January 13th 2020

Business Management: Challenge Accepted!

Anyone who strives for entrepreneurial success needs a goal. However, until this goal is reached, there are usually many obstacles and stumbling blocks to overcome. In the following article, Herbert Höckel, shareholder of Düsseldorf-based moweb GmbH, explains why market research is so important as a companion.

The future has never been as uncertain as it is today. The times of digitalization are tough. The market is unpredictable. It seems as if digitalization has accelerated our global market economy to such an extent that one almost has to fear that whoever doesn't run twice as fast today as yesterday will be overrun tomorrow. So, everyone is rushing to be first, best and fastest.

Success is the engine that drives us to accept challenges. We set high goals for ourselves, want to reach the top and are not deterred by risks. Mountain climbing is the perfect symbol of entrepreneurial success.

If you go to Google and search for "success," you'll get countless pictures of people standing triumphantly on any mountaintop with their arms stretched wide. But very few have run up it! On the contrary: Ernst, a 60-year-old mountain guide from Zermatt on the Matterhorn once said to me "Herbert, you have to walk on the mountain like an old woman. Carefully, slowly, one foot in front of the other and then you'll get to the top just fine!"

The Matterhorn is the symbol of adventurousness

The Matterhorn is the most photographed mountain in the world and thus not only the emblem of Switzerland, but also a symbol of a spirit of adventure and, of course, success. On good days, hundreds reach the summit of the Matterhorn, but people also have accidents and die there every year. Especially inexperienced climbers should be aware of the dangers and their own limits. They do not know the route, may not have suitable equipment with them and do not know how to react to weather changes.

You can hike with pleasure from Zermatt in the valley up to the Hörnli hut - about half the distance. After that, the Matterhorn sets in and the difficulties begin. But that doesn't mean that the numerous aspirants have to go home disappointed again. Because those who are smart and want to make it to the top recognize the risk and look for a mountain guide. Equipped with rope, pick and his many years of experience, the mountain guide then leads him up safely.

Similar to the Matterhorn, the devil is in the details in business and the correctness of individual decisions is always determined in retrospect. The future is uncertain and similarly clouded as the top of the Matterhorn. Nevertheless, as an entrepreneur, one must not lose sight of the goal. But how to achieve this foresight, clarity and focus in today's world? Things don't work the way they used to. Who will still guarantee me success on the market tomorrow? What should I orient myself towards in the future?

Market researcher as mountain guide

Who should I trust and listen to? Market research can be a very good mountain guide. With intelligent insights you can look far into the future. Opportunities are identified at an early stage and risks are eliminated as far as possible. The wants and needs of the end customer are the compass, expertise is the ice axe and constant dialog the vital rope. With its ear to the customer, market research is far more than just a supplier of facts. Used correctly, market research is a strategic advisor. In the area of conflict between truffle pig and stop sign, it points out possible opportunities and warns of risks at an early stage. Equipped with independence, expertise and objectivity, market research is the perfect companion to support management in implementing their strategy and achieving their goals.

Courageous is the one who takes up the challenge and successful is the one who masters it.

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Herbert Höckel

Herbert Höckel is a managing partner here at moweb research GmbH. He has been a market researcher for more than 25 years. In 2004 he founded moweb GmbH, which he is still the owner today. moweb from Düsseldorf operates internationally and is one of the first German market research institutes specializing in digital processes.

You are welcome to purchase his book "Customer Centricity Mindset ® - Really Understand Customers, Master Disruption Successfully" here.

Your success, our goal!