“In God We Trust, Rest all Bring the Data” - William Edwards Deming -- a renowned American statistician, professor, author, lecturer and consultant.
Gone are the days when Decisions were made on intuition and managerial experiences
Gone are the days when there were a handful no. of companies in one sectors
Gone are the days when Managing a department was more of an internal decision
With this ever expanding and dynamic world,
Every step is becoming
Costlier, Faster and Crucial in deciding the course of future growth chart of any firm
& Hence comes the need for Data and the myriad insights it can offer, provided we ask the right questions.
Especially in case of an E-Commerce Start Up it's vital for a firm to rely on useful information from heaps of data to optimize their footfall and offer the most pertinent product to their users.
(Ex Homeshop18, Infibeam F…. )
(Ex Tzinga, Paperboat Failure, Ex Kellog’s, Ex Knorr in America)
From Flipkart's Product Pairing to Big Bazaar's Product Placements.
From CP's Diwali shopping trends to Kamlanagar's Footfall.
Data is everywhere, and so are opportunities and
to remorph that age old adage a bit,
May I dare to propound
"Where there is opportunity there is a threat."
So a decision based on intuition, past experience and gut feeling may feel to be very perfect, BUT that is what the blunder called SRC is Self Referencing Criterion
where a manager tends to subconsciously take into account all his past experience, which may or may not be any longer applicable to this rapidly Renaissancing world.
For Ex. Kodak, For Example Nokia, For Example Vodafone Japan
Tomorrow if I were to start a company, well not tomorrow say 5-7 years down the line, where I have sufficient capital and a conviction in a particular idea that can push me to the edge to quit my secure job and pursue it with passion, then the biggest mistake I can commit in this step is to not do a comprehensive and well defined research of the scope and opportunities for the product or service I am planning to offer.
That would not only help me do a fair appraisal of the market size but also help me determine the initial price to be offered, asses the initial investment to be put in and a lot many other things which together form a delicate balance to yield an instant hit or an instant failure to any new introduction.
Therefore, If there is something that I would rate just higher than investment and just lower than innovation, in terms of its cruciality it would unarguably be Market Research Process, both in current times as well as the fiercer times to come.
About the Author:
Nikhil Mukhija, is a final year student of Master of International Business, Delhi School of Economics, University of Delhi.
His MBA decision was driven by his English teacher who congratulated and suggested his parents to must make him pursue an MBA in marketing after his toothpaste advertisement assignment back then in 5th Standard.
His Areas of interest include: Marketing, Psychology, Reading and arbitrary thinking.
And he wishes to make a career in E-Commerce/Market Research or FMCG Domain (Any HRs around?) : LinkedIn