Market Research vs. Intuition
Market research is crucial for startup business as well as established business. This research is to equip yourself with the information you will need to make informed business decisions about start-up, innovation, growth and the 4-Ps: product, price, place and promotion. By conducting this research on a regular basis, you can keep up with the dynamics of the economy and demography. From there you can make adjustments. Also, the market research you have completed will tell whether there is a demand for your product or service. If your research does not indicate a demand for the product or service the proposed business will not likely be viable.
Market research is widely viewed as a component of the planning stage of a business and should be a key element of any entrepreneur's business plan. The research feeds into a number of areas of the business plan, contributing to: determining the sales potential of your product or service, attracting customers to your business and selling to customers and earning repeat business.
vs.
Intuition has been called many things: gut feeling, instant knowing, inner voice, and instinctive knowledge. Simply put, intuition is the ability to KNOW - beyond data, reason and logic - the truth of any question or situation. However, when used with data, it can confirm business direction, product ideas, etc.
It is important to use both data and intuition in your decision-making. When you're faced with comprehending a large amount of data, your intuition helps you contextualize and understand it. Another example of how data and intuition work together is in the common idea of "buyer personas." The right tools and processes can help align your intuition with your data. It just don't help you navigate the complexity of your data, it helps you get the answers that are actually going to be helpful.
Market research and your intuition go "hand in hand".
Market research is widely viewed as a component of the planning stage of a business and should be a key element of any entrepreneur's business plan. The research feeds into a number of areas of the business plan, contributing to: determining the sales potential of your product or service, attracting customers to your business and selling to customers and earning repeat business.
vs.
Intuition has been called many things: gut feeling, instant knowing, inner voice, and instinctive knowledge. Simply put, intuition is the ability to KNOW - beyond data, reason and logic - the truth of any question or situation. However, when used with data, it can confirm business direction, product ideas, etc.
It is important to use both data and intuition in your decision-making. When you're faced with comprehending a large amount of data, your intuition helps you contextualize and understand it. Another example of how data and intuition work together is in the common idea of "buyer personas." The right tools and processes can help align your intuition with your data. It just don't help you navigate the complexity of your data, it helps you get the answers that are actually going to be helpful.
Market research and your intuition go "hand in hand".
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