Unless you’re willing to gamble everything – your time, money, hard-work and dreams — on what you “believe” your market wants, then you should consider a realistic alternative: discover what your audience genuinely desires and the amount they’re willing to pay for your product or service through market research. Now is not the time to gamble. Understanding your competition and marketplace can tremendously improve your critical decision-making when launching a new venture or project. The old adage, “knowledge is king” has never rung truer than in the world today.
If you are embarking on a new endeavor, don’t risk your blood, sweat, and tears by bravely proceeding forward where angels fear to tread: think-forward, be realistic and take every precaution to achieve success. Do what’s right for the future.
Just think about what the chief executive of Coca-Cola Enterprises recently told a group of graduates…. “Coca-Cola operates in more corners of the world than any other enterprise. It’s been said that after the word ‘hello,’ Coca-Cola is the most recognized word in the world. Our business has chosen the idea of ‘happiness’ as the best way to connect our brand with billions of people in more than 200 countries. Did some marketing guru randomly make that choice? No. It was a thoroughly analyzed decision about what speaks to the aspirations of people today.” If Coca-Cola, likely the best know product name in the world needs market research, you can bet your bottom dollar that every other company or venture does too. Avoid the school of hard-knocks by enjoying a lesson already learned: Conduct market research – it’s the real thing!