That market research is vital for your business is an understatement; we spend amounts on it every year and actually waste quite a bit of money on poor research. When the research is poorly conducted and you can’t seem to get the market right at all, it’s time to take a giant step out of the box and look at it from a different angle – a Japanese angle, if you will.
Use the insights in this article to find new and innovative ways of understanding your current market, accommodating to their needs, and launch the kind of products and services they’re after.
Launching a product small-scale
One of the biggest differences between Japanese market research and the kind we conduct here in the UK is how they gather data. While it’s a good idea to keep most of your normal routines, for now, you can have a look at the way they go about with market research and incorporate this mindset in some of your existing routines.
Before the launch of a new product, we’re used to conducting large-scale market research to figure out if it’s going to be a success or not. It is, in fact, extremely difficult to predict whether a product is going to be a flop – even if you spend an amount on researching the market beforehand.
The Japanese would gather their data from actual buyers after launching a smaller version of the product – kind of like many Internet companies do when they launch a beta version of their site and continue to improve it with the feedback they get.
When you’re looking to unleash a new product or service, it’s a good idea to adopt this mindset and use the actual consumer feedback to improve it. The telemarketing services you take advantage of will also be able to address actual problems your consumers have with your product directly – and you save a lot of money on poorly conducted market research that turns out to be dead wrong in the end.
They keep an eye on their competitors
When a competitor succeeds or creates something innovative, they won’t be in the lead for long. Sure, you might think that you too keep your enemies close – but not unless you’re able to imitate their success and take advantage of your competitor’s innovation faster than they could ever expect. Japanese businesses have a reputation for churning; the rapid cycle of innovation and imitation which makes it difficult to maintain a leading position.
This is a good thing, though, as the entire industry, as well as the consumers, benefit from the pressing competition. When more companies are launching innovative products, the customer won’t be as hesitant about being an early adapter – which makes the whole category grow and benefits the company again who made the first move.
Look at what your competitors are doing, keep their innovations close, and take advantage of their success. Every party benefits of this, from your company, to your competitor and the consumer – and so the industry goes around with far more innovations.
While it’s not always possible to adopt every routine of businesses in other countries, it’s helpful when we consider our own processes. Use a bit of the Japanese mindset to further the innovation and technological advantages in your company, make your consumers happier, and watch the whole industry grow at the same time.