Market research is a good tool to understand customer behaviour with existing products, players and options. It fails many times when used for predicting acceptance and potential of new category products and solutions. Especially in estimating consumer demand due to changes in behaviour induced by your new products and solutions.
Consumer behaviour changes depend on the real use of products and services. You have to get the product/solution into the hands of real users to predict the success in the market. Market research alone will not fill the gap in predictions. Always-beta is the best way to create market leading products and solutions. Instead of learning late and creating own barriers to success by using poorly analysed market research data, adopt market experimentation as a tool to gain necessary insight.
When consumers learn to use your products/ solutions, they let you learn how to present, price and provide the products/solutions. Market experimentation shows what you need to do to turn an innovation into a marketplace success.
In place of allowing dispassionate market research seeking an objective yes or no, let passionate intrapreneurs build and take to customers, usable products and solutions – working prototypes. Better still, release beta-products for enthusiastic customers to help you build remarkable products/solutions.
While building innovative products based on thorough market research, many companies tend to consider negative marketplace results as poor management performance. Market experimentation however helps to discover new and right opportunities even in failed ones.
Make the best use of market experimentation than sticking only to market research.
be a #dreamerdoer