How a lack of market research causes indecisionWhen markets in an industry change somehow, either from new ideas or technological changes, successful organisations quickly begin new research projects to develop conclusions on how they should react to the change. Market research allows these organisations new insights on how changes in their own company can benefit from shifts in the market. Different circumstances can arise that lead to organisations being indecisive about how to react, and, therefore, they are essentially unable to benefit from new market movements. Although market research can help identify and solve problems, many organisations hold off on conducting new research projects or don't start them at all. Depending on the company, as well as many other factors, there can be many different reasons for this hesitance to pursue new market research, which can result in indecision. Types of indecision1. Fear of risk or the truth Research can also pinpoint the big issues you might be facing. Recognising your downfalls and imperfections in an organisation can be a difficult thing to face. Seeing how changes might benefit your business is not a bad thing, it opens up new opportunities. Being able to be honest about how your organisation fits into the industry only allows room for improvement. 2. Too many options 3. Unable to decide on a path Critical business decisions are not ones that should be taken lightly. Serious thought and consideration, as well as accurate information, need to go into determining conclusions on how to handle decisions. No matter what your hesitation might be, you need to remember that not having the right market research can cause both indecision and, potentially, the wrong decision. To get more information on how you can use market research to benefit your business, read our free white paper... How to Use Market Research to Launch Your Business. |