Benefiting from market research: A look back
When someone comes up with a great idea for a product or service, feelings
of great optimism and excitement abound: We're going to change the world
with this! People are going to love it!
Too often, there is a rush into production before enough information has
been gathered to strengthen the possibility of success.
- In the mid 90's, a company decided to manufacture the “Autotaser,” a
new automobile theft deterrent. It was clamped onto the car's steering
wheel, and when a would-be thief attempted to steal the car, he was given
a small electrical shock. They rolled the items into production, but
they didn't sell. The reason? Consumers were more worried about their
own safety with the devices than for the safety of the cars.
- Ever wanted dimples? In 1896, an inventor created the “Dimple Drill,” a
simple device that, with the turn of a handle, much like the
handle of an old hand drill, would add dimples to your face or
help maintain your current dimples. Unfortunately for the inventor,
people were very nervous about using a drill on their own face.
- In 2002 the “Life Expectancy Watch” was released. Just as the name
suggests, it counted down and displayed the remaining time that you
had left to live. It's easy to see why the product didn't make it.
Well-structured market research could have eliminated these huge errors
in judgment. While the examples are extreme, you get the point.
It's okay to keep the optimism, but it's just plain good business
to conduct market research among a target market before a new product or
service goes into production. The results can translate into tremendous
savings in time and money. ‡
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