Making Sure Market Research Asks the Right Question
“Yes,” Marka said. “Let’s not make the same mistake Grog Co. did. When researching potential business opportunities, we should ensure we’re asking the right questions that will help us solve the right problems. That may sound easier-said-than-done. But all it takes is a little business and marketing common sense to avoid this common research pitfall.”
“I’ll say,” Zoot said. “Hey, anybody want to head to Olympus Café for lunch? All of a sudden I’m thirsty for some Grog.”
Today’s FIRE! Point
Before beginning any market research initiative, printing companies will want to accurately define what information they’re seeking. When researching new business opportunities, make sure you’re asking the right questions in order to solve the right problems. That may sound easier-said-than done. But all it takes is a little business and marketing common sense to avoid this common research pitfall.
FIRE! in Action
Poor Framing of the Problem Can Lead to a Marketing Disaster
The famous marketing failure of New Coke was largely due to a failure to correctly set up the research problem. Though New Coke beat out old Coke in blind taste-tests, the real issue was how consumers felt about the Coke brand, not how they felt about the beverage’s taste by itself. After only three months marked by public backlash and mediocre sales, Coca-Cola scrapped New Coke and reintroduced the old recipe as Coke Classic. By the end of the year, Coke Classic was substantially outselling both New Coke and Pepsi.
Next week: The FEI tribe discusses the usefulness of customer-performance scorecards.