I have always believed in market research. But knowing that you need something and actually doing it are two completely different things. It's even worse when you are bursting with confidence. After doing hundreds of market research projects for our clients, I was sure (and still am) that I knew the perfect methodology, and have what it takes to build a new product.
So I discussed the new product idea with some friends and family - they thought it was awesome, hired the people that I thought I needed and in a couple of months, we were ready to launch. I was positive that this was our golden goose. But...
It was super tough to even make people sign up for the free trial. For the next couple of months, we were trying to make this happen, but they say a wise man knows when to surrender. So, with a heavy heart, I raised the white flag.
But as a lifelong entrepreneur, I couldn't let that one wrong decision (that did cost me a bunch of time and money) stop me in going to my next venture. After all, one of my biggest aims and motives in life is to make my company grow.
But fortunately. what I tend to do is learn from my mistakes. Therefore, just when we were ready to launch our new service, I decided that the best way is to take action. So with my idea on my mind, I went to my team and hired them (just as one of our clients would) to do a market research. I don't want to brag about the quality of the research (that's why the testimonials are for), but having the document in front of me, and not just my hypotheses helped me in making the best decisions possible, and to avoid the most terrible mistakes. I don't need to tell you that we launched our new service with tremendous success. Our numerous clients can testify to that.