...Not investing in proper marketing research can and almost always will cost you more money in the long run.
Trumbull, CT (PRWEB) March 14, 2013
In marketing for 25 years, Blum has been on both the consulting-side leading account teams for companies as large as IBM and on the corporate side where he’s built marketing research functions for Fortune 500 Companies. Prior to leaving the corporate world to become a freelance consultant (aka Hired Gun) Andrew observed that many of the components of marketing research studies were vastly overpriced when compared to the value the information returned in making intelligent decisions.
“In today’s difficult economic times, many firms today are trying to reduce costs wherever possible. And understandably so; everyone must be prudent with every dollar they spend from this point forward. However, not investing in proper marketing research can and almost always will cost you more money in the long run,” exhorts Blum, “Skip over this critical stage and instead of obtaining insurance on your product’s success you will most likely greatly reduce the opportunity to maximize on your total investment.”
When asked about the solution that Andrew describes, “The Gold Standard of Research has consisted of doing many rounds of focus groups with extensive traveling followed by large and complex quantitative surveys, often times taking a full year to deliver meaningful results. In much of my experience placing so much time and resources is considered overkill. I find that applying my ‘Silver Standard’ solution allows my clients to derive at the same decisions but for a small fraction of the cost”.
This approached has been executed successfully over the past several years for new product launches, new market entries, and line extensions. To learn more about this service, Andrew's expertise and case study examples can be found here.
Andrew Blum is a marketer and adjunct professor at University of Connecticut, living in Trumbull, CT. He has 15 years of experience in consumer research and marketing strategy. For more information, he can be contacted from his website.