High growth companies often operate in markets where competitors are also innovating and creating their own disruption, therefore it is especially helpful to have an unbiased view of the market.
We believe that a good understanding of the market is fundamental to effective strategy development, hence market research is often incorporated as part of strategy development projects.
Challenges organisations face with Market Research:
Most companies’ understanding of the market is based on anecdotal information and second-hand impressions of what the competition are doing. This may be sufficient for managing ongoing activities, but it is rarely adequate when developing strategies for the business… especially high growth strategies.
Without accurate market research it is very easy for companies to direct investment into less profitable, and less useful, areas of the business.
Even when independent analysts have published reports on the market, these reports are rarely targeted directly at the company’s needs.
It is also important to find out the view of customers and staff, but it is hard for the company to get honest and frank feedback itself.