MarcyPhelps.com

Quick tip #11 - Include a matrix

Clients often want insights into how their products and services compare with those of their competitors. That's when a matrix comes in handy. Here's a template I put together that can be easily adapted for different types of projects. Note that I create hyperlinks that lead to more in-depth information about each of the competitor companies.

This visual representation makes it easy for clients to discover their key differentiators and identify gaps in the marketplace.

Let me know if you'd like a copy of an editable version of this matrix. I'll be happy to share.

More is not better

This month marks 12 years since I started Phelps Research. A lot has changed since the days when Google was a startup and Boolean ruled the world of search. I love my job, and over the years I've had the pleasure of working with all types of clients, from serial entrepreneurs to CEOs of global companies. I've also learned some important lessons about the kind of information they value.

I quickly learned - at least when it comes to information - that more is definitely not better. No, the way to impress clients wasn't with those 80-page reports of which I was so proud in those early days. It didn't take long to determine that my clients weren't interested in having me gather more information than they could when they tried the latest and greatest all-purpose search engine. They wanted information that was better than what they were finding. I eventually also learned that 'better' has many facets.

Better information means that it comes from trusted sources. More definitely does not translate into authoritative, and my clients – with critical business decisions at stake – aren't comfortable with the ease with which one can publish on the web.

It also means that the information is focused, yet comprehensive.  These busy executives don't have time to go to multiple sources or scan pages of search results for those relevant nuggets. They need specialized tools for quickly targeting the right amount of information in their topic of interest – the business of running a business.

For my clients, better information is packaged to facilitate decision-making. They want quick profiles for insights into industries and competitors. Executive summaries, tables, charts, and other formats make it easy to spot key issues and trends. My analysis of the findings and what they mean to my clients' goals and objectives add the kind of value that has kept them coming back for more.

Finally, better doesn't necessarily mean free, and free isn't always cost-effective. My clients are savvy enough to recognize that you get what you pay for, and the business information they crave is no different than any other product or service. When you use the best sources, collect only the relevant information, and deliver it in a useful format, it's worth paying for – as long as it doesn't break the budget.

All Information consumers - not just my clients - crave better, rather than more. Gone are the days when a content provider's or search engine's value lies solely in the number of sources they aggregate. One-stop-shopping is nice when you're trying to be comprehensive, but in an age of information overload, size really isn't a big selling point. Today's information environment requires tools that help us sort through the clutter and add meaning to what we find.

Nowadays, we don't have any shortage of information or options for delivery - but we've learned that there's more than just 'more.'

I can't wait to see what the next 12 years will bring for Phelps Research!

Great new blog - MEB Adds Value

I'm thrilled to announce a new blog from Mary Ellen Bates, MEB Adds Value. Most of what I know about value-added deliverables and urning information into insights I've learned from Mary Ellen's presentations and writings - so I highly recommend this great new resource. You'll find lots of simple, practical tips that you can put to use right away. Enjoy!

Year-end updates

On the web, change occurs quickly and continually . It seems that every day we hear about another one of the latest-and-greatest search tools being closed down - or altered beyond recognition. To help you keep up with this never-ending frenzy,the December issue of ResearchNOTES brings you the latest updates on a few of my favorite online resources.

Quick tip #10 - Add images

This is installment #10 in my series of Quick Tips - low-cost options for adding value to information.

At times, a picture is truly worth a thousand words. For example, when you're delivering information or analysis about places, photos from these locations can enhance your story. If your client is researching competitors, adding Google Earth images of corporate and satellite offices could verify what's online.

The trick to including images in your deliverables is to make sure you have the right to use them. To avoid any copyright violations when incorporating images into my articles, presentation, or client deliverables, I head to these resources:

Search.USA.gov image search - The websites of most government agencies contain collections of photos, which generally can be used without restriction.

Google Advanced Image Search and Flickr Advanced Search - Both have options for finding Creative Commons content that can be reused.

iStock - Sometimes free isn't always the quickest route to quality images. This site offers low-cost stock images and advanced search filters. 

The value of human insights

I recently read a news article about using the web to find free business and market information, and it contained an alarming quote by a professor of business at a top university: "You can find anything on the web and you shouldn't have to pay for it." It's frightening to think that this is what he's teaching his students, because – as any experienced researcher knows – no matter how hard you try, you won't find everything on the web.

Sometimes what you're looking for can only be found through conversations with people, including experts, your buyers, or your competitors. Perhaps the information you need is so cutting-edge that it hasn't yet made it to the internet. Then there are the times when your online sources appear to contradict each other, or when it's easier to just pick up the phone than do another Google search. Yes, even in research, people need people. 

One thing you can't get from any search engine or database is human insights. When we go online - whether it's for a survey or a search - we're in pursuit of the answers to the questions we've decided to ask. But what about the questions we didn't choose to ask or those answers that can't be put in writing? Sometimes you need to have conversations or just listen to what others are saying in order to bring out those unexpected nuggets of really useful information.

Trade shows are fertile ground for gathering information from human sources. So are networking events and one-on-one, targeted, yet loosely-scripted telephone interviews. And you never know what you might learn from the executive seated next to you on an airplane. 

Not everything can be found on the web, and taking the time to gather information from human sources often answers the questions we didn't think to ask. I hope the professor's students eventually learn this important research lesson. 

Quick tip #9 - Try different formats

This is another installment in my series of Quick Tips - low-cost options for adding value to information.

Not everyone wants or needs their information analysis delivered in a Word document. The key is knowing your audience and how they will be using the deliverable.

Does the client like to crunch numbers or sort data in a variety of ways? Do they need to see key metrics when preparing their strategy? Consider using Excel spreadsheets to deliver your findings and facilitate analysis.

Will your client be using your findings in a presentation? Is your client a high-level executive that needs to quickly get to the bottom line? PowerPoint can be very useful for these and other types of situations. I like using PowerPoint, because it forces me to be concise. 

If a Word document is required, think of ways to mix up the formatting. Text-heavy documents don't get read, and they're not conducive to delivering insights. Find ways to 'chunk' the information into manageable, digestable pieces. Use headings, charts, tables, bullets to break up the text and convey key points.

The only way to find out what format works best, though, is by asking the right questions - before you even get started. 

Information about information

At last month's Internet Librarian conference, I had the opportunity to hear Mary Ellen Bates' presentation on Tools for Adding Value. No matter how many times I hear Mary Ellen speak on this topic, I always learn something new. This time, I learned about Google Insights for Search, which helps with an important part of adding value to your research: providing information about the information you've found.

According to Mary Ellen, Google Insights for Search is "Google Trends on Steroids," and - as usual - Mary Ellen is spot-on. With this tool, you can not only compare the volume of selected search terms, you can slice and dices by category (e.g., finance, sports), location, time frame, and more. Check out these examples of how Google Insights can be used.

While value is in the eye of the beholder, I can definitely see how I this 'information about information' would be useful for my clients who are trying to understand their markets. 

 

GTD - insights about commitments and priorities

After listening to David Allen's CD set on using GTD for managing projects, I've been really focused on tracking all my current projects and their progress. I maintain a master project list, and each week, as part of my weekly review, I list the projects that will be my focus for the upcoming week. Each morning when I plan my day, I review the priority list and make sure I schedule next actions for each project.

It's a great system, and I'm making significant progress on my project list. What I'm finding is that this system is also extremely helpful for identifying any roadblocks in my projects. Following the advice in the CD, if I'm not making progress on any of the projects, I try to determine the reason.

For example, after several weeks of using this system, I noticed that there has been no movement on one particular project. It really stood out yesterday after I reviewed the priority list to see what I needed to work on today. Every project, except this one, showed significant progress. Another week had gone by, and I still hadn't done the next action I had lined up for this particular project. And I knew it wouldn't get done today, since more pressing tasks needed my attention.

True to David Allen's advice, I checked to make sure it was, indeed, the very next action - and it was. I had also done a good job of defining the next action. It had a verb and was constructed with a clear vision of what done looks like, but it just wasn't getting done. I finally realized that it was because this commitment, in light of all my other commitments, wasn't enough of a priority for me. This project wasn't moving - and the roadblock was me.

Thanks to this exercise, I realized that I was holding up this project, and it just wasn't fair to the rest of the team. I eventually made the decision that it would be best for me to step down from my position as committee chair and let someone else step in - someone who could make this their priority project.

I've always taken my commitments very seriously, and this wasn't an easy decision. But by hanging in there, when my situation does not allow the time or focus it requires, I'm not doing anyone any good. Yes, I was committed to this project at one time, but priorities change. Recognizing this and doing something about it is much better than sticking with the project and letting it languish.

GTD provides the framework for creating clarity about our commitments and priorities. Without my project list and weekly review of its progress, I wouldn't have been able to see where the bottleneck was, I'd keep feeling guilty about (and dragged down by) the lack of progress, and this project would not be completed as quickly as it needed. Not a bad ROI for the time it took to create and maintain a few lists!

 

Quick tip #8 - Listen!

This is another post in my series of Quick Tips for adding value to information that won't break your budget.

The only way you'll know what's valuable to your client is to listen. Listen for:

• Why do they need the information?
• How will they use it?
• Where have they looked, and what information do they already have?
• What's been frustrating in their search for the best information?
• If the information they're looking for can't be found, what would be an appropriate replacement?

Beef up your initial client or reference interview to include these questions. Conduct informational interviews with clients and prospects. Look at recent research requests to identify recurring needs. Follow up after you deliver findings. Determine what would really help turn the information into insights, because it's not the same for everyone.

Listen - and learn what value means to each of your clients.

Learn more quick tips for adding value to the information you find in my Internet Librarian 2011 presentation on this topic.