Marketing Genius from Maple Creative


Marketing tips, observations & philosophy, plus a few rants and random musings - from those who practice, preach and teach marketing, research, advertising, public relations and business strategy.

Thursday, June 03, 2004

Are you sure?

We recently conducted one-on-one interviews with a core group of professionals in a midsize WV city.

Our objective was simple: determine what kind of product our client should sell in the market.

The interesting thing about our findings was the apparent disconnect between what the market thought was occuring and what actually is.

The market perception was that a product for sale in the market was selling 5-10% higher than it actually was.

Secondly, the higher price range market was very thin and only made up 15% of total sales in the market.

My point is that if our client listened to the market without the substantial qualitative and quantitative research we conducted, he would have sold his product for too high a price to a market segment that was small.

Instead he will be selling a right priced product to more than 75% of the market.

Our research diversified the sales options and will create stability in his business plan.

Why did I tell you this?

The next time you base a business decision on your perception, your perception may be incorrect.

Don't guess. Use research and know. It's priceless.


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