Why you can’t afford to avoid market research

Would you be chuffed if you ordered an Americano and received a Cappuccino? If you’re anything like me, you’d send it straight back with a grunt and an eye roll for good measure.

The same goes for any product or service. If you launch an app and they just wanted a website - it’s going to fall flat on it's face. This is the most common mistake made amongst young entrepreneurs. They’re amped up on an idea and pumped to get started, so they put out the product that they think will sell without listening to what their customers actually want.

The product may be awesome, but just like the Cappuccino, it’ll be sent back to the kitchen and you’ll be left with a whole lot of cold, milky coffees (and eye-rolling customers).

As many good business owners know - disgruntled customers should be avoided like the plague.

So how do you make sure that you aren’t shunned by the fickle generation that gets what they want at the tap of a button?

You ask them what they want. You do your market research.

What exactly is market research?

Market research is quite simply the process of gathering information about your unique target audience. You dive into what makes them tick and what motivates their spending habits in order to understand whether your product or service is set up for success within the targeted crowd.

The 3 main reasons to research your market

1. Obsessing over customers is the only way to beat competitors

A bit like your high school sweetheart - your customers want their egos stroked. They need to feel like they’re the only one in the room. And if you don’t do this, they’ll simply move on to someone who does.

2. Research beats assumptions, trends and “best practices”

Ever been dealt a fantastic poker hand and still lost the round? It’s probably because you had no idea what you were up against. In the same way, you could have a brilliant idea in an unprepared market. You’ll still lose.

However this time, the stakes are much higher and you’re not drinking beers around a table. Fortunately, you actually have access to all you need to know to make an informed decision before you go all in.

3. You need to rely on customer insights, not your own

You may be a wizard in the industry but you simply can’t experience your product or service in the same way that customers do. In fact, your expertise in the field is even more reason to test ideas before putting them out there.

Features that seem obvious to an expert may perplex the average user. Or perhaps they use the product in a way you hadn’t imagined. Either way, the only way to know this is to ask them.

In the long run, testing ideas before they’re put into practice saves time, money and energy. On the other hand, a stubborn attitude usually results in complications and unnecessary steps.

When to do market research

A common misconception is that the research ends when the product hits the market. This couldn’t be further from the truth. As Musk and Bezos continue to rewrite the social narrative at the speed of light - if you’re not keeping up, then frankly you’re lagging behind.

Every successful business begins with in-depth research and continues to test ideas at every stage of their growth. They use this information to design better products, improve the user experience and craft a marketing strategy that produces quality leads to skyrocket conversion rates.

The bottom line

The bottom line is that in this fiercely competitive world, there’s no room for guesswork. You can’t afford to miss the mark by even the tiniest of margins.

There are too many rods in the water. So in order to catch the fish, you need to know what bait to put out. And luckily for you, these fish can talk. They’ll tell you precisely what you need to know. All you have to do is ask the right questions.