market research

What Is Meant By Customer Amnesia? And How Can You Avoid It In Your Business?

Customer Amnesia results in Product Fails
Customer amnesia is very common in companies today. In fact, between 70-90% of new products fail every year. Why is this?   Simple answer: they’ve forgotten how to have routine development conversations with their customers. Companies who suffer from customer amnesia assume that they know what customers need. The finished product (based on those assumptions) is then shipped as soon as possible.   Companies often rely on technology, but the real success comes from a deep understanding of customer needs and values.   Two critical steps that can help companies to protect against new product failures are: Find out what problems they can… Read More »

Market Research Assumptions – A Paradox?

Dare to assume during market research – a ridiculously risky thing to do!

You would maybe remember when Coca Cola brought out the ‘New Coke’ which was sweeter like Pepsi… They spent over $4 million developing the new product based on extensive market research using over 200,000 volunteers to blind taste the product. Even though a clear majority preferred the taste of the ‘New Coke’ during these tests, it was doomed to complete and utter failure.

Why?

They assumed.

They assumed that taste was the only reason people bought Coca Cola.

Wrong.

There was a huge loyalty and attachment globally … Read More »