Comments on: The problem with market research http://www.theequitykicker.com/2008/09/01/the-problem-with-market-research/ Nic Brisbourne's view from London on venture capital and exploiting change in technology and media Sat, 11 Feb 2012 20:08:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Believing in belief businesses | The Equity Kicker http://www.theequitykicker.com/2008/09/01/the-problem-with-market-research/#comment-3401 Believing in belief businesses | The Equity Kicker Fri, 12 Sep 2008 21:12:22 +0000 http://www.theequitykicker.com/?p=907#comment-3401 [...] I have mentioned before I am currently reading Herd by Mark Earls - and I’ve just finished the chapter about [...] [...] I have mentioned before I am currently reading Herd by Mark Earls – and I’ve just finished the chapter about [...]

]]> By: Benjamin Ellis http://www.theequitykicker.com/2008/09/01/the-problem-with-market-research/#comment-3372 Benjamin Ellis Mon, 08 Sep 2008 16:30:14 +0000 http://www.theequitykicker.com/?p=907#comment-3372 I've always argued that there are three aspects to product research: what people want, what people need, what people will buy". Market research tells you what people THINK they want. It is a useful tool for sourcing information that can _guide_ what a business does. However, human behavior always need at least some sort interpretation to understand it - we are pretty complex 'simple' creatures. That expertise is in short supply. Psychologists have had it for a long time and Earls' book does a good job of setting that in an economic and social context. Will be interested to know what you think of it when you get to the end... I’ve always argued that there are three aspects to product research: what people want, what people need, what people will buy”. Market research tells you what people THINK they want.

It is a useful tool for sourcing information that can _guide_ what a business does. However, human behavior always need at least some sort interpretation to understand it – we are pretty complex ‘simple’ creatures. That expertise is in short supply.

Psychologists have had it for a long time and Earls’ book does a good job of setting that in an economic and social context. Will be interested to know what you think of it when you get to the end…

]]> By: Benjamin Ellis http://www.theequitykicker.com/2008/09/01/the-problem-with-market-research/#comment-11526 Benjamin Ellis Mon, 08 Sep 2008 16:30:00 +0000 http://www.theequitykicker.com/?p=907#comment-11526 I've always argued that there are three aspects to product research: what people want, what people need, what people will buy". Market research tells you what people THINK they want. It is a useful tool for sourcing information that can _guide_ what a business does. However, human behavior always need at least some sort interpretation to understand it - we are pretty complex 'simple' creatures. That expertise is in short supply. Psychologists have had it for a long time and Earls' book does a good job of setting that in an economic and social context. Will be interested to know what you think of it when you get to the end... I’ve always argued that there are three aspects to product research: what people want, what people need, what people will buy”. Market research tells you what people THINK they want.

It is a useful tool for sourcing information that can _guide_ what a business does. However, human behavior always need at least some sort interpretation to understand it – we are pretty complex ‘simple’ creatures. That expertise is in short supply.

Psychologists have had it for a long time and Earls’ book does a good job of setting that in an economic and social context. Will be interested to know what you think of it when you get to the end…

]]> By: PaulSweeney http://www.theequitykicker.com/2008/09/01/the-problem-with-market-research/#comment-3324 PaulSweeney Wed, 03 Sep 2008 11:14:05 +0000 http://www.theequitykicker.com/?p=907#comment-3324 That's the problem with Market Research into "intent". people don't always know how or why they act in particular ways. Some interesting analogies in how people pick their life-partners :) That’s the problem with Market Research into “intent”. people don’t always know how or why they act in particular ways. Some interesting analogies in how people pick their life-partners :)

]]> By: PaulSweeney http://www.theequitykicker.com/2008/09/01/the-problem-with-market-research/#comment-11529 PaulSweeney Wed, 03 Sep 2008 11:14:00 +0000 http://www.theequitykicker.com/?p=907#comment-11529 That's the problem with Market Research into "intent". people don't always know how or why they act in particular ways. Some interesting analogies in how people pick their life-partners :) That’s the problem with Market Research into “intent”. people don’t always know how or why they act in particular ways. Some interesting analogies in how people pick their life-partners :)

]]> By: Campbell Scott http://www.theequitykicker.com/2008/09/01/the-problem-with-market-research/#comment-3323 Campbell Scott Wed, 03 Sep 2008 11:12:45 +0000 http://www.theequitykicker.com/?p=907#comment-3323 This is a topic that often gets talked about, but I think traditional research is becoming increasingly less relevant and useful, particularly with the Internet providing so many ways of really finding out what is important to consumers. Take Dell's ideastorm, where customers vote for new ideas. There are now real possibilities to involve customers in product development. My trouble with the big quantitative research initiatives is that competitors spend the same money, using the same techniques, to sample the same type of demographic, resulting in the same outcomes, which ultimately they react to in the same way!!! So we end up with a common "greyness", with no originality or distinction. The following video gives a nice view of the benefits of focus groups:- http://www.youtube.com/watch?v=ku4Ugw0lQ4Q This is a topic that often gets talked about, but I think traditional research is becoming increasingly less relevant and useful, particularly with the Internet providing so many ways of really finding out what is important to consumers. Take Dell’s ideastorm, where customers vote for new ideas. There are now real possibilities to involve customers in product development.

My trouble with the big quantitative research initiatives is that competitors spend the same money, using the same techniques, to sample the same type of demographic, resulting in the same outcomes, which ultimately they react to in the same way!!! So we end up with a common “greyness”, with no originality or distinction.

The following video gives a nice view of the benefits of focus groups:-

http://www.youtube.com/watch?v=ku4Ugw0lQ4Q

]]> By: Campbell Scott http://www.theequitykicker.com/2008/09/01/the-problem-with-market-research/#comment-11528 Campbell Scott Wed, 03 Sep 2008 11:12:00 +0000 http://www.theequitykicker.com/?p=907#comment-11528 This is a topic that often gets talked about, but I think traditional research is becoming increasingly less relevant and useful, particularly with the Internet providing so many ways of really finding out what is important to consumers. Take Dell's ideastorm, where customers vote for new ideas. There are now real possibilities to involve customers in product development. My trouble with the big quantitative research initiatives is that competitors spend the same money, using the same techniques, to sample the same type of demographic, resulting in the same outcomes, which ultimately they react to in the same way!!! So we end up with a common "greyness", with no originality or distinction. The following video gives a nice view of the benefits of focus groups:- http://www.youtube.com/watch?v=ku4Ugw0lQ4Q This is a topic that often gets talked about, but I think traditional research is becoming increasingly less relevant and useful, particularly with the Internet providing so many ways of really finding out what is important to consumers. Take Dell’s ideastorm, where customers vote for new ideas. There are now real possibilities to involve customers in product development.

My trouble with the big quantitative research initiatives is that competitors spend the same money, using the same techniques, to sample the same type of demographic, resulting in the same outcomes, which ultimately they react to in the same way!!! So we end up with a common “greyness”, with no originality or distinction.

The following video gives a nice view of the benefits of focus groups:-

http://www.youtube.com/watch?v=ku4Ugw0lQ4Q

]]> By: David Stobs-Stobart http://www.theequitykicker.com/2008/09/01/the-problem-with-market-research/#comment-3321 David Stobs-Stobart Wed, 03 Sep 2008 09:01:43 +0000 http://www.theequitykicker.com/?p=907#comment-3321 Good post, I'd recommend Herd too. A lot of good thoughts regarding influence; especially in the context of social networks and the struggle with good online advertising ("Interaction is everything"). Good post, I’d recommend Herd too. A lot of good thoughts regarding influence; especially in the context of social networks and the struggle with good online advertising (“Interaction is everything”).

]]> By: David Stobs-Stobart http://www.theequitykicker.com/2008/09/01/the-problem-with-market-research/#comment-11525 David Stobs-Stobart Wed, 03 Sep 2008 09:01:00 +0000 http://www.theequitykicker.com/?p=907#comment-11525 Good post, I'd recommend Herd too. A lot of good thoughts regarding influence; especially in the context of social networks and the struggle with good online advertising ("Interaction is everything"). Good post, I’d recommend Herd too. A lot of good thoughts regarding influence; especially in the context of social networks and the struggle with good online advertising (“Interaction is everything”).

]]> By: alan p http://www.theequitykicker.com/2008/09/01/the-problem-with-market-research/#comment-3319 alan p Wed, 03 Sep 2008 07:22:59 +0000 http://www.theequitykicker.com/?p=907#comment-3319 Its a good book. I don't know if its there, but there is a great Henry Ford quote re market research which goes something along the lines of that if he'd asked people what they wanted they'd have come back with a carriage with horses that eat less, go faster and make less mess. Its a good book.

I don’t know if its there, but there is a great Henry Ford quote re market research which goes something along the lines of that if he’d asked people what they wanted they’d have come back with a carriage with horses that eat less, go faster and make less mess.

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