Market Research – Is It Really Worth It?
You have this grand idea for a new product or service, and want to get the ball rolling with getting it to market. You feel that everyone could use or that the end user would be able to easily identify your product or service compared to competition. You don’t think there is any competition because you haven’t personally seen or experienced a similar product or service. You just want to get there first, and get there fast. A buddy asked “have you done any market research?” And you reply, “No because you know there is a need, which ultimately will create a demand”.
You my friend, are silly. Silly is a nice word for being outrageously reckless of your time, money, and resources to not even process the thought of conducting market research. The remainder of this article will hit home on what market research is, why it is essential, and provide you with easy steps to hire out or conduct your own research study.
Market Research. Is simply the process of understanding a market(s). The idea is that with analysis of industry, competition, and prospective customers, businesses get a better understanding of their
market(s). This understanding is pivotal to designing, implementing, and adjusting key strategic immersion, marketing, and sustainable practices to get noticed, create relationships, build sales, and run successful campaigns and businesses.
Why People Avoid It. It is boring. Let’s face it, if you didn’t think about finding the facts about the market first before creating the product or even after it was created, your passion is towards to the creation of the product, not understanding the end users or competition. Unless your professional expertise and/or education is research, you probably are not giddy about it. It also could be that reality check that would yield unfavorable results that you just don’t want to hear. It could also be the price tag of a research study that you have no clue how it will turn out. Who knows? The key is to ask yourself “why” and “why not” – you’ll find there are more pros to conducting research than cons, and if there are more cons on your list, perhaps you should reach out to a professional to aid you in unlocking your understanding of the process.
Why It Is Essential. It is the data that that drives strategy. Meaning it can make, break, or stagnate any type of market penetration, branding, or what-have-you. If you miss the boat on need, want, market, or your customer base your entire idea, product, service or organization is predisposed to a significant higher risk of failure.
Connecting the Dots. If you’re willing to throw thousands into launching a business without research of your market, market segments, demographics,
psychographics, and positioning strategies, you’re wasting time, money, and resources. You can purposefully invest in a research study with a third party – this is a great idea if you haven’t the foggiest idea as to where to start. Bottom-line, look at your budget, determine the scope of your product or service, search for a reputable firm for a quote, and determine if you have the budget for the study. Do the study, use the study, and shape your strategy around tangible data, not winging it on feelings.
Finding a Market Research Partner. Search market research professionals in your area, online, or within a shared network community. Ask for referrals. Get quotes from at least 3 professional firms. Identifying their experience, research methodologies, time, and costs associated with your need. Review those quotes and details. Narrow down the firm. Interview again for clarification. Select, and get pumped to get data that can shape your market strategy. You, your marketing dollars, and customers will thank you for your market research investment.
Additional Great Reads…
Lusk, J. (2014). Marketing Research on a Budget. Huffington Post. Retrieved:
N.A. (2014). Conducting Market Research. Entrepreneur. Retrieved:
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by Katie Doseck, Ph.D.
Chief Visionary and Strategic Ace Up Your Sleeve | Viral Solutions LLC