Lynda Resnick on Business and New Media | Big Think

TL;DR

Research is now accessible and crucial for business success, with a focus on transparency and consumer engagement.

Transcript

research has been so key to me my whole working life and uh what we used to pay for research and the time we would wait to get the answers by the time a research study came back tens of thousands of dollars later you know you'd moved on almost it used to take forever I would say that we must have a couple of research projects going every week at on... Read More

Key Insights

• 👨‍💼 Research is now more accessible and cost-effective, enabling businesses to make informed decisions.
• 🏛️ Transparency and consumer engagement are pivotal for building trust and loyalty.
• 🍵 Handling crisis situations with honesty and proactive communication can mitigate risks.
• 🥺 Collaborating with activists or communities can lead to mutually beneficial outcomes.
• 🔠 Utilizing consumer input in product development can create ambassadors for the brand.
• 👨‍💼 Value-based approaches and ultimate transparency can differentiate businesses in the market.
• 🥺 Empowering consumers and involving them in business decisions can lead to mutual benefits.

Questions & Answers

Q: How has research transformed in terms of accessibility and cost for businesses?

Research has become free or significantly cheaper, enabling businesses to conduct studies in-house or through affordable online platforms like Zomerang and Domcom, making it more feasible for entrepreneurs to gather essential market insights.

Q: How did a business handle a crisis involving animal testing and activists?

The business faced backlash and threats from animal activists for testing pomegranate juice, ultimately opting for transparency, engaging consumers, and partnering with activists to find alternative testing methods, showcasing the importance of ethical practices and communication during a crisis.

Q: Why is transparency and consumer engagement emphasized in modern business strategies?

Transparency builds trust, while engaging consumers in product development fosters loyalty and advocacy, aligning with modern values of ethical practices and community involvement for sustainable business growth.

Q: How does the speaker plan to enhance consumer engagement across their brands?

By prioritizing transparency, value-based approaches, and fostering a dialogue with consumers, the speaker aims to deepen connections, leverage consumer input for business decisions, and integrate community engagement as a core corporate effort.

Summary & Key Takeaways

• Research has evolved to be accessible and essential for business decisions, eliminating high costs and long wait times.

• Utilizing research can involve engaging your target market in product development and nurturing them as ambassadors.

• Transparency and consumer interaction are key elements in building successful businesses today.