Quote of the Day 10/5/2019

Complaining has never helped anyone or anything.

Unless, you can see the opportunity...

Common reasons people shy away from market research

A plastics manufacturer thought that its customers were mostly interested in environment-friendly products. The company spent much of its financial resources and product development funds to manufacture a superior environment-friendly product. In addition, it also spent its resources on a creative marketing campaign. The company promoted its product’s environment-friendly attributes. While the advertising was creative, unfortunately the product failed miserably.

Turns out, its customers were not looking for an environment-friendly product. Instead, they wanted a product that is durable and affordable. If only the company had undertaken a market research initiative and understood what its customers really wanted, it could have saved itself a lot of trouble. Besides, it could have saved a whole lot of money which could have been better spent elsewhere. 

Failure to do market research and understand what customers are seeking is a recipe for disaster.

Market research is commonly misunderstood and sometimes maligned by businesses. But to those who are disciplined enough and think strategically, market research data is an extremely important function of any business organisation.

Whether you are collating information for a new product launch or merely finding out if people are satisfied with your level of service, market research plays a major role in business and product strategy. 

Generally, businesses have two major goals – to return profits and to grow. In both these goals of any business, market research plays a key role in ensuring that the business remains focused on its goals. Failure to study the market and your customers could lead to more wasted time, effort and money. Sometimes, it could even cause the collapse of a product line or service.  

But why do people shy away from market research?   

Below are some reasons commonly given to wave market research away and why they are just another red herring.  

1. Market research is too costly

Contrary to common perception, the cost of a market research is relative. In fact, it is dependent on the scope of research. If what you seek is lots of information, the cost will surely be higher. In this sense, one needs to be pragmatic.

The trick is to first determine how much your budget is. Then scope the research project according to your budget. This saves a lot of time and frustration.  

2. Market research is too time consuming

“We don’t have time for market research. We need solutions now!” is a commonly heard quip in the corporate boardroom. However, it is another misunderstanding on market research stemming largely from over generalisation. 

Not all market research initiatives are time consuming. Some research projects can be completed in as little as four weeks. Others take longer, perhaps spanning a few months. Again, the trick is to scope the project well. Start planning early and determine from the outset when you need the results. If you need the results for presentation purposes for an event happening next week, then market research will not cut it.

3. Market research is for those who can’t sell their product or services

Actually, market research goes beyond mere insights to make the next sale. In fact, with the right approach, research data can potentially identify new groups of customers whom you may have missed. This could translate into a new line of customers for your business.

In addition, research can also yield new insights into reasons why customers choose your product or services. This could yield some unique insights on how you can continue to keep your customers happy and delighting them further. 

4. Market researchers don’t know our business enough!

This could be partially true. But it is better for the market researchers not to know your business too well initially. This way, they would not be influenced by preconceived opinions and perceptions on how the industry segment or your customers behave.    

Starting on a clean slate, market researchers remain independent and look at various perspectives to solve the problem. Eventually, they will gather enough data and amass sufficient knowledge about your business by talking to customers and competitors to give valuable feedback you would otherwise miss.

Running business is not just about making a sale and keeping the customer happy. One should also watch for competitive developments to stay ahead of the curve. Or else one could easily lose customers to a competitor.  

5. What about the ROI on market research?  

  

Market research is the beginning of a process. When done well by capable analysts, it yields great financial benefits. Without research data, one will be second guessing what customers really want. While trial and error may work for some, it is not the norm.

Market data gives interesting insights into your business, competitors and most importantly your customers. Eventually, with the right marketing messages, the return on investment (ROI) will be convincing.

If you have Netflix, check out the documentary titled "The Toys That Made Us", on Season 1, Episode 3: He-Man and 4: G.I. Joe. In it, they explain how market research lead to the discovery of the boys market for action figures.

https://en.wikipedia.org/wiki/The_Toys_That_Made_Us

So the next time you have an idea, spend some time doing market research before you jump into it. After all, if there's a girl or boy that you like I'm sure you'll be doing some research about he/she likes first!

Critical Success Factors and Key Challenges of an Internet Entrepreneur in Malaysia.

What are the critical success factors of an internet entrepreneur in Malaysia?
1 always keep up with the trends.
2 never be afraid to try new technologies, new media such as TikTok.
3 be data driven - it is key to understanding customer behaviour.
4 learn to automate.
5 have the eagerness to experiment new methods, validate before going big.
6 be customer centric - great customer experience is what drives recurring revenue.
7 start small, but be ready to scale.
8 don't be afraid to ask and pay it forward.
9 invest in technology, because the technology will keep you ahead of customers.
10 look out for niches, because there riches is in the niches. 

Key challenges by internet entrepreneurs in Malaysia. 
1. limited access to tech talent pool: both developers and digital media specialists.
2. poor internet infrastructure = inconsistent speed.
3. differences in purchasing power, lifestyle and standard of living among consumers from different states of Malaysia.
4. Malaysian consumers digital savviness is rather poor. they are not keen to try new things and depend on others to educate them, ie not early adopters.
5. lack of internet education, like how payment gateways function.
6. low credit card penetration limits spending.
7. too much fraud, making consumers too cautious and wary about new things.
8. difficult and expensive to market to 3 different language groups in Malaysia.
9. over reliant of facebook.
10. local SMEs are slow to adapt to embrace new technology.

Lesson of the Day 10th March 2018

Don't be afraid to fail. Be afraid to not try.

It is important to learn to compete with ourselves and be proud of our efforts and not try to succeed to impress others.

From Do the KIND Thing, Daniel Lubeztky

Quote of the Day 22nd December 2017

Sometimes all you need is a litle change to make a big difference.

- Unknown

Best quote from The Last Jedi

“The greatest teacher, failure is.”

- Master Yoda

My own Quote of the Day - 21st September 2017

They who see the most, learns the most,

They who listen the most, understands the most,

They who share the most, gives the most,

They who give the most, gains the most.

- Jun King Sze

Key learnings from a private sharing session from Dato' Seri Ivan Teh of Fusionex with SAAS Unicroaches - 20th July 2017

Here are the key learnings from the private sharing session on SAAS startups last night hosted by Fusionex:

1. Malaysia a great market to start, but not enough to make money. You need to move regionally, at the least.

2. Moving from SME to Enterprise: very difficult but achievable. It takes time, commitment, building as many succesful cases studies and providing enterprise clients that you are reliable both financial and that you have enough resources to scale to their demands.

3. Learn to find your right and bestest strength, then focus on it. Use that to your maximum advantage over others. Be different.

4. Data is the new crude oil (this isn't new but I'd like to highlight it).

Here are some photos and more key learnings to takeaway. Thanks to Warren Leow for the invite.

A wefie with Dato' Seri Ivan Teh of Fusionex with Adrian Oh from Webshaper and Wilson from Milkadeal. 

Wefie with Syed Ahmad Fuqaha of Katsana.

Big Willie G's Dad as Quote of the Day 19th July 2017

Celebrate life everyday

- Big Willie G's Dad.

30-30-30

Pay attention to the next 30 years. They will be critical for the world. 

Pay attention to the 30 year olds. They are the internet generation and will change the world. They will build a new tomorrow. 

Pay attention to companies that have less than 30 employees, the small businesses.

- Jack Ma

Support for Startups and Ambitious Entrepreneurs

Support for Startups and Ambitious Entrepreneurs from Jun King

The Smartwatch, now not a smart move

It's been nearly 1.5 years since Apple announced their own Smartwatch, the Apple Watch. While sales have been good at the start, it has been discouraging in the past year and nothing with a downward forecast all the way till 2017. Recently, Fitbit, an activity tracker acquired the most funded smartwatch maker on Kickstarter, Pebble to lay off the team and shut the product down! 

So not all acquisitions end with a happy ending.

This sounds grim, but in my personal opinion, the future smartwatches have been grim since day because, if you take a top down approach on the behaviour of people wearing watches:

1. Smartwatches, would only be worn, by geeks and tech enthusiasts, mainly driven by Apple users. Apple smartphone market share 12.5%  in the world.(https://www.statista.com/statistics/271496/global-market-share-held-by-smartphone-vendors-since-4th-quarter-2009/)

2. Out of 10 of my friends, only 2 wear a conventional watch such as a G-shock.

3. Those who wear a luxury watch, won't replace a Rolex with a plastic watch. 

4. A watch is a symbol and accessory for a successful man, or a man who appreciates a good timepiece. I overheard a joke once, 'don't propose to me with a diamond ring, propose with a timepiece instead.' 

This is because a timepiece appreciates in value over time, while a smartwatch depreciates because it's a gadget.

Now, if you take a top down approach, filter from 1 down to 4, the market size of smartwatches isn't big.

A smartwatch can do many things such as monitor your heartbeat, your footsteps, let's see a preview message/caller, receive notifications with your app and many more. While it does many things, its main functions are to receive notifications, check the time and monitor your heartbeat and footsteps. Smartwatch app downloads haven't been fantastic, even AppAnnie doesn't have any tracking for Apple watch Apps.

You might say that there has been no killer application on the smartwatch to drive users, I think it's because a watch, needs to stay as a watch to tell the time.

Smartwatch manufacturers were hoping it becomes the next big thing, I highly doubt it but there might be a future in activity trackers. 

So, is there a future for smartwatches, maybe if the battery life is improved dramatically (up to 3 or 4 months at least). Still, I just look at my Mi Band 2 for the time.

Quote of the day 9th December 2016

I don't want to inspire you, I want to make you perspire.

- Jun King Sze

Quote of the day 28th November 2016

If you did something and there was no result, it's called being stubborn.
If you did something and there was some result, it's called being persistent.

- J K Sze

#sanity #insanity

Quote of the day 23rd October 2016

We cannot change the past if we want to change the future.

- Jun King Sze

Quote of the day 1st October 2016

People often want to believe, the unbelievable, but often cannot believe, the believable.

- Sze Jun King 

Overheard of the day, 22nd September 2016

From the recent BFM Breakaway 2016 as elaborated by @Afzal Abdul Rahim, here are the usual 3 type of ideas:

1. Authentic: an idea that is usually spawned by an internal problem, pain, experience, need or inefficiency/deficiency.

2. Original: an idea that is derived from no. 1, but witnessed and the solution from a 2nd or 3rd party.

3. Unique: a copy from any 2 of the above but improved to be different, much better, innovative, etc.

1 is the rarest, followed by 2 and 3, most common.

Quote of the day 26th August 2016

“The man who fears losing has already lost.”

― George R.R. Martin, A Game of Thrones

Quote of the day 26th August 2016

“The man who fears losing has already lost.”

― George R.R. Martin, A Game of Thrones

Quote of the day 25th August 2016

Try to fail, not try to not fail.

I would rather have tried and failed, than to have not try and fail.

- Sze Jun King