Wrong Research
The two biggest wastes of market research money are performing the wrong research, then performing research wrong. Market research doesn’t have to be expensive. Yet not performing research is more expensive because it leads to bad strategic business decisions, inappropriate campaign tactics, and your sales team compensating for poor marketing results via buying three martinis for every prospect they take to lunch. Given that everyone has to do market research, they most often waste their research budget studying the wrong thing, and then studying it incorrectly (or, upon occasion studying the right topic the wrong way). In either case it is pure waste – money spent for no meaningful result or, worse yet, guiding a company down the long, dark road to bankruptcy. Performing the wrong research comes in two flavors. First is the natural bias every human carries with them, seeing the world through their personal frame of reference. … Continue reading →