As a giant advocate for market research as a fundamental approach to data-driven decision making, I often get asked the question: “How much should we invest in research and why?”

A fantastic question! There is no magic answer to that question, but there are definitely a number of scenarios/thoughts that can help you to formalize a response if asked.

Over the past 12 years I have had the pleasure of working with dozens of colleges on research projects related to; image/perception of their brands, communications messaging, marketing activities, academic program offerings, national reputation, logos, you name it. There are very few topics/scenarios that you can’t find a way to gain a better understanding of by conducting research.

In looking at best practices and advocating for the use of data to drive strategy I often recommend the following: Conduct research when you are making decisions where the stakes could be millions of dollars and you can’t afford to be wrong.

As you think about this further research should be conducted when you are:

• Assessing the addition of new academic programs- what is the value of the addition of one new academic program that is successful over a series of 10 years?
• Preparing for the launch of a capital campaign- what is the value of a successful campaign for your college, understanding the motivators/perceptions of major gift prospects for individual major gift asks?
• Moving through a brand redevelopment process- what is the value to understanding perceptions of top-notch faculty you would like to recruit, a move up in the rankings, a new competitor set, recruitment of a different type of student?
• Working through a strategic planning process- what is the long-term value of aligning the right strategic initiatives that key stakeholders are interested in with the direction of the college long-term? Priceless.

The value of research that drives data-driven decision-making can’t be underestimated. As you prepare for the upcoming budget year think about those key initiatives that are of highest priority and what research you need to do in order to make those million dollar decisions the right way!