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Who is
going to buy the darn thing? Invest twice as much in market research as
engineering to find out.
To an engineering audience this might seem
outrageous. This author is often asked, "How can you possibly suggest that we
devote more of our precious capital to marketing than to engineering, when we
have this heavy-duty technology to develop?"
Evidence shows
successful technology-based enterprises invest twice as much in market research
(exclusive of promoting and selling) as engineering.Failures invest less than a
nickel in market research for every dollar in engineering.
Too many
products arise from a technical challenge, rather than to meet the specific
needs of real customers. Don't be afraid that investing in marketing means less
money for engineering. Successful high-growth enterprises tend to hire more
engineers. The real anxiety ought to be a fear of layoffs from a business
failure.
Twenty questions are posed as a method to inquire not only
about the quantity of marketing, but also about the relevance of the market
research, the caliber of the market research staff, and the quality of their
activities. http://marketingvp.com/papers/board/question.htm
Market
research is a process to validate that there are customers; quantifying
customer needs, verifying that payback justifies the product, and guiding
engineering to develop products that customers want to spend money for. As
there are known engineering processes, tools, and methods, there are known
marketing processes, tools, and methods to achieve success.
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