http://www.marketingmob.com.au/blog/market-research/what-benefits-should-a-distributor-promote/
http://www.bbc.co.uk/news/business-12581446
Primitive market research techniques involved testing products on a sample of consumers and asking them their views on the product. However, with these methods, the underlying assumption is that consumers know what is going on in their own heads. Studies have shown that this is not always the case and according to Rob Stevens, co-founder of UK market research company Bunnyfoot, 80% of businesses have failed due to weaknesses in traditional market research techniques.
Stevens suggests that ‘facial coding’ gives much more insight to the inner workings of a consumer’s mind. Therefore, his staff is trained to track eye movements and facial expressions. However, doing this manually is both time consuming and exhausting. New software is being developed so that ‘facial coding’ can be done worldwide via the computer, which will improve the accuracy and credibility of the information gathered.
Market Research is a vital part of business strategy as it allows companies to gather valuable information about consumers’ needs and preferences. Therefore, flaws in the market research process can threaten the success of a product and the business’s profitability. These new technologies can revolutionize business’s ability to satisfy consumer demand and may potentially eliminate the chance of product failure!