Review The Data And Draw Conclusions
Listen to your research. Kenneth L. Bernhardt, a professor of marketing at Georgia State University, says that initial research for the ill-fated DeLorean automobile showed a large demand for a specialty sports car in the $15,000 to $20,000 range. But DeLorean ignored the research, adding features that resulted in a $25,000 price tag-and ultimate failure.
It's a good bet that DeLorean turned his back on his research because he loved his own product so much he couldn't be objective about it. He wanted those features; why wouldn't others embrace them?
Sadly, many would-be franchisees make the same mistake. They're so delighted with a system and so eager to feel a part of it that they dismiss the hard facts turned up in research-or they skip research altogether.
Pay attention to your research. If industry and market analyses reveal a major flaw-insufficient demand, a looming change that threatens to cause an industry shakeout, or strong competition that is likely to launch a counterattack if you enter the market-think twice. If you can't sell your product, you won't succeed.