Picture this: you're in a packed boardroom (via Zoom, of course), your palms are sweaty, your knees are weak, your arms are heavy. You're nervous. You have a great idea to make your organization a lot of money, but you don't have any data to back it up, so no one takes you seriously.
The above situation is not... ideal, but it happens much more often than you think. Should you commit to spending the money on market research, then? Our answer may be *slightly* biased, but hear us out.
As Americans, the act of risk taking is embedded into our DNA. In the last several years, however, the business world has moved away from relying on intuition to take calculated risks, instead opting to support decisions with collected data.
- This is when market research steps in - when the overall goal is reducing risk and instilling confidence in business decisions.
- If your business decision requires significant financial resources, or if the cost of failure is high, you need market research.
In theory, market research can be used to investigate pretty much whatever your business is curious about. In our experience though, it usually falls into one of the following categories:
- Customer satisfaction
- Brand awareness and impact
- Product and service validation
- Market segmentation
- Market size and structure
- Usability testing
Like most things market research related, this is by no means an exhaustive list. Market research can be helpful in almost any business-related decision you need to make. Not sure if you should commission market research? It never hurts to ask.