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Re: Research Techniques
Hi Taylor,
You have asked a mighty big question. One to which there are a thousand answers! Research is vital, I agree, but beware of researching yourself into a hole. Look at what happened to Coca Cola. They researched, and researched and decided that what the public REALLY wanted was a new flavor. Of course, the public wanted no such thing and the company had to make a humiliating and expensive stand-down. Over the years I have been involved with dozens of major companies that have spent vast sums of money, time and effort on research into marketing strategies. Sometimes it works, but often it is a resounding failure. Take British Airways, for example. Three years ago research indicated that the ONLY way for them to make money long term was to effectively ignore the tourist 'back of the bus' traffic and to concentrate all of their marketing efforts on the more lucrative business travelers. And it worked. Until three unforeseen factors became more important: low cost, no-frills carriers walked away with almost all of BA's short-haul tourist business, September 11th decimated transatlantic passenger numbers, and the global recession (coupled with an increasing emergence of electronic communications) stopped the few remaining businesspeople from wanting or needing to travel. So what value was all that research? All research into marketing and markets can tell you is about the situation RIGHT NOW, based on the quality of the questions asked. Ask the wrong question (as Coca Cola did) and you get a very misleading answer. Before you start any research, ask yourself what you want to know. Give yourself a focus. The five 'W's' and two 'H's' are a perfect starting point: Who What Where Why When How How Much Ask each one as many times as you like until you can't find another way of asking it. Then conduct your research to answer those, and only those questions. How do you research? Any way you can. You have a great resource - your subscribers. Ask them. The most valuable research tool that advertising agencies use (sometines over-use) is the focus group. You get 8 people together and get them to focus on your problem. The solutions often jump right out. And usually, because they are being thought up by real live consumers, rather than marketing whizz-kids, they are eminemtly sensible, practical and do-able. Finally, never be afraid to throw a golden nugget of a research finding out if it runs contrary to everything you know and believe. You can test stuff in the market until the cows come home, but the first and most important test should be inside your brain. If it feels totally wrong, the odds are that it is. Now, get yourself back to the library and focus on what it is you REALLY need to find out! Have fun! Martin BizE-zine: Success strategies that really work. |
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