Market research - by Guy Plowman
Market research
Guy Plowman, Director of Three23
The decision whether or not to use market research can split a nation, let alone
a publishing team. Why is there so much disagreement about such a common
practice? The most common arguments against market research are:
-
It only confirms what we already know
-
No matter what selection procedure you use for your target responses, you are excluding some of your relevant demographic
-
Respondents to questionnaires tell you what they think they want rather than what they actually want
None of these criticisms is without substance, but does this render the exercise
‘completely pointless’ as some of the more extreme opponents would say?
Absolutely not!
First, confirmation of existing beliefs is not a bad thing. It suggests there
have not been any substantial oversights. Second, these criticisms do not take
into account the full scope of market research. Most people would agree that
assessing the size of the market and doing competitor analysis are essential
activities. Agreeing on what aspects of market research are being discussed first
can obviously avoid this misunderstanding. Finally, it is important to understand
that market research through mechanisms such as questionnaires, interviews
and user groups, whether it gives definitive answers or not, does give a valuable
insight into the collective mind of the target audience. This facilitates flexible and
informed responses to the unpredictable variables, occurrences and information
that may come to light during the life of the project.
Launched in 2003, Oxford Scholarship Online is a cross-searchable library
containing the full text of a range of OUP academic books. John Campbell,
Product Manager, recalls how the initial market research confi rmed their choice
of two from four of the potential subject areas most suitable for launch. The
same research also challenged them to consider changing the other two launch
subjects – almost certainly helping to account for the ensuing success of the
project.
Further, the research showed that the preferred global sales model was
likely to be subscription-based. However, despite the model being well received
in the UK, the US library market in fact had bureaucratic problems spending
subscription budgets on a book-based product. This kind of thing should not be
unexpected even when a comprehensive research of the market has been carried
out. However, if the original research is designed to understand the ‘hearts behind
the answers’ as well as the answers themselves, even the unpredictable becomes
manageable. OUP were ready to implement a second business model – the
purchase of perpetual access – allowing the fruits of the US market to be realized.
Market research is a good way to clarify thoughts, understand target
audiences, avoid oversights and spot golden opportunities. Although not perfect,
it remains a powerful tool.
