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Contributors
5 min

How to find the right expert insight for strategic business decisions

The ways to find the expert insight you need for strategic business decisions

GrapeData
Aug 26, 2022
B2B market research
B2C market research

Introduction

With all the information available about every aspect of your business, it can be difficult to know where to start. However, you don't have to search for hours or days on end for information about what's going on in your industry. Instead, you can find expert insight that helps you make better decisions and run a more successful company. Expert insight is valuable because it's not just data. Experts are people with real knowledge and experience who've been in that situation before. They've either found success or failure trying something similar. So, they can tell you what happened so you don't have to make the same mistake they did. Let's dive into the meaning of expert insights in the next section. 

What is an expert insight?

Expert insight is a type of information that helps you make better decisions. It can be used by all types of organisations, from small startups to large corporations. In addition, it can be used in any industry: B2B or B2C; for-profit or nonprofit. No matter the size or scope of your company, expert insight can help you win more customers, retain more of them and get more revenue out of each customer.

How do we know? Because our team has been working in the domain of expert insights since 2018 and we’ve seen firsthand how it can help companies make better strategic business decisions every day. But what exactly is “expert insight”? Let’s walk through some definitions so there are no misunderstandings about what this means.

Expert advice is not the same thing as expert knowledge (or “expertise”). When someone gives you their advice about something, they may tell you how things should be done—but they don't know for sure whether those recommendations will work in your particular situation or environment (especially if they don't have any experience working at your company). Expert judgement isn't necessarily based on facts either; instead, it's based solely on people's opinions about what could happen in certain situations based on past experience.

Expert insights are typically gathered through expert networks. An expert network is a company that connects knowledgeable experts to companies that need them for research projects. Expert insights are valuable tools of information for these businesses in order to do further analysis. For instance, consider a company that wants to run a survey project on tradesmen in South America. The company wants data about the market players, average revenue, and other growth metrics of the industry. One way to go about this research is to gather expert insights. Since experts know the ins and outs of an industry, they'll be able to guide the company to get this data. 

For more information on how an expert network works, check out our article on how a global expert network works here.

How can expert insight help you make your business decisions?

Expert insight can help you make better decisions in any area of your business. If you're struggling to make financial or marketing decisions, expert insight will be able to give you real-world knowledge and data. This data can then lead to better outcomes for your business.

Our contributor network has been helping companies make these strategic business decisions for over 5 years, so they know exactly what it takes for companies of all sizes—even startups—to succeed. Their expertise will ensure that your business runs like clockwork while keeping costs down so that you can focus on growing your company. 

Expert insights can help your business make decisions in a variety of ways. First, experts help give you first-hand knowledge about your industry or domain. Experts have knowledge that's built in over the years. This kind of data, when shared with your company, can prove to be a valuable asset for your business. Second, experts help reduce some of the uncertainty that businesses face to make strategic decisions. These decisions involve the company's environment, resources, employees, and its interaction with the outside world. Due to the number of variables involved in these strategic decisions, there's bound to be some amount of uncertainty. Expert network insights are a good way to help reduce some of this uncertainty.

For more information on strategic business decisions, check out HBR's guide here. Lastly, experts help businesses stay ahead of the competition. Experts can help businesses to make the first mover's advantage and capitalise on trends earlier than others. In this manner, businesses can get a competitive edge. 

Where do you find the right expert insight?

When you need expert insight, there are many different places you can find it. In order to make sure that your research is as thorough and comprehensive as possible, try to use a variety of sources so that you can get a complete picture of what's out there.

Here are some ideas for where to look:

  • Ask friends and colleagues who have worked in related fields how they got their expert insights in the past.
  • Use online resources such as social media accounts or question-and-answer websites like Quora or StackExchange to see what other people are saying about the topic at hand.
  • Search through databases such as LexisNexis Academic or Factiva for relevant articles on similar topics written by experts in this field over time.
  • Look through libraries' collections of newspapers and magazines that may have featured interviews with experts on topics similar to yours (such as "The New York Times," "The Economist," etc.).

At GrapeData, we conduct follow-up calls that produce even better results than expert insights. Follow-up calls are conducted after a research project is complete, to gather more information from survey respondents. Follow-up calls produce a lot more data points than expert insights. Because of the sheer number of relevant survey respondents, follow-up calls work to provide valuable insight to businesses. If you'd like more information, shoot us a line at sales@grape-data.com. 

How do you use the expert insight you find?

After you’ve found the expert insight, it’s time to use it. You can use this information to improve your decision-making. Additionally, you can make more informed choices that will have a major impact on your organisation. Here are some ways in which you could use expert insight:

  • Use their expertise as a starting point for developing new strategies, or adapting an existing strategy when faced with new challenges.
  • Ask them questions about how they would solve a specific problem within your industry or area of expertise.
  • Solicit their advice on an upcoming project or initiative that you're considering launching in the next few months/years.

Ask them how they would approach a specific situation, and how they would recommend you handle it. If an expert has been in your position before, they will be able to provide valuable insight into what worked well or not so well for them when making similar decisions.

There are many ways to get information to help you make better decisions, and experts are one valuable source

There are many ways to get information to help you make better decisions. Experts are one valuable source of that information, but they aren't the only ones.

There's a big difference between expert insight and expert advice: Expert advice is a recommendation about what you should do based on knowledge or experience; it's often framed as a recommendation for what is good for someone (or something). Expert insight is different from both of these things because it doesn't tell you what to do; rather, it helps you understand why something happened or how things work so that you can make better decisions in the future.

In other words, expert advice helps you make the right choice. Expert insight helps you make better choices in the future by helping you understand why things work the way they do.

Conclusion

The most important thing to remember is that, as with all information, you need to use expert insight responsibly. It’s not a substitute for critical thinking and creative problem-solving. And it’s always best to go back to the original source of your data—whether that’s an expert or your own intuition—to ensure that you fully understand what it means before making any decisions based on it.