Daniel Walker of River’s End Consulting used his experience as an automotive R&D engineer and fishing analogies to explain and illustrate the types and benefits of market research at LA2M on 10-12-11. He emphasized that good market research involves “asking the right person, the right question in the right way.
When he consults with businesses, he asks why businesses do what they do and what problems they are trying to solve. He said he uses an “open minded 4 year old mentality” to listen to companies and their customers. The 3 types of market research he focused on were number gauge surveys, focus groups and individual interviews.
When he consults with businesses, he asks why businesses do what they do and what problems they are trying to solve. He said he uses an “open minded 4 year old mentality” to listen to companies and their customers. The 3 types of market research he focused on were number gauge surveys, focus groups and individual interviews.
He likened gauge surveys to fishing with dynamite. He explained that the results are often too generic to be helpful. He noted that gauge surveys can offer large volumes of data, but there are too many opportunities for error or misinterpretation.
Walker compared focus groups to a small fish taking a worm off a hook but not taking the hook. He said that focus groups can be hard to facilitate because some participants can dominate the discussion. Walker said the benefit of using focus groups is that the process can yield good date because it is detailed.
Walker views fly fishing and individual surveys as having some similarities. With fly fishing, the person fishing focuses on one fish at a time. With interviews, the data gathering is one customer at a time. He noted that the questions should be specific but open ended to yet the most information.
Walker compared focus groups to a small fish taking a worm off a hook but not taking the hook. He said that focus groups can be hard to facilitate because some participants can dominate the discussion. Walker said the benefit of using focus groups is that the process can yield good date because it is detailed.
Walker views fly fishing and individual surveys as having some similarities. With fly fishing, the person fishing focuses on one fish at a time. With interviews, the data gathering is one customer at a time. He noted that the questions should be specific but open ended to yet the most information.
He emphasized that no matter which process a company decides to use, the research must be carefully planned, with questions based on what the company needs to know. The company doing the research needs to understand each methodology to get applicable and useful results. He recommended that company research teams be made up of no more than 6 and include both internal and external individuals. The research team members must be open minded and willing to learn.
Walker stated that the customer is the best source of information for problem definition. When companies know and understand customer problems, the solutions become obvious. Obvious solutions lead to great products. Great products sell better. There is less stress, money and time in the development process and fewer failed projects. He explained that the customer is the expert in the problem and the business can the expert in the solution.
Walker recommended that businesses find a market research method that is perfect for their needs and then listen to the customer. He explained that companied don’t exist, people do. “We take care of human beings. The more we know the better we serve them.”
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