Innovation is key to keeping businesses afloat. Market research is a way for companies to identify what gaps they have in their current products and where they can innovate to enhance their appeal to the customers. An article at Strategyn takes a look at some of the downfalls that companies stumble on when using market research to innovate.
- Companies obtain customer input, but often times the receive incomplete input or can not identify what the good input is. With market research used for innovation, it’s imperative that companies know the structure, the content and the format of the job that needs to be changed before the set out to capture data that will help them innovate products
- Often times, questionnaires are too limited. According to the article, most surveys to collect research only contain 30 to 50 question to identify customers sentiments on products. Oftentimes, that’s simply not enough, and a lot more questions need to be asked to get the clear picture, often in the range of 150 questions.
- Scaling methods limit the customers choice when filling out research. Paired comparison and forced choice often times make customers trade off between attributes that can be included in the future on products. When looking to innovate, it’s important that customers have all the options available to them. Limiting their responses will only make your data lack in value.
Strategyn points out that outcome driven market research was specifically created in order to aid innovation. It ensures that all variables are accounted for in the survey and it also doesn’t limit the number of questions. In addition, rhis market research uses new product research methods to find the hidden markets.