Industry Snapshot: The Value of Market Research

“If you build it, they will come” – Field of Dreams

It is a great sentiment for a feel good baseball movie—not a good idea for a business, however. Recently, we helped two companies by conducting market research. For one, we canvassed a difficult market to determine the viability of a product on the drawing board before a lot of money was invested. For the other, we investigated six financial services sectors to identify new markets for a software product.

The first exercise pointed out that our client needed more capital and industry experience in the field before buyers would get on board. As a result, our client has gone back to the drawing board and come up with a less risky and more patient road to success. The second client is now developing a marketing and sales program to pursue those markets we identified more efficiently than if we had not done the research.

Do your homework before you enter a new market, you will save yourself money and be much more effective in delivering new sales.