Why market research is just what the doctor ordered

The internet is flooded with advice on why and how companies and organisations should invest in market research.

Take a dip and you might find yourself drowning in ideas about why your business needs to follow this route, and what you can expect to get out of it.

For start-ups, market research is a vital step to help shape a new product and make it stand out before the business launch. 

For established firms, it’s like going for a medical check-up, and not something you should leave until you start feeling sick.

Why wait until your company begins to suffer before taking steps to find out if everything is in perfect working order?

I was reminded of this recently by an approach from a luxury brand needing help to reinforce its presence in the Middle East market.

In the PR brief they described their product as the leading one of choice in the region, and the aim was to consolidate their position as market leaders.

But all was not what it seemed, initial discussions with seasoned industry professionals indicating that market perception of the brand fell considerably short of the mark.

In this case the problem was far from terminal, but it underlined the need for extensive market research to find out precisely why the brand had fallen behind its main competitors and how best to address the issues.

A lesson for us all, in business and in health.

Tony Lewis, Founder & CEO