Many advisers advocate extensive market research above all else before committing to a bold new initiative, but in many cases this is plainly wrong.
Market research has its place and is essential in the right situations, but do you know the right questions, and how is this research conducted?
Some of the biggest failures in history have come after extensive market research signalling a "go" with little risk of failure. There are some deep secrets to understanding market drivers, enablers and disablers. Market research is about finding the right questions, what's relevant, how to best conduct the research and more importantly, how to interpret the results.
Market intelligence is all about understanding the market and the people that move in the market, their wants, needs wishes and frustrations.
We undertake our market intelligence in two ways:
◎ First in innovation training we use the Matrix Thinking “Opportunity Matrix” to explore the market landscape. This is one of the most powerful stand alone market intelligence tools you will ever find, but it so simple you can use it in minutes. The secret is to use this tool to find out where your ”Tribe” of markets cluster.
◎ When required we employ the services of our market intelligence partner, rightly named “The Market Intelligence Company”. These people have been in the market intelligence business for over 25 years. However, market intelligence goes far beyond data collection or so called “Big Data", it's the interpretation that’s important.
Our innovation training explores interpretation. Our blogs on this can be found on our Innovation Training site at “Blogs and Articles”
In reality there are really only two risks in business, technical risk and commercial risk. In almost all cases the biggest risk by far is commercial risk.