According to Investopedia, the term market research refers to “the process of evaluating the viability of a new service or product through research conducted directly with potential customers.” It allows a company to define its target market and get opinions and feedback from consumers or prospects about their interest in a product or service.
This definition makes it sound like market research is a one-and-done process before launching a new product or service.
This is SO wrong!
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Related article: Make Decisions Based on Data, Not Opinions
About Middlesex Consulting
Sam Klaidman is the founder and principal adviser at Middlesex Consulting. He helps his B2B product manufacturing clients grow their service revenue and profitability by applying the methodologies and techniques associated with Customer Value Creation, Customer Experience, and Market Research professions to assist his clients in designing and commercializing new services and the associated business transformations. Contact Sam here.
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