How to Approach Your 2023 Research Budget

‘Tis the season when we all set our sights on the possibilities of the year to come. The new year is an opportunity to assess our accomplishments, set new goals and focus on new challenges. And now is when you should be earmarking part of next year’s budget for consumer research. 

So how much should you set aside for research? If you can allocate at least $10,000, you can engage a partner to do some type of research – even if the scope is limited. In an ideal world, everyone would have six-figure research budgets, but since that’s often not the case, the right partner will help you scale your research approach to the budget you do have. What’s most important is that you’ve taken the time to think through what you really need to know. 

Here are 4 questions that can help you determine where deeper insights will get you closer to your goals in 2023:

1. What problems do we need to solve this year?

   This is different from asking which problems you can afford to solve. Rather than limiting yourself before you’ve begun, think of your investment in research as foundational to understanding which problems are having the biggest impact on your brand. There could be issues that seem small on an operational level but are actually having a major impact on customer perception of your brand. Those should be prioritized and consumer research can give you the data you need to make that case.

2. Why do people like our competitors?
   Sometimes digging into why people don’t buy your product or service is quite revealing. Customers loyal to your brand can provide a ton of great insight, but talking to the people who are loyal to your competition can provide a whole new perspective on opportunities to win them over.

3. What assumptions are we making about our customers? (or employees!)

   A lot of brands are still using research that was conducted back in 2019. While that might not seem like a crazy amount of time if all things were status quo, the truth is that the global pandemic created some of the fastest shifts in behaviors that we’re likely to see in our lifetimes. If you haven’t revisited the wants, needs and priorities of your key stakeholders since lockdown became a household term, it’s time.

4. What expertise do we have in-house?

   Most companies do not have robust in-house research teams. Sure, there are a battery of online tools that make it seem like any business analyst can conduct research, but often these tools become part of the problem when left in untrained hands. Your employees deserve to be supported in doing the jobs they are good at and your brand deserves thoughtful research conducted by experts.

Ready to discuss your 2023 goals and objectives? We would love to know what you want to learn this year and can help you determine the appropriate budget. Let’s talk.