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Market Research New Approaches for the New Economy of Rapid Change and Shortening Product Life-Cycles |
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By Vadim Kotelnikov, Founder, Ten3 BUSINESS e-COACH, 1000ventures.com
"Before you discover, you must explore."
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Face the Reality There's nothing bad about market research as long as you remember that marketing is the game of the future. "Most marketing surveys are reports on the past. Research tells us what customers already did and not necessarily what they're about to do. They don't know what they're going to do and we shouldn't embarrass them with questions."3
7 Characteristics of Successful Entrepreneurial Firms By: NBIA
Tracking Trends versus Traditional Market Research New ideas, concepts and models are very difficult to measure. There is no frame of reference. As product life-cycles are shortening at an immense rate, traditional market research – both quantitative and qualitative – can sometimes be more of a hindrance than a help. It is good at measuring the past and present. Besides, "traditional research has the drawback of relying on what consumers say, which is sometimes different from what they actually do in real life. People don't know what they will do until they face an actual decision."1 While you cannot predict the future, you can get a handle on trends, which is a way to take advantage of change and convert risks into opportunities. Spotting and tracking trends can be a very useful tool in dealing with unpredictable future. Test Marketing Your New Products How do you test market a new product or service? How do you find out if people are actually going to buy it? First, make or get a prototype. Create or get a sample. If it's being manufactured somewhere else, get a sample of it. If you're going to manufacture it yourself, create a prototype so that you can show it, demonstrate it, photograph it. So that you can let people see it, touch it, feel it, and get an opinion from it... More Learning About the Markets for New-To-The-World Products
Radical
innovators generally have only the outlines of a very big
picture and, compared with incremental innovators,
Market Leadership Strategies The market leader is dominant in its industry and has substantial market share. If you want to lead the market, you must be the industry leader in developing new business models and new products or services. You must be on the cutting edge of new technologies and innovative business processes. Your customer value proposition must offer a superior solution to a customers' problem, and your product must be well differentiated... More
Best
Practices Google is the Internet’s number one search engine today. What is the reason for their remarkable success? It’s beta testing and market learning. They launched a less than perfect service into the market place to get market feedback. Feedback is the key to dominating a market. It also makes great business sense. Google's competitors were trying to perfect a product by themselves separate from their target market as Google was continuously and rapidly upgrading their original beta version by listening to the customer. They strived to achieve harmony with the reality... More
Milestones
Completed and Future Plans: "Nearly 100% of
innovation – from business to politics – is inspired not by "market analysis"
but by people who are supremely pissed off by the way things are."
–
Tom Peters...
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Discover much more in the
FULL VERSION of e-Coach Most Common Reasons Behind a Failing New Product... New-To-The-World Product Development: Keys To Successful Market Learning... Marketing & Selling Strategy at Different Company Growth Stages... Understanding What Motivates People... Five Popular Innovation Myths... Test Marketing Your New Product... Observing People... Case in Point Palm... Case in Point Dell Computers... Case in Point Google...
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References:
Market Leadership |
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