Before we can dive into how market research helps a business, we first need context around the concept of “market research” itself. Some define it narrowly as “the act of gathering information about customers’ preferences and habits.” Others define it a bit more broadly to include the processes, policies, techniques and tools that are utilized …
Read MoreIn today’s marketplace, consumers are frequently overwhelmed by the dilemma of too many choices. Producers of the available goods are cognizant of the increasing level of competition with respect to retail shelf space. As a result, the marketers behind these brands are aware of the increased level of competition in attracting eyeballs, enticing a purchase …
Read MoreThe stakes are getting higher. Competition abounds. In the USA, there are more than 120,000 ad agencies and four times that number worldwide. According to the US Small Business Association, there are more than 32,000,000 small businesses in the USA (where nearly 80% have employees and hence, are not simply solopreneurs with a side gig). …
Read MoreWhen developing a new product or service, it is important to remember that your customers are just as important to the process as your R&D team. In fact, possibly even more important. While your R&D team may be reaching for the stars in terms of developing new innovations, your customers may have the practical day-to-day …
Read MoreIt’s what keeps product developers awake at night. The one big product development mistake that can be career-limiting, perhaps even career-ending and certainly spark a whole lot of negative commentary about your company’s failure to craft a product that customers actually want to purchase. Nobody wants to err, nor do people typically set out deliberately …
Read MoreMost things begin with a theory that evolves into a concept. That concept is then transformed into reality as a prototype or pilot project. Depending on the customer response, the theory may eventually evolve through a series of defined principles into a full-fledged commercial effort. Here, with respect to co-creation theory, there is a bit …
Read MoreHere we go. You have convinced the powers that be within your organization that you need to do some market research. You were even allocated a reasonable budget… (Not quite what you asked for but one step at a time here!) Now, you need to demonstrate to your organization that this was the right move. …
Read MoreConsumers are picky. This is no grand revelation. However, there is something to be learned about how to meet – and exceed – their expectations. When a customer is considering a purchase, whether it is something new to them or new to the world, or they are replacing something, they are typically diligent about their …
Read MoreAdmittedly, it sounds simple enough in theory. Follow these five steps to the co-creation process and your company will have all the “right” ideas. Within no time at all, you will have majority market share and be highly profitable. Not exactly… the co-creation process takes focus, discipline and needs to be formally adopted within the …
Read MoreAdding value to your brand is becoming more critical – and more challenging – as markets are flooded with alternative innovative solutions that command consumer attention. The edict, “innovate or die” was first coined in 1981 by Jack V. Matson who authored a book carrying this title. Nearly three decades later, it was popularized by …
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