Tuesday, July 11, 2017

Market Research Can Save a Business

It's generally understood that good market research can help a business by identifying weak products and services, finding new prospects, and zeroing in on effective messaging.  Sometimes, market research can save an entire business.

A case in point is a little online dating service called In Tune Hookup in the early 2000s.  Its developers had difficulty making the video aspect work and didn't get any traction.  A serious market research application suggested a realignment of the core business from the dating service (where there were a huge number of nearly identical competitors) to a wiki- format video sharing service.  The result was Youtube, sold in only a few years later to Google for $1.65 billion.

Admittedly that is an extreme example (not to mention that there is disagreement about the origins of Youtube) but it isn't hard to find other cases where a business realigned to a profitable form after an outside perspective was applied.  It can be difficult for a business owner to see as clearly from the inside when the enterprise encounters difficulty.

Bottom Line: Don't hesitate if the bottom line isn't where it should be.  Find a market research professional or at least a business coach who can help spotlight trouble spots and if necessary recommend a realignment that could lead to wild success!

No comments:

Post a Comment