Business decisions are based on research, models and assumptions. Much of these assumptions are built from direct interactions with customers and partners.Last year, GetQuik participated as a sponsoring company for the Global Entreprenerial Marketing (GEM) class at Stanford University. The class is lead by Professor Tom Kosnik. The class matches a small group of students with a sponsoring company. The company assigns a marketing project for the team to work on. In one of the projects for our GEM team, we assigned a vertical market study of catering ordering for two different verticals. The team had 10-weeks to conduct interviews with various company's in these verticals, research the market potential of these markets, and determine whether the verticals were a fit for the GetQuik service. The team put together an excellent presentation and document. We rewarded them an A for their effort. It was determined that one of the vertical markets was an solid vertical market to address, while the other market appeared to be a weak candidate for GetQuik.
After a year of reflection, we are finding that some of the assumptions regarding the one "weak" vertical may actually be incorrect. Recent finding and conversations are pointing to the fact that the "weak" category may actually be a huge market for GetQuik. It is not that the GEM team did a poor job, it is simply that the sample size, and time for the project was not enough to provide a complete picture of this vertical market. It is easy to build in bias when a credible source provides data and research on a topic. It is important to listen and remember this information in order to minimize wasted time and energy on markets and customers that are not likely to bear fruit. However, it is important to keep an open mind to the fact that the information may be based on anecdotal evidence versus quantitative information. I am a proponent of qualitative and anecdotal informations, as this information offer insight into the subtle nuances which quantitative research lacks. However, it is important to remain alert to the fact that misinformation or incorrect sampling may lead to missed market and customer opportunities. It is a good idea to test assumptions which may limit the reach and scale of your business opportunities. Many great businesses have grown due to serendipity. [Insert Post-It note story here]. These serendipitious events are best able to flourish in cultures which are skepticism resilient.
