Jane Frost, CEO of MRS (Market Research Society) explains in one of her article that, “Organisations need to pay more attention to the data they are collecting and what they are doing with it in order to become more customer-insight driven.” Going further she said that “The customer is everything. And more importantly, they are a person.” She emphasizes that we must, “take the time to understand them; their motivations, frustrations, needs and fears.”
Now the question is that how to understand such feelings of the Customer?
For this questing every Entrepreneur who is going to start his venture will get same answer ie "Market Research".
Its true that such things can be understood with MR, but isn't it a big time challenge for small start-ups to hire a Full time team or Vendor for a certain time frame? Yes it is.
Going Further, any business plan that is purely depend upon figures resulting from primary research will certainly create challenge to become a success.
Despite this many entrepreneurs only undertake this minimal amount of market research.
The key output of market research is finding perspective and being informed and enabling actions to be undertaken to its best ability.
Initially It might be hard to put into practice but being objective with any business idea is one of the best chances to making it a success; very same reason for conducting market research.
Very important thing is that we get response from unbiased target market because they not only honest in their answers but also aware about the flaws.
It's an opportunity for any entrepreneur to take this as an opportunity to get enter into customer's mind and it's become possible through effective Primary Market Research.
Most of the start-ups get failed in the very initial phase because ether they didn't understand the value of it or put it for later stages.
Stay tuned I will keep updating this Blog to put more insight on this topic. Feel free to share your views. You can also get connected with me @ email@example.com.