6. The Importance of Research
Over time, we have seen true examples of products that hit the market in all industries that fall short of expectations. Many times this is due to failed market research and the overall acceptance by the consumer. Why is research important? Missing the mark can be costly to a company’s reputation and ultimately their bottom line.
Examples ranging from Colgate TV dinners, Crystal Pepsi, New Coke, Frito Lays WOW chips, 3-D televisions to Automobiles like the Ford Edsel all have had difficulty with acceptance and overall performance and customer satisfaction. Many of these attempts may have been a result to failed go-to-market strategy in one form or another. Maybe it was a race to launch the product due to competition or maybe it was just a cost savings effort to reduce the amount of time and resources. Any way you shape it, the results are similar.
At The North Central Research Station, we study countless combinations of products and application technology to fit the demand of the agricultural industry. Our focus is delivering feedback, positive or negative, to help our clients make solid decisions going forward.
During this time of year, we are the host of the annual farm show called the AgroExpo. The show’s purpose is to connect farmers, commodity groups, grower-led associations, and newsmakers in the agriculture industry. As it attracts over 150 exhibitors, which represent seed, chemical, fertility, equipment and agribusiness. Growers from the region find themselves making the trip to the show to network with others in their industry and to learn of the new and innovative ideas that are available now or shortly in the future.
The AgroExpo and the North Central Research Station combine their resources and are a great fit to provide through synergy, a show that delivers quality and useful information in a research environment. As we exhibit over 160 different hybrids of corn and soybeans collectively, guests get the opportunity to interact with industry professionals and get a better understanding of what hybrid trials in a research plot environment looks like.
As the onset of COVID-19 has derailed our plans for this year’s show, we still have an opportunity to share information to you through our Virtual Farm Tour known as AgroExpo VFT. Visit the AgroExpo facebook page and discover all the different virtual segments offered to our growers. Starting Tuesday August 11th there will be multiple entries daily that will inform our community of grower networks with the latest technology in Agriculture.
With interaction and communication being paramount, this is a perfect opportunity to avoid the pitfalls of new product innovation without Market Research. For more information about research opportunities at the North Central Research Station, visit us at www.northcentralresearch.com or visit our facebook page at https://www.facebook.com/northcentralresearchstation
Jay B. Eccleton, CGCS
Site Manager, NCRS
August 7, 2020