Market Research vs. Targeted Audience Research
Market research is important to understand the state of the market in general. The research reports are one of the ways to learn and evaluate the new market for businesses.
On the other hand, as a marketer, you need to keep in mind that the research results don’t determine the success of your business in that market. It shouldn’t change the course of the company by itself.
If you are in the meat business, you won’t stop selling meat and become a seafood shop just because the market report shows that people favor seafood over meat. It would be a betrayal to your royal customers, and won’t be good for the company in many ways.
I believe that understanding your customers/users from the target audience research should weigh more in the business decision making.
If you feel that your business needs to change or at least improve, focus on your customers first. By responding to their needs, wishes, and complaints, you can strengthen your business. The products/services aren’t always the problem. The logo and corporate color cannot be the main reason for that, either. It could be the support issues, delivery issues, etc. By listening to your audience, you learn the main cause of the company’s struggle.
Unexpected market changes may be also impacting the business. New or different competitors, regulations, natural disasters, etc. could put an end to the business. The report for the target market doesn’t really help you find new business opportunities in these cases, either. Some of the great success comes from expanding the reach for existing products/services and branching out by creating another way of consuming the products/services. The core audience research is also helpful in these situations.