Do Your Research

Many people claim to have the answer as to how to make your business successful. In fact, over the past several days, I've listened to a number of highly successful entrepreneurs talking about their journey. There are some differences in the approach, but there was a single constant: do your research.

Without doubt, it's critical as a small business owner that we're constantly researching our field; be that looking at the competitive landscape, or the conditions in the market in general. Businesses that fail to execute continuous research, themselves fail. So what are some of the ways we can perform this research? If it's so necessary to the very existance of our business then we must find the time to do it, and do it in a way that is meaningful.

I'm sure you know that I come from an Engineering background. As such, I naturally fit with the notion that good data drives good decisions; therefore uncovering good research data is necessary for me to take sound decisions for my business. I look at my competitors to see what they are doing--and try to guess their strategic direction using these clues; I suppose a little like Chess. But I also look beyond my competitors to the market itself, and the people that are potential customers, partners, suppliers, etc.

Recently I attended a security conference in Toronto called SecTor. It's a chance to connect and meet with people from across the computer security industry and enjoy some presentations on cutting-edge research. It's a great conference and certainly worth the investment (both in time and money) to attend. What it does more than anything is give me a chance to see what other companies are doing; what do they find important when it comes to security? As Gretsky said, "skate to where the puck's going"--we need to aim for what these attendees are likely to be focused on at the 2013 conference, using their current concerns as a hint.

Here are a few things that I continuously research for my business, perhaps some will be useful for yours:

  • What is the likely 'next big thing' in the industry? It seems the security field goes through waves of whatever the concern-du-jour... so trying to figure out what the next one is by looking at what's happening now is key.
  • Are my competitors leaving a gap in the market? Are they under-servicing a very specific niche in the industry that I can capitalize on. For instance, very few security consulting companies offer customized training to SMBs.
  • What are people's main pain-points with security? It's long been my ethos that security shouldn't 'get in the way' of doing business. This gives me an opportunity to help businesses improve security and even solve some pain points along the way.
  • How can I relate what I do (security consulting) to other people's roles? Security is most often seen as an 'IT thing' - so how do I best relate to non-IT roles where security is equally critical.

These are just a few, and you might be surprised to learn I don't include price in that list. I actually don't do continuous research on price--although I'll perform periodic benchmarking--as I personally do not operate in a space where price sensitivity is a primary buying decision. That's not to say it's not important, but I price based upon the value I'm delivering which is specific to each and every engagement, versus the usual "what my competitor charges +/- 15%".

My message to you: keep researching! Make it a part of every week. Have periods of intense focus on research. Above all, use this knowledge to help drive your business forward and make sound decisions.