Harnessing Growth Through Stakeholder Research: A Deep Dive With Mm-Eye
One of the subtle shifts in the language I have noticed here at MM-Eye is our propensity to talk about customer research as opposed to consumer research. This is because we are in the business of helping companies understand the people who buy their products, not just the people who use them. This stakeholder and customer understanding often gets left behind, yet it’s the cornerstone of fostering enduring relationships and ensuring business longevity. With the commercial landscape evolving rapidly, delving into the minds of stakeholders is a necessity for businesses aspiring to stay ahead.
The fine line between customer and consumer may seem trivial, but in the grand scheme of things, it reflects a broader understanding of the market dynamics. Stakeholder research provides a lens through which businesses can view the complex nature of their market, encompassing both the end users and everyone involved in the lifecycle of a product or service. This includes suppliers, investors, employees, and even the communities within which they operate. By embarking on a journey of stakeholder research, businesses are better positioned to align their strategies with the expectations and needs of all parties involved, creating a healthy and resilient business ecosystem.
A focus on stakeholder research is a shift from looking at just buying habits to understanding the values, expectations, and experiences across all elements of the demand and supply chain. This broader perspective enables businesses to foster stronger relationships, better meet the needs of their market, and in turn, enjoy a competitive edge. The significance of a stakeholder-centric approach is well-echoed in industry findings. According to Strategy&, B2B companies adopting this approach can achieve up to 50% higher revenue growth and 30% lower costs than their competitors. Similarly, KPMG reports that B2B companies delivering exceptional customer experiences can boost their revenue by 20% and reduce service costs by 15%.
In the realm of sustainability, stakeholder research holds a mirror to the business, reflecting its impact on both the social and environmental fronts. By understanding stakeholders’ perceptions, expectations and experiences, businesses can enhance their market position and also contribute to the larger narrative of sustainable business practices. It’s a mutually beneficial endeavour where businesses refine their strategies while creating a positive ripple effect in their communities and the environment at large. Moreover, the insights garnered through stakeholder research often serve as a catalyst for innovation, opening doors to new opportunities that resonate with the values and needs of stakeholders.
At MM-Eye, we pride ourselves on helping businesses understand their customers at every level, whether it’s the CEO at a blue-chip company or a municipal buyer. Our skill set lies in customer understanding and figuring out the right methodology and lines of questioning to help you understand them better. Our expertise in both qualitative and quantitative research studies, intertwined with our dedication to promoting sustainability, makes us a reliable partner in navigating the complex landscape of modern business. Through a fine blend of traditional research methodologies and innovative tools, we are committed to supporting our clients in making informed decisions that foster growth and make a positive impact.
If you want to find out more information about how stakeholder research can help your business grow, enhance sustainability, and foster meaningful connections within your market, feel free to get in touch with us at MM-Eye.
