Market Research – Is It Really Worth It?

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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 research

We Understand |The foundation of our success as a business is the relationships that we create with our clients. Everyone we work with says the same thing: we truly care about our clients and will do everything we can to help them find success in their operations. We have collected some testimonials on our website that should give you a better idea of what people are saying about Viral Solutions.

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.

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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,

market research

STRATEGIC PLANNING | This service digs deep into your processes, your systems and your strategy. We make sure you have defined, rigidly and systematically, your perfect prospective customer. This definition must strategic planning include the obvious demographics but more importantly the psycho-graphics. Then we test your willpower to prove that your approach, your tactics, your messages and your core offerings match what that perfect prospective customer is looking for. We require that you understand and can articulate your plan, your vision, your position statement effectively and with fire in your gut. With our strategic planning session your target customer will be redefined, your marketing tactics will no longer be in question, you will have a strong and decisive position statement, you’ll know your strengths, admit to your weaknesses, relish in your accomplishments and learn from your mistakes.

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.

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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

Dr katie Doseck, PhD Viral Solutions

Katie Doseck, PhD | Chief Visionary & Strategic Ace Up Your Sleeve. I catapulted my experience with extensive education, trainings, and personal coaching; earning a PhD in Organizational Management with a specialization in Human Resource Management, MBA in Organizational Leadership, and BA in Law & Liberal Arts. Subject Matter Expert (SME) areas: Human Resource Management, Employment Law, Organizational Change, Change Management, Resource Planning, Strategic Planning, Talent Management, Selling & Sales Management, Training & Development, Decision Making Models, Project Management, Customer Relationship Management, and Motivation. Dr. Doseck is based out of Logan, Utah.

 


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