Thought Leadership

Making the big decisions without doing your homework is madness

Published: June 19,2015

 Making the big decisions without doing your homework is madness

Many a big business decision has been made without having done any research into whether it is a really good idea or what is the best approach to take. Relying on 'gut feel' does not always mean success and more often than not you end up making a poor business decision. The result of which is a very expensive mistake both in terms of riyals, energy and resources - not to mention the negative impact a poor business decision has on morale.

By undertaking market research, whether it's your own desktop research or commissioning a research agency, research into your target market reduces your risk of failure and increases your likelihood of success. It is madness that some businesses will spend millions on launching a new product or introducing a new service and not spend a riyal on research.

Is your product what customers really want and need? Will your service offering differentiate you from your competitors? Is your product or service positioned at the right price and in the right location? Are your advertising, promotional and PR campaigns speaking to your target audience in a language they understand and relate to? Are you spending your money on the things that are really important to your target audience? These are all questions that market research can answer and confirm or refute your 'gut feel'. The insights gained through research will help you to develop your business and marketing plans to ensure success – now isn't that worth investing a percentage of your overall budget into?