What do YOU think about market research?

I would add in my own words "Opportunity Awaits" or "Who Knew". We just completed 6 focus groups and are now turning those perceptions from 60 people into a survey that will be given to 300 - 500 people so we can do quantitative projections to our entire market. It is a small market. My first experience with this process has been fascinating - we were blessed with an exceptional consultant with over 20 years of experience conducting focus groups.

Once the initial shock over the responses wore off - we were completely blindsided by the negative comments we received - I am picking myself up, dusting myself off and rolling up my sleeves for some really meaningful work ahead of us.

Without the research I would have continued down the same path leading to nowhere.

Thanks for sharing your experience. While research will occasionally validate what is already assumed, in my experience, it almost always turns up something unexpected. That new information must still be interpreted and used to drive a new and productive strategy. Otherwise it remains just data.

I appreciate everyone's comments. In addition to these, I've had some additional/extended discussions on the topic on Twitter - including with my friend Tom Snyder.
The consensus is that market research, like so many things, can be extremely valuable when done right. As Karen points out, that includes good upfront planning to assure definition of goals, audience and methodology. As Tom pointed out in our Twitter follow up, and as Mary Ellen suggests in her post, interpretation and application of results is as important as the proper design and execution. Those unwilling or unable to "hear" what is stated or implied in findings can undermine the whole thing.
Ultimately, Karen summed it up well. Good research takes work.

Research done well is invaluable. Research done poorly is a waste of resources. In my experience, success is more likely if: (a) there is a good, upfront understanding of what information is needed to support better decision-making and how that information will be shared and used; (b) the methodologies employed are those best suited for the level of engagement and results desired from target audiences; (c) the right target audiences are reached; (d) the analysis provides deep insights - it makes you think - it challenges your assumptions; (e) and so on and so on.

Good research takes work, in other words!

Moving forward with any initiative...business or personal...is a calculated risk. Whether it's developing a marketing strategy, creating a new business, buying a car or hiring an employee, research is a key component to facilitating a good outcome. Sometimes the necessary "research" can be as simple as checking references, or doing an extensive Google search. Other times, a feasibility study with a focus group, or an auditorium test will be required.

On one extreme are the small businesses who reject research because they can't afford it. Too frequently the decision is based solely on the cost of the research without taking into account the cost of failure.

On the other are large companies with layers of bureaucracy and decision makers who won't do anything without volumes of research to cover their a... er, provide a statistically validated course of action.

Somewhere in between is the balanced approach that combining intuition and experience with a willingness to put ideas up to the test of research, or at least the scrutiny of a trusted strategic partner and making a decision based on all the above and common sense.

As a former Marketing Research person within a corporation, I've experienced firsthand the power of having the team listen and/or observe consumers. Too often we over-intellectualize our ideas so talking to consumers and/or observing how consumers use a product and/or service is a great way to bring a dose of reality back into our corporate conversations.

This assumes that the moderator does a great job and the team is open to what the consumers are saying.