Ask why Most Companies failed.
And they all have the same answer. Our product didn’t work. But why didn’t their product work? Most fail to answer this simple question. It’s a matter of market research. Most companies who fail to jump the steps and go straight into designing the product without properly researching the market and the industry they are operating in.
This is why they fail
Inadequate market research on how it operates and how it functions and what products work and what doesn’t and what works on a low price and what works on a premium price are all the questions you need to ask your market researcher and team before designing and developing a product.
Otherwise, chances are more often than not your brand value is going to come gushing down and your product will fail.
Ask yourself before launching a product or service,
Do you know who you are?
Do you know what your market is?
Do you want to operate this way?
All it takes is one person, one marketer, one moment to change your brand value forever. It can change your brand’s perspective, the color of your customers’ thinking. One moment that forces you to rethink everything you think you might know. And that’s what market research all about is.
Failure is inevitable, unavoidable. But failure should never get the last word.
You have to hold on to what you want. You shouldn’t believe in taking no for an answer, and take what’s coming to you.
Never give in.
Never give up.
Stand up and take it.
Get up do your market research and work on relaunching your product or designing a new one.
As rational human beings, we sometimes behave a little on the irrational side. Many times we have a preconceived notion that we don’t need to undergo any kind of market research because the brand is so confident about its product that they think it’s bound to work. But that attitude is what fails the brand in the market. Without researching what kind of products are really acceptable, no matter how good or evolved your product design is. If the customers aren’t interested in it. It’s going to fail. So market research is an extremely significant part of every brand’s product life.
At the end of the day, the experience of undertaking marketing research bears little resemblance to the dream.
We go into marketing because we want to create a mark.
We go into marketing because we want to do good.
We go into marketing for the rush, for the high, for the ride.
But what we remember at the end of most days are the marketing plans or products that didn’t work out.
What we lay awake at night replaying are the products we lost, the brands we couldn’t revive.
At the end of the day, the reality might not even closely resemble what we hope. The reality is the end of the day the reality is more often than not turned inside out and upside-down because of lack of marketing research.
The reality is that market research is there to tell us something, and there’s only so much pleasure we can take without getting research and analysis done. Some hit and trials may work. But that isn’t going to make do always.
At the end of the day, you can’t turn your back to market research.
You can’t shove it off.
You can’t think about it.
Because that’s where it all starts.
From market research, you design a product, and then you attract customers and then you create brand equity.
It all starts with market research. The chain of events that take place starts there. One miss and everything will crumble like a house of cards.