“If You Build It…” Will They Come?

“If you build it, they will come.” The slogan, whispered into Kevin Costner’s ear by the spirits in the cornfield, worked out pretty well in the movie. But what if they didn’t come? The point is, just because someone builds a better mousetrap, there’s no guarantee that the product will be successful unless there’s a real demand for an improved way to catch mice. And this is where the importance of market research comes into play.

In our latest article for Advisor Perspectives, we discuss four steps to what might be called “lean market research” that doesn’t require expensive surveys, consultants, focus groups, or other complicated apparatus. But the information you can obtain by using them can be priceless.