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As the CEO of a 25+ year-old market research firm, the last seven years transitioning to a tech-led business have been a profound learning experience. Here are the key lessons we have learnt (and we are still learning):
Embrace Change Across the Business
Most people are comfortable with the idea of change and will outwardly voice support, but in reality making the change takes a lot of sweat and tears, especially for individuals and teams accustomed to long established approaches and methods. That is why from top to bottom within the organisation cultivating a culture that welcomes change towards a clearly defined purpose was crucial, especially emphasising the opportunities to learn new skills and develop personally. At the heart of this we have found agreeing on a set of values from the outset and sticking to them enabled everyone to work collaboratively and minimise the fear factor of making change.
Maintain Stability
Developing the technology was clearly a big strategic focus, and we had been developing the technology gradually over many years, but it goes without saying that ultimately it is the people who drive its success. We focus on upskilling our existing team, building on existing capabilities works well but blending in new talent with expertise in scaling technology to drive the new path without jettisoning the old has given us the stability to start slowly then accelerate the change. Making this blend of traditional market research knowledge with new expertise work has been an essential part of this journey and renewed growth.
Collaborate with Clients
Working with the clients as we transition has needed clear communication and flexibility, but has also been built on the existing foundation of an established and collaborative relationship in the first place – The clients we work with are as keen as we are to learn new skills and make their lives more efficient and productive, providing invaluable feedback and ideas as we go along. However, being focussed, sticking to the plan and trying not to do everything has enabled us to also take stock and think about what is best for our clients in the future. This approach freed up time to focus on what was critical to client needs and not waste time on ‘nice to haves’ vitally important when resource is tight.
Seek Help
There is an incredible amount of resource, information and help via networks to support the transition. However appreciating that ‘you don’t know, what you don’t know’ is a vital characteristic to embrace. Learning from others has been crucial to re-shape the business with the right tools, people and approaches, many of which we had no idea even existed. Everyone seems to have done this before and taking on as much knowledge as possible and blending it in has been hugely helpful with our transition.
Balance Innovation with Tradition
While new technologies brought efficiencies, it is important to remember what got you there in the first place and what of the traditional techniques remained valuable. Combining both key elements of the old, with new technology provides a more comprehensive service for clients and we discovered that this was in fact what many clients wanted – a blend of the old with the new customised to them – a one size fits all approach simply does not work.
Manage Finances Wisely
It goes without saying that a significant financial investment was and continues to be needed for new expertise, technology and infrastructure. Careful financial planning and phased implementation are key to maintaining stability and whilst it does take more time, gradual transition, tight financial controls and a big dose of patience go a long way.
Stay Agile and Scalable
The technology landscape is always changing. We learn all the time and adopt agile processes and methodologies to stay flexible and invested in scalable solutions to grow with our needs. We also, after a period of time, had to make some hard decisions on what to stop doing as well as what to focus on. This decision to stop developing some parts of our platform was a lot harder than we had imagined, but is vital with a streamlined team.
Uphold Data Privacy and Compliance
With greater data usage comes the responsibility of protecting it. We established strict data management protocols to ensure compliance and build client trust, and instilled this throughout our entire workforce and continue to do so on an ongoing basis.
Foster a Culture of Innovation
Encouraging creativity and innovation has always been a part of our DNA, but it has and continues to be dialled up as we continue to transition. We have found that forming cross-functional teams to pilot new ideas, embeds innovation around the business. We know, as many do, that new winning ideas can come from anywhere and we just need to find them, from whatever source.
Conclusion
The transition to a tech-led market research firm has been transformative from a business and personal level for all of us. Whilst incredibly challenging, way more than we expected, by embracing change, investing in people, and balancing innovation with tradition, we feel that the service we now provide is much more aligned to changing client needs. This journey has been frustrating at times, not to mention slow, but we feel it has not only strengthened our company but also deepened our understanding of what it takes to stay competitive in a constantly evolving market.
