The goal of market research is to reduce the risk associated with making important and expensive business decisions. Typically performed prior to marketing research, in-depth market research analysis provides the foundation to answer questions like:
- Should we launch a new product or service line?
- Should we enter a new market (geographic, demographic, industry, etc.)?
- Do we truly understand the profile and behaviors of our current target market?
- Do we have a viable business to launch?
One of the most common mistakes made by executives and business owners is to assume that a market exists for a product or service.
Doing so may lead your company down the path of colossal failure, like Edsel, Betamax, or Pets.com. The take-away here: thorough market research up front could have saved these companies millions of dollars in time, energy, and resources.
“I believe in innovation and that the way you get innovation is you fund research and you learn the basic facts.”
– Bill Gates
OnTarget Partners’ Market Research Process:
OnTarget works with companies to perform feasibility analysis through primary and secondary research to decrease the risk of decision-making. By arming executives with key information about the viability of their market, they are better able to make strategic, well-informed decisions.
The success of our market research projects is supported by the fact that our results and findings are typically incorporated into our clients’ future marketing strategy.
OnTarget has extensive experience in diverse industries, including:
- Consumer Goods/Products
- Financial Services
Interested in learning more about OnTarget Partners’ market research capabilities? Please provide us with your contact information through the form above and a team member will contact you shortly.
Next Step: Marketing Research