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- Ken Uchikura Newsletter Vol. 209 Market research is meaningless
Market research is meaningless
There’s a lot of information out there about market size, trends, and so on. People who wonder if they should start their own company or become independent often think about market size and market trends. However, I believe that it’s meaningless. And I’d like to explain why.
Information like the market size and market trend is only external information available to anyone. And unlike my company, large companies are the ones who can make the most use of this information. When an organization is large, it can plan, develop, launch, and promote products for a large market. However, I, as an individual, or a small or medium-sized company, can’t consider market size and trends to respond to when planning, developing, marketing, selling, and promoting products. Therefore, information about market size and market trends is useless.
So, what should individuals and small businesses use as a guide to plan, develop, and sell products? Instead of looking at the market as a whole, it’s important to respond to individual companies’ and customers’ needs on a case-by-case basis. While they may mirror market trends, they often require something completely different. Oftentimes, they’re different from larger market trends, and large companies can’t address their needs individually. I believe that this individualized response is what differentiates small businesses from large corporations.
Instead of focusing on market size and market trends, small businesses should respond to the needs of individual customers. To do this, they need to meet many customers in person and listen to their customers, rather than focusing on market size and market trends. You can’t find the answer by reading newspapers, magazines, and journals. It’s important to research for your product planning with your own feet, eyes, and ears. That is what I’ve always believed. How about you?
Kenichi Uchikura
President / CEO
Pacific Software Publishing, Inc.
ken.uchikura＠pspinc.com
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