Market Research - A Business Tale In The Basics @TenTonOnline

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Transcription:

One of the biggest myths in the world of business...that practically all new business owners believe... is that entrepreneurs simply come up with some "magical big idea" for a product or service...something that's never been done before...and it catches on like wildfire and they stroll their way onto easy millions.

It's these sorts of "overnight success stories" that we read about and sometimes see in movies. And it's so far from the truth that it's laughable. In reality, things are messy, disorganized, and hardly follow a fairytale "overnight success" plot line.

For instance, quite a while ago I was reading about how the Sony Playstation came to dominate the video game market. Unless I'm mistaken, this was the first home gaming console to use optical disks rather than old school gaming cartridges.

So did Sony just dream this idea up one day, run with it, and go on to make millions and millions (probably billions)?

Actually no. As the story goes, in the late 80s or early 90s, gaming giant Nintendo had done massive market research, learning about their customers and what they wanted.

And what they wanted was games with better graphics and more immersive stories...and that would require games that required much larger file sizes...well beyond traditional gaming cartridge capabilities.

With that research in hand, Nintendo then pursued hardware manufacturer Sony to develop external hardware that would connect to Nintendo consoles and run games off of technology that could handle much higher capacities -- optical disks.

An agreement was signed and Sony went to work, pouring millions into developing the technology Nintendo's audience of customers demanded.

But the Nintendo / Sony partnership would fall apart rapidly. Nintendo made a disastrous mistake. Behind Sony's back, Nintendo made a similar deal with Philips...Sony's biggest rival at the time. Further, Nintendo inexplicably ceased all communication with Sony.

Being left in the lurch, what did Sony do? With ready-for-market optical gaming technology, they went ahead and released their own gaming console, the Sony Playstation, filling the need that Nintendo's audience demanded. Further, they locked in agreements with some of the biggest gaming developers, including Namco, Konami, Electronic Arts, and others.

And the rest is history. When Sony released it's groundbreaking Playstation and optical gaming technology, it was an instant hit. And Nintendo wasn't able to release a competing console for another 18 months...giving Sony total market domination early on.

The point of all this? That newbie business owners and entrepreneurs often have it backwards. How could Sony be so sure that their gaming console would sell? Because they were going off of Nintendo's intensive market research -- they knew that gamers wanted more immersive games, better graphics, and more in depth play.

This is an important point: Gamers did NOT want games on optical drives. They didn't care about HOW games were delivered...they simply wanted better games.

Sony listened to this feedback, market research, and audience analysis and simply gave the market what it wanted.

The moral of the story (other than, don't double-cross a business partner)? It's that stimulating demand for things people don't want is impossible. Instead, simply give them what they want.

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