What are the main ways consultants do research?
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Hi,
The key difference to me is primary vs secondary. To what extent are you creating a new dataset, versus collecting/collating existing data.
- Primary research
- Surveys
- Expert calls
- Field research
- Secondary reseach
- Databases
- Industry reports
Hope this helps to clarify!
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Hey there, here are some ways we conduct research:
1) Through internal research teams: MBB have dedicated research teams, usually specialised in a particular field. They are very helpful in conducting in-depth research and gathering as many facts/figures as possible. However, they are limited in that they need very specific instructions and they don't fully understand the case context
2) Using internal company database: We keep a database of past cases (anonymised) and thought-leadership conducted at the firm. If you find a useful presentation that is relevant for your current case, you can also contact the authors listed to find more information.
3) Access to paid-databases & Reports (e.g. Gartner): Consultancies also have subscriptions to major research/report websites that often have very specific/detailed data.
4) Expert networks: These are an excellent way to gather niche or "subjective" information- e.g. "where do you see industry X going in 10 years?" There are dedicated expert-network firms that help consultants find experts that meet their requirements - cost to the project is usually $1000-1500 USD - and you thought PrepLounge experts were expensive!
5) Finally, we all at some point resort to some good-old Googling!
Hope that helps!
Was this answer helpful?
Hey there, here are some ways we conduct research:
1) Through internal research teams: MBB have dedicated research teams, usually specialised in a particular field. They are very helpful in conducting in-depth research and gathering as many facts/figures as possible. However, they are limited in that they need very specific instructions and they don't fully understand the case context
2) Using internal company database: We keep a database of past cases (anonymised) and thought-leadership conducted at the firm. If you find a useful presentation that is relevant for your current case, you can also contact the authors listed to find more information.
3) Access to paid-databases & Reports (e.g. Gartner): Consultancies also have subscriptions to major research/report websites that often have very specific/detailed data.
4) Expert networks: These are an excellent way to gather niche or "subjective" information- e.g. "where do you see industry X going in 10 years?" There are dedicated expert-network firms that help consultants find experts that meet their requirements - cost to the project is usually $1000-1500 USD - and you thought PrepLounge experts were expensive!
5) Finally, we all at some point resort to some good-old Googling!
While MBB (McKinsey, BCG, Bain) firms often maintain dedicated research teams, their support is most effective when provided with precise guidance. As they might not fully grasp the context of a case, it's imperative to offer clear instructions and context-specific information to ensure their research aligns with the project's objectives.
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Hi Kay,
In addition to Alessandro answer I would simply add what was the most useful in my experiences of due diligence :
- cold call ! Identify people you want talk to by function / company, and simply call them with a scenario (you're from X firm, and gather some info on the market). This is moslty used in industrie where there are very little information. I have always been very surprised by how some poeple are willing to provide info. to a complete stranger
- Personal network : Leverage you personal network (school, friends,), and the personal network of colleagues of your office is always a good ways to build your first understanding of a market and allow yourslef to ask "stupid" questions that helps you understand the basics.
Hope this helps
Best
Benjamin
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