business plan, and other thoughts about business
You probably remember that I've been working with Company X since last October, 2000. During that period, I've learned a great deal about conducting survey research over the Internet, both with and without our (Company X's) software. I've also been pleasantly surprised to learn that our web survey platform is a little-known leader in this field, and I've become increasingly confident about its various features and functions since the fall.
To be sure, the business case for conducting online survey research has become compelling in the marketing research industry; conducting B2B surveys via the telephone is an increasingly expensive method. Fielding the same study through the means of a blended telephone invitation/web-based survey can save upwards of 50% in overall data collection costs. Real-time progress reporting, online review and tabulation of research data, and decreased length of field times are only a few of the additional benefits of conducting survey research online.
However, one of the biggest things I've learned about many prospective clients in this business is that many of them have neither the resources nor the inclination to deploy their own web surveys themselves. The market is there for them to offer the service, but the market will also bear a mark-up of outsourced web data collection services from an external provider. For example, one of my first clients, a full-service marketing research company based in Massachusetts, has already done 6 web survey projects with us in the past 6 months. Over the course of a year, it might become more cost-effective for them to have licensed our software outright, instead of outsourcing each project to us. However, the level of service and expertise this company receives from us makes the money spent more than worthwhile. We manage and deploy all of their web survey projects in an expert and professional manner, and they don't have to hire any new programming staff or develop new expertise to offer a very high quality research product to their clients.
That's where I see myself fitting into this market and industry sector: marketing research project management services. I think there's a great opportunity for us to broaden our range of products and services in a unique, customer-focused way. There are also significant revenue-generating opportunities inherent to a service-based business: most happy customers are repeat customers, and they in turn become ongoing sources of revenue.
Anyway, I'm sure none of that is news to you, but it should give you an idea about what I've been thinking about and how I plan to approach it in general. Just so you know, my focus in this venture is operational and client-centred. My strongest contribution is to the process of translating the client's needs into a tangible and efficient output; you might see a use at some point for services like this in your existing business or elsewhere.
Note: The last paragraph is not designed to drum up any business from LJ. :)
To be sure, the business case for conducting online survey research has become compelling in the marketing research industry; conducting B2B surveys via the telephone is an increasingly expensive method. Fielding the same study through the means of a blended telephone invitation/web-based survey can save upwards of 50% in overall data collection costs. Real-time progress reporting, online review and tabulation of research data, and decreased length of field times are only a few of the additional benefits of conducting survey research online.
However, one of the biggest things I've learned about many prospective clients in this business is that many of them have neither the resources nor the inclination to deploy their own web surveys themselves. The market is there for them to offer the service, but the market will also bear a mark-up of outsourced web data collection services from an external provider. For example, one of my first clients, a full-service marketing research company based in Massachusetts, has already done 6 web survey projects with us in the past 6 months. Over the course of a year, it might become more cost-effective for them to have licensed our software outright, instead of outsourcing each project to us. However, the level of service and expertise this company receives from us makes the money spent more than worthwhile. We manage and deploy all of their web survey projects in an expert and professional manner, and they don't have to hire any new programming staff or develop new expertise to offer a very high quality research product to their clients.
That's where I see myself fitting into this market and industry sector: marketing research project management services. I think there's a great opportunity for us to broaden our range of products and services in a unique, customer-focused way. There are also significant revenue-generating opportunities inherent to a service-based business: most happy customers are repeat customers, and they in turn become ongoing sources of revenue.
Anyway, I'm sure none of that is news to you, but it should give you an idea about what I've been thinking about and how I plan to approach it in general. Just so you know, my focus in this venture is operational and client-centred. My strongest contribution is to the process of translating the client's needs into a tangible and efficient output; you might see a use at some point for services like this in your existing business or elsewhere.
Note: The last paragraph is not designed to drum up any business from LJ. :)