From Assumptions to Evidence:  Why Market Research is the Single Greatest Way to De-Risk Business Growth 

This webinar, presented by Drew Friesen and hosted by the World Trade Center Winnipeg, explores how market research is crucial for de-risking business growth by shifting from relying on assumptions to using evidence-based decision-making. Friesen highlights that marketing is more than advertising; it is about understanding the market orientation, segmentation, strategy, and tactics (the 4 Ps) to connect consumer demand with supply (0:05–4:10).

Key Takeaways:

• Benefits of Market Research (4:57): It helps gauge demand to prevent overproduction, enables differentiated positioning by understanding consumer needs versus competitor alternatives, and reduces financial risk while optimizing budgets.
• Types of Research (12:21): The presentation distinguishes between primary research (customized, specific, but potentially slow/expensive) and secondary research (faster, cheaper, utilizing existing reports) (12:27–14:50).
• Building the ‘Lay of the Land’ (15:13): Friesen outlines how to analyze market size (TAM, SAM, SOM), understand market share, identify key competitors, and discover, rather than create, market segments based on buying behavior (15:13–25:55).
• Primary Research Methods (35:59): Techniques like ethnography (observing in real-world contexts), social listening, and quantitative research (surveys) provide deeper insights into unmet needs (35:59–42:55).

Case Studies:

• Case 1: Navigating Volatility (28:46): During COVID-19, a company thought their product or team was failing because revenue was down. Research showed the entire market pie had shrunk dramatically, but the company had actually gained market share (31:12–34:36).
• Case 2: Entering a New Market (43:11): A company looking to expand into South Africa used research to discover the market was growing faster than expected and their products needed specific alterations to meet local needs, preventing a costly failure (43:11–49:50).