Why is socio-economic research so important?

Research in the field of the Socio-economic Sciences and the Humanities (SSH) can be of high value for SMEs as it can help them to understand & assimilate current and future social and-economic trends that affect:

• Their business environment
• The needs and requirements of their clients
• The successful commercialisation of their products or services

The European textile industry offers an example of a sector that failed to see socio-economic trends on time. Many small manufacturers were driven out of business when the market turned to countries with much lower labour costs. Advance knowledge of that trend could have enabled some of them to plan, diversify, look for niche markets, and thus survive the change.