Market Research and Market Invention
Most market research aims to find opportunities to grab a bigger slice of the proverbial pie. It’s a mindset – a competitive tactic – that’s been around for well over a century. Lots of companies and marketing firms use this strategy, some with pretty good results. So why do we take a different approach?
Because when it comes down to it, traditional market research is based on the current market paradigm. Surveys, focus groups, interviews, secondary research: all good, but these tactics are most often used by researchers thinking inside the boundaries of an existing market.
We do market research, too. We just do it differently, with one clear goal in mind: Market Invention.
That means our market research strategy works to uncover and define the market that could be – not a slice, but a whole new pie. We’re not interested in marginal gains; we look for areas ripe for explosive growth. If you’re unfamiliar with Market Invention, think of companies like Google, Nest, Hubspot, and Chobani – companies that established the markets they still dominate.
That’s what market invention is all about. Creating a fresh, uncontested marketplace with wide-open space for growth. But before you can do that, you need to carefully assess the current industry, with all of its successes, failures and pain-points. That might mean that our research team creates a competitive profile matrix to identify key areas for differentiation. It could also take the form of eye-tracking research, decision maps, or persona creation. No matter the specific tactic, the goal at hand is uncovering a new market where your organization can create and lead.
If you want to learn more about Market Invention – the specific steps and the results we’ve seen – check out this page. And, if you think your traditional market research strategy has some room for improvement, contact us to learn more about our approach.