MY NAME IS MARKETING RESEARCH AND I’M NOT A CULPRIT
Planning to launch a new product? Are you updated with the new market trends? Want to gain an advantage over your competitors? Or want to increase your sales? Hope you are done with researching the market. Yes, for one or the other reason, the advice of a marketing specialist is always sought.
Marketing research is a very important tool for studying the market or any changes in the trends or even the consumer preferences. It’s said, “when you have to hit it once, hit it hard”, same is the case with making marketing decisions. You cannot take a decision and change it to not being accepted. There is a keen thought process and also an excellent market research behind a successful marketing decision keeping in mind that you live in this uncertain world with changing tastes and trends.
But what could be the reason that in spite of intense marketing research, success is in the dirt? Can you think of any possible reason? Let me make you aware that, though marketing research plays a potent role in shaping a decision, it does not make a decision, and definitely cannot guarantee you success.
Did you get hold of the real issue bothering most of the marketing managers? Let us exchange the eyes for understanding this. Suppose you want to introduce a new technology in an area where there is a need felt, but as a company, you cannot just make it free. But what will happen if the farmers think even the minimal costs charged, as expensive, and do not accept it, knowing the fact that it will save them from drudgery. Let me quote an example, “a case happened in Thailand where the existing rice milling machines were resulting in a lot of broken kernels. The new machine almost gave a negligible percentage of broken. This clearly showed a potential market. So, with all the research finally, it was decided to import the machinery into Thailand. But the company was shocked with the outcomes when all their efforts went in vain. The machine, though having numerous advantages, failed to gain acceptance. The reason is that the farmers in Thailand used to take their rice to Miller and because of the lack of cash they used to pay the miller with the broken.
So, reasons could be many, and you cannot always break the pot on the head of marketing research. Yes, it does play a major role but it is not the deciding factor. One must keep in mind that expedition for truth, even in case of the market, is entirely different from the what has already been perceived by the marketeers.
-Rashmi Nagari