Why is market research critical to innovation success?

Market research and analysis are crucial for innovation success because they enable businesses to truly understand their target audience and competitive landscape. As Izwan Othman emphasizes, companies must listen to customers who buy and use their products to identify genuine needs and preferences. Effective market research also involves continuously examining the competition and identifying gaps in the market that can be filled with innovative solutions. Instead of simply copying what everyone else is doing, businesses should think differently based on thorough market knowledge. Without proper market research, companies risk launching products or services that don't address actual market needs.