Innovation is valuable for numerous reasons, including its ability to produce new things, such as new products, processes, and technologies. Once these new
ventures manifest, they create a need for the acquisition of new marketing insights. In order to attain insight regarding how innovations will affect markets, business owners who want to remain competitive and edgy should look to market research for understanding.

In order to attain answers to the question of how innovation affects markets, business owners need to recognize that idolizing their own creations can preclude them from accessing and implementing market answers that have already proven to be effective. The phenomenon of assuming that one’s own innovation is distinct and thus not subject to established rules and regulations pertaining to the world of marketing, is referred to as the myth of uniqueness-and it can be costly.

If you’re attempting to determine whether or not you’ve fallen prey to the myth of uniqueness mentality, ask yourself whether you ever make the following types of statements: “My product is original and I have to have customized research” or “The existing body of marketing research available cannot be of use to me.” If the answer is yes, you may need to adjust your outlook. While customized research can be effective, it can also be time-consuming and expensive – only two of the reasons why it’s prudent to turn to existing research first. In many cases, existing research can provide you with the answers you’re looking for, and the cost is generally anywhere from 10 to 50 times lower than what you’d pay for custom research work. Although no study will be able to provide you with predictions regarding your specific product, there is likely a study that offers important insights regarding the market category your product falls within while also providing information about customer demographics and preferences.

Although the old cliché “There is nothing new under the sun” may sound trite, it’s generally true. And with respect to the world of innovation and market research, the important truth to recognize is that there are similarities between all of the marketing and business challenges a company owner will experience when attempting to promote a product or service.