Before you launch your public relations, social media, advertising or
marketing campaign you want to know who your audience is. And not only
do you want to know your target market, you want to know what they
think, like and buy. And how do you find that out? Market research
surveys, right? I mean that's the way the big boys do it. Millions are
spent each year to find out the secrets of how target markets think,
feel, and spend their money. But here's another question: is that money
well spent?
There was a market research survey that asked those
involved whether a Stradivarius violin was worth a million dollars. The
response was overwhelmingly in the affirmative. The following question
was whether the participants would like to have one. Again they
responded with a resounding yes. The final question in the survey was
whether the participants would buy one. Well, you can guess the response
to that question. Without the right questions, or without enough follow
up questions, that type of research can lead you down a blind ally or
take you round in circles.
Market research can be valuable, but it
can also be expensive and ineffective. There have been studies done
using MRI's to discover what parts of the brain we use to make
hypothetical decisions and what parts we use to make actual real world
decisions. It turns out different parts of the brain are activated.
That's where the disconnect comes in. Traditional market research deals
with hypotheticals, i.e. would you like this color product better than
that? How much would you pay for this product? Would you buy this
product? That's different than making an in-the-moment, real world
choice. Database research sounds good, because it has a tangible ring to
it. It's sounds factual, statistical, yet it can often be wrong.
Different
companies take different approaches, Google is big on market research,
but it's not your standard market research approach it actually has its
users become part of the product building process. On the other hand,
when Steve Jobs was asked how much market research went into developing
one of Apple's products his reply was "none." He explained that it
wasn't the customer's job to create the product.
So what should companies who need to watch their marketing
budgets do when it comes to market research? Be savvy. Use social media
sites to ask questions. Do your own limited market surveys. Then you
need to rely on your passion and your intuition, listen to your gut.
When it comes down to it, a company needs to be built on passion and
belief in one's product or service and you don't find that in market
research studies.
