Key takeaways
- A sole reliance on customer input and feedback, traditional market research, is built on a model of human decision making that assumes humans are rational, while in practice we are not.
- Not only do people provide a response inconsistent with their actions, they often do not understand the underlying causes of their behavior.
- Use one or multiple tools that show actual decision making, such as ABn testing or looking at reactions to similar initiatives in adjacent industries, rather than relying on what customers believe is their preference.
This episode is also available as a blog post: http://lloydmelnick.com/2020/08/26/the-risks-of-market-research/
