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Use research like a drunk uses a lamppost*
You’ve got a new business idea you think is a winner. The normal approach is to now put this through market research and follow the results. The world would be a much greyer one if we all followed that road.
When Dietrich Mateschitz hired a market research firm to test his new drink he was shocked at their results – they’d never had a product fail so catastrophically in testing. ‘People didn’t believe the taste, the logo or the brand name,’ he recalls. But he launched anyway. The drink was called Red Bull and it’s now the most popular energy drink in the world, selling three billion cans a year.
The problem is that your market research panel are not the best informed. Your customers often don’t ...
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