Many words have been written on why a company should initiate a market study exercise. But what is equally important is knowing when not to initiate such an exercise. Here are 3 key considerations –
a. Timelines: If you do not have too much time for a detailed study, the best idea is not to get into it. Many times, we have seen companies get into a market study with very aggressive timelines. There is pressure on the data collection and analysis phases leaving scope for errors, missed opportunities etc. In cases where there is little time, it is best to go with secondary information, insights from people in the field, and talking to industry experts/analysts.