MARKET RESEARCH: Ask the audience
In the B2B sector, market research tends to be viewed as an option rather than as a commercial imperative, particularly for smaller companies. However, knowledge is power and understanding the attitudes, preferences and/or perceptions of customers and potential customers towards a product, service or brand proposition is essential for any organisation seeking to expand its business.
When carried out well, market research cuts the risk out of marketing and enables more effective targeting, allowing companies to make the best use of opportunities and to reach new audiences. It takes perception and guesswork out of the equation and highlights problem areas; it also provides actionable recommendations in the face of internal disagreements.
Getting a view from customers reduces failure rates by eliminating some options early on, says Elizabeth Lore, MD of Marketing Analytics. Getting it wrong can be really expensive and some 70 per cent of product launches fail worldwide.