If you have ever been the recipient of a prescription medication or viewed a television commercial touting one, it sometimes seems that the possible side effects can create more problems than the solution. You ask yourself if it is worth the risk. Improper, inadequate or halfhearted market research should ask you the same thing.
Since most companies are founded on the principle of profitability, the goods or services they provide ought to be something that the public can benefit from. That is where market research comes into play. Doing that research accurately will determine if your business will flourish or fall flat on its face.
Wendell Dunhill learned his lesson in market research the hard way.
Wendell is Oak Hill's most prolific businessman. He is an expert on everything under the sun and he is happy to tell you about it. There is not a subject you can mention that he will not expound upon and tell you how to make it or do it better. Unfortunately like those medications with nasty side effects, Wendell has some incredible business ideas but not the capability to know what the townsfolk wanted.
Business venture number one was a Thai restaurant. After leasing a site, remodeling the interior, creating an authentic ambiance and importing the ingredients needed to produce the bill of fare, the restaurant failed within two months. If Wendell had done his research he would have found that more clientele would have walked through the door if he had attempted an Irish Pub instead.
Venture number two was a kayak and canoe shop. The storefront was awash with posters of white water treks and couples meandering down lazy rivers under sun dappled trees. Inside there were racks upon racks of kayaks and canoes along with sundry items needed to make your day on the water an enjoyable one. Regrettably for Wendell he did not do his market research. The nearest lazy river was a two hour drive away and the closest white water was four. Our little town would have preferred a sporting goods store that specialized in soccer, softball and football paraphernalia. Our local sports teams are legendary in the area.
The most amazing venture was when Wendell opened a video rental store. Wanting to gather as much business as possible he inundated his locale with multiple copies of every video imaginable. His motto was "If we don't have it in stock, your next rental is free". If Wendell had done his research he would have found that with the advent of DVR's, the popularity of Netflix and broadcasters offering television series online few were spending their time and money at mom and pop rental stores.
Today Wendell's garage and basement holds the remnants of supplies from his many failed ventures. His wife wonders what the next great idea will be and where they could possibly put any more materials. Being the smart woman that she is, she went to the library and did some market research of her own. It appears that public online auctions are a great place to rid one's self of unwanted items.
When thinking about the products or services your company intends on offering, make sure to research your market first. Don't offer to alleviate a complaint if your solution is not what is needed. Become proficient in your area of expertise and give the public what they desire. Don't turn into Wendell. Otherwise you may be asking:
Pad Thai anyone?
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