Product decisions are important no matter how large or small the market might be, as they can prove to be a determining factor when it comes to budgets and the success of a company overall. By completing even a miniscule amount of research can yield results that will assist in the ability to make better and more valuable business decisions. To begin, we are going to focus on product decisions in a specific market, and are going to imagine that we are a small online jewelry retailer who is considering the sale of Italian Charms, as displayed below.
As aforementioned, a small amount of research can result in a large amount of revealing and useful data. As this small retailer, our business decisions are incredibly significant. Prior to making the decision, the vendor would most likely want to discern if there is actually a market for Italian Charms, which are a very specific product. If the market has already peaked for Italian Charms, the investment may very well be unproductive, and the supplier could end up with a portion of their stock that no one wants to purchase.
Especially for small businesses, a single incorrect or faulty decision could jeopardize the future of the company, and the review of appropriate relative data would be a wise and very constructive action. If the vendor were to complete a simple Google search, mainly paid ads are recovered for the search terms Italian Charms. Therefore, it looks as if the industry exists, when in actuality sometimes sites may be cheaper to maintain promotion even if the commerce for that product has diminished. Therefore results can be deceiving, and additional research is needed!
Below is a graph that illustrates search volume. If we take a look at search trends, the trend for the keyword Italian Charms peaked in the year ending 2004, and has remained on a steady decline ever since, and all it took was a little research to find that out.
Based upon this data, the jewelry vendor would likely realize that despite the devious Google results, venturing into the addition of Italian Charms to their store may have resulted in a positive outcome a few years ago, but at the current time the market remains stagnant. Therefore, the outcome of selling this product would have adverse effects for the small business.
So what’s the lesson here? Rather than making assumptions based on a simple search, it is a much more sensible idea to dig further and complete additional research to receive results that are accurate and can help you in making imperative business decisions that could help or hinder your company.