We all know that market research is vital to any business. As we have always said at Powerfeedback, “intuition alone is not enough to risk large amounts of capital (financial or human) on.”
While it is incredibly easy for us, and other providers in our space to justify the importance of collecting valid information, I want to take a moment to highlight what market research isn’t, or should not be.
- The findings gained from a well conducted research initiative are the beginning, not the end of the process.
- Working with a full-service vendor that also makes available quality consulting services to address the issues uncovered in the research is crucial to the project. Beware though, some vendors may attempt to force you into a package of services (research and consulting) that you don’t need, or may try to position the research in a way that only their analysts and consultants may assist you!
- While a well conducted study may easily be the impetus to move forward on a merger or acquisition deal, adding more staff, diversifying product lines, changing branding and/or name changing, unless multiple techniques were used to come to this determination, BEWARE! No one single tract can reach this conclusion with integrity.
At Powerfeedback, when we first speak to a client, the least thing that we prefer to discuss is methodology. After all, that part is easy! In our case, we want to know what is the underlying and real business issues that brought us to the table. At the end of the project, what is it that we can tell you that will allow you to make a more informed, intelligent and worthwhile decision. How can we help you to be more successful. After all, isn’t that what quality market research is suppose to be about?
