Intro
Often, I meet people who are unwilling to provide tangible outcomes, hiding their lack of skills under the guise of a research project. This misconception can lead to confusion, misaligned expectations with business stakeholders, and ultimately result in unsuccessful collaborations.
Commercial Engagement vs. Research Project
A commercial engagement is a partnership between a business and an external entity (such as a consulting firm, research institution, or individual) aimed at achieving specific, measurable outcomes that directly contribute to the business’s success. In contrast, a research project is an investigation conducted to increase knowledge or understanding in a particular field, often with no direct commercial application. I have a massive respect for the “real researchers”, but this post is not about them.
The key difference lies in the expected outcomes. Commercial engagements focus on delivering tangible results that improve the business’s operations, products, or services.
These outcomes might include:
- Increased revenue or market share
- Improved efficiency or productivity
- Development of new products or services
- Enhanced customer experience or satisfaction
Commercial Engagement Outcomes
To ensure a successful commercial collaboration, it’s essential to establish clear expectations and outcomes. Here are some hints for business owners:
- Clearly define the problem or opportunity: Clearly articulate the business challenge or opportunity you want to address; know what you expect and ensure others know that too.
- Establish success criteria: Identify the specific outcomes you expect from the engagement. Be as detailed as possible, including metrics and milestones; you can not track something that you can’t measure.
- Select the right partner: Choose a partner with a proven track record of delivering commercial outcomes in your industry; that partner should help you specify the 1st and 2nd points.
- Monitor progress: Regularly review the partner’s progress and adjust the engagement as needed to ensure it remains aligned with your business objectives; it is better to course-correct development in the middle of the project than rebuilding everything at the end.
By understanding the distinction between commercial engagement and research projects, and focusing on tangible outcomes, business owners can establish successful partnerships that drive growth and avoid dishonest researchers.
I hope this post provides a helpful overview of the topic. Let me know if you have any specific questions or areas you’d like me to expand on. Happy to assist!