As a firm specializing in market research and data analysis through surveys, feasibility studies, polls, among others, we hope to bring valuable insights through today’s article as we focus on the importance of research to develop new products.
We are operating in the fourth industrial revolution where technological changes are impacting our daily lives in an incredibly significant manner. Way back people used to go to telephone booths to insert coins and contact their loved ones and even make business calls for those who did not have access to the telephone.
Businesses that had invested heavily in telephone booths made a lot of money back then. However, the invention of the cell phone became a threat as it meant less traffic to the booths. The telephone booths remained relevant for a period. In fact, some cell phone companies came up with pay phone booths where people would walk in to make a call and pay a fee. You may as well remember that way back internet cafes were thriving and a lot of people made investments in that business. There was literally an internet café in almost every corner of shopping centres and malls.
A few years down the line, a handful of people still need an internet café but the majority now have smartphones from where they can easily consult Uncle Google for information. Who still needs a telephone booth where the tele-density in most countries is now more than 100%? The above analogy speaks to innovation, rejuvenation, and self-improvement through research. Any business, especially in the technological space that believes that it can exist even for as minimal as 5 years without making any improvements in its service offerings, is digging its own grave. Chances are that it will be history just like the telephone booth and the internet cafes. Every business must therefore invest in research for new product offerings for it to diversify and remain relevant.
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