That kind of thinking can be disastrous, though. There are a plethora of reasons why well-considered research is absolutely the cornerstone of a strong business, but here are a few of my top ones:
- you can validate or correct assumptions about why your consumer acts or thinks a particular way
- you can see where your brand falls short and where it shines
- it can uncover viable new opportunities for your business
- it can save you time and money by showing you what works and what doesn't, shortcutting costly trial and error
- it can reveal serious gaps in your product/service line-up or in your delivery.
In short, well executed research is a an investment that pays you back, because it ultimately helps you grow your business and avoid avoidable mistakes. Plus, it isn't necessarily a budget breaker. Don't just take my word for it, though. Peruse Millward Brown's article, "Big Ideas - Research Can Make a Big Difference."
When it comes to consumer or market research, going it alone may not be the best route. A lack of data is unfortunate, but incomplete/shallow/misleading information is worse than useless. Professional researchers not only know what to ask but also how to ask, when to ask, what research instruments to use and - most importantly - how to interpret the information so that it is most useful and insightful.
Hat Trick 3C is ready and able to help you with your consumer and market research needs. We also have a stable of research vendors whom we highly recommend:
The Sound Research is particularly good with teen and young-adult research.
Flamingo excels at consumer insight work.
Donatella Dina is fantastic at qualitative advertising research.
W5 is your go-to for quantitative/survey projects, among other needs.
Hudson River Group is tops in sorting out what marketing activities are really working for you.