It doesn’t surprise that SMEs don’t invest in market research it’s not cheap but it does surprise me when large corporates who really should know better don’t.
It’s true that market research only really tells us about the present which in some cases is what we want to know about. But even when you are asking respondents about the future there views are abiut the future are interwoven with what they know and experience in the present.
However, any independent view of the future its better than running any business on gut feelings.
Ask any business owner or CEO whether they paid for a survey when they bought their last house to make sure it was a sound investment or when buying a new car they didn’t look through the car “mags” to see what the experts where saying. The answer to both questions we will more or less a resounding YES. When you ask about market research their answer will be we are experts and we know everything about our customers and markets so we don’t need market research its an unnecessary expense.
Why oh why do they risk their business or capital failing to complete the same due diligence with their business!
Why because you might miss something or because independent market researchers don’t play politics, don’t have an agenda, they don’t have company inertia and they don’t simply say yes to their boss! Plus they are more aware of external influences from new entrants and other new technologies that might impact your business.
You owe it your family if you are a SME owner and you owe to your shareholders if you are corporate to get it right – why because being wrong and ill informed can mean more than just wasting money it can mean bankruptcy!
Want to know more about the benefits of market research when investing in new products, entering new markets and going international then give New Mindset a call 01276 537 282 or email andy.hamer@new-mindset.com.
Delivering business growth and profitability
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