Ever wondered whether its worthwhile to do market research? Here are some things to think about.
1) Do you plan to make changes as a result of the research results? Are you planning to make a specific change regardless of what the research will tell you? Why take the time and money to run a study if you know you won’t actually do anything as a result of the findings, or if you’re going to do something different anyways. I don’t know how many times I’ve encountered this stumbling block!
2) Do you have a budget to implement potential changes? If your research budget is the entire budget, why waste your time and money. Change your tactic so that whatever you are researching can actually be followed through to completion.
3) Are the higher-ups willing to implement a change that they weren’t already expecting? Are they really open to new ideas? Do they just want you to tell them what they already know? Make them a pie chart. That’ll do.
4) Are you gathering more data than you will actually use? Refer to Q1. If you aren’t using and acting on it, why waste your time and money on it?
Get only the research you need. Everything else is money down the toilet.