Psychometrics and market research

We are all different. We think differently and we find different tasks more or less easy to do.

For instance someone who is very confident may rely on their intuition. In an area where they have lots of good experience this may be fine. If they want to do something new they are exposing themselves to risk.

Someone who loves people and motivating or enthusing others may well talk to people they know to get information. The risk is that the information may not be objective, ie influenced by the person asking questions.

Someone who loves figures may analyse what has gone on before - but may find it difficult to be confident on predicting the future.

Other people prefer to become very knowledgeable about their product - and other products or services in the market.

All approaches are valid, but incomplete. You may find that you do one or two of the above, but not all.

In order to make good decisions, especially where investing time and money it is important to develop an approach that encompasses a variety of approaches. You may find this hard - perhaps working with a colleague that enjoys the bits you do not is a good way forward.

If you are a small business owner you may not want to spend more time and effort on research - however it does not have to take a long time - and does reduce your risk of failure.