Every year, companies around the world spend more than $6 billion conducting market research. Upon receiving the results of these studies, marketers retreat to conference rooms where they pore over the data and attempt to derive value from what is usually a very significant investment.
One of the most common outcomes of this process is a fantastic “new” way to segment customers. Staffers congratulate themselves on the brilliant insights the new pie charts yield, and their managers trumpet their innovative approach to conference rooms full of irritated executives, skeptical sales staff and befuddled engineers. What went wrong? Here are some of the usual suspects:
Food for thought!