05 Commonly Made Market Research Mistakes To Look Out For!
Market Research is one of the most essential functions of the business. It might not look like an operation that is directly involved but it’s the most imperative field that rules all the other operations. With the right kind of research, comes the right kind of data that pertains to your specific market.
What business needs to understand in regards to market research is that it not only has the power to guide you right, it mainly has the power to refrain you from making irreversible mistakes.
Having said that, while companies today might be doing everything right as far as research is concerned, there are still a few very commonly made mistakes that they can easily avoid.
Let’s look at those in brighter detail.
1- Overspending on the first market research- Market Research might look like an expensive affair and we are not saying it is cheap! We are saying it’s rightly priced and most importantly it’s a journey. What companies end up doing is — they tend to spend a lot on their first market research on the assumption that it will provide data for a long period of time. What you’re missing out on is that it is a dynamic market and nothing, not even your customer’s preferences are constant!
2- Not having a clear goal- All data is useful data only when you know what you’re looking for. Stepping into the process with the idea of discovering anything worthwhile is like going into a restaurant and asking the waiter to bring you anything that is tasty! Therefore, your market research initiatives will only be worthy if you know what you’re meaning to derive out of them. It can be your competitors’ next move or your potential customer’s preferences. You need to know what you want to find out.
3- Gathering random data- All numbers are not useful and all data do not provide real-time insights. One of the gravest mistakes made during research is conducting the research with the wrong set of people. For example, your focus group should match your buyer persona’s tastes and preferences and your survey should be answered by your ideal customer. Taking random data for random people and treating them as valuable data that drives decision-making can prove to be a costly mistake!
4- Ignoring the results- What more commonly happens after the research has been done is what makes that difference in building a stellar product/service. Businesses often end up ignoring the findings on the note of common perspectives. It makes absolutely no sense to do the research but then still follow instincts without the intellect in the decision-making process.
5- Relying only on certain sets of data- Companies equally employ secondary market research methods as they do the primary ones. What creates havoc in the former case is only relying on just one set of data. You might be referring to a very credible and known source but having a second perspective is just as important. Never make the mistake of making big decisions based on a certain set of data.
Now that you know that market research is important but doing it right is more important, do it right. The best way to do this is by finding experts in the field who can help you navigate through this with utmost precision.
IBI has a decade of experience conducting stellar market research and curating ground-breaking results from them. If you’re looking for a flawless research experience, you’re in for a treat at IBI. Let’s change your industry landscape with incredible insights, shall we?
