Every Winner Has A Coach

Justin M. Fazzio, MBA

 

 

Market Research


A blind man, riding a blind horse,

to the edge of a cliff,

need be wary...

Market Research


Every business needs market research. Small and mid-size businesses often believe that it is too expensive to do market research. In fact it is too expensive not to do it. Would you head out on a trip without knowing anything about your destination or what lies on the route to it? Of course you wouldn't. So why do so many businesses fail to do market research and then simply fail. It is often the opinion of the owners and managers that they already know their market. This is a fatal assumption in classic large and small business declines and failures.

 

When should market research be done then? Most believe it should be done only when starting a new business or developing a new product or service. Market research definately needs to be done at these times. What most overlook is that the market is not stagnant. Every market is dynamic with new competitors, products, services, and marketing campaigns coming into the market continuously. It is fatal to think things are the same. Other factors complicate the market even further. These include the economic climate of the world, country and region; substitute products; capital availability; consolidation of industries; new technology; regulatory changes; changing views of the customer base; and, even the expansion or possible expansion of the customer base.

 

Market research needs to be done regularly to keep pace of the dynamic market(s) your company serves. This includes product research, industry research, new technology trends research and economic forecasting research as regards your company. Beyond this it is important to do research on your customers directly on a regular basis. Does your company do satisfaction surveys? Do you know what products and services your customers are thinking about buying in the coming year? Do you know how your customers feel about your company and what you do for them? Do you know what products and services your company offers that your customers aren't aware of?

 

Market research is an essential element of a viable ongoing business. It is certainly less expensive to do the research than to suffer the consequences of not doing it. That being said, we have very economical market research programs that fit every budget.