There are a number of factors that contribute towards the success of a business -- with market research and a CEO’s intuition being the bookends of the drawing board, ‘The CEO Gut’ infographic explains why one is better than the other.
The infographic dishes on cases where market research implied one thing, but produced a very different result. One example is the plethora of taste tests Coke made to ensure their ‘new Coke’ was better tasting than Pepsi -- in the end, all that money was wasted as the new Coke only lasted on shelves for a total of three months. It makes the argument that when the hard facts of market research are paired with human intuition, the result is a match made in heaven.
This chart is an eye-opening resource for organizations who may be particularly one-sided in their managerial strategy.
Market-Research Discrediting Graphs
‘The CEO Gut’ Infographic Underscores Need for Int
Trend Themes
1. Intuitive Decision Making - Organizations can explore strategies that incorporate both hard facts and human intuition, enabling better decision making.
2. Alternative Research Methods - Businesses can start exploring other research methods if traditional market research techniques are not providing the desired results.
3. Data Visualization Critique - Evaluating and improving the way companies present data can help them better understand the insights generated from research reports.
Industry Implications
1. Market Research - This industry can innovate by developing new techniques to gather data in combination with a CEO's intuition to deliver more successful results.
2. Data Visualization - Improvements in data visualization can transform how businesses interpret and act on complex research insights.
3. Consumer Goods - Companies in this industry can achieve better market penetration by combining scientific and intuitive methods to understand and respond to consumer preferences.