It Begins with the Gut
Let’s face it, you have no shortage of what you believe to be earth-shattering business ideas. The problem occurs when we decide whether or not to take our latest business epiphany to market. For example, you come up with an idea for a new product or service that you believe, on the surface, to be revolutionary. In your mind, you believe that this new product of yours will play a catalytic role in achieving a goal, solving a problem, and/or satisfying a need relative to a specific target audience sector. At inception, your idea is just that – an idea.
Why would you ever rely solely on instinct and not facilitate the requisite research (science) to prove it out before deciding to move all ahead full?
Proving Your Gut
Understanding and implementing purposeful market research methodologies will help you increase your opportunity for success while minimizing your risk for failure. This brief presentation renders a high-level understanding about various market research methodologies.
Marketing Briefs: What is Market Research?
Rather than proceeding from a “ready-fire-aim business start-up approach,” team your gut with the metrics. By strategically combining these two “idea-to-action” elements, you will then be positioned to qualitatively and quantitatively render your final decision to accept or reject your latest innovative product or service idea. Be smart and be encouraged,