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!
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