Common Market Research Mistakes to avoid in 2022
Common Market Research Mistakes to avoid in 2022
‘New year, new me’ isn’t just a personal norm. Businesses today have to stay relevant and walk down the path of what’s coming next with equal vigor. What happens in the year and how positively it can impact your organization is purely a matter of making a judgment call on what not to do! Here we come with the 04 most common mistakes that you can avoid in regards to your market research funnels in 2022.
Understanding your clients and your competition is key to conducting market research. It gives you information that you may use to guide your business strategy and planning. Planning and strategy are essential to a successful market research project. It should be methodical, organized, and fair.
#1- Choosing the Wrong References
Make sure the source of your information is credible before relying on it. You can find anything on Google, but how can you know if the data you’ve found is accurate? The original question may have been biased. To ensure that the data you’ve gathered is up to date, go over all of your sources and verify that the data they contain is accurate. Keep in mind, too, that there’s always your neighborhood library. They not only provide access to excellent reference books, but they also frequently provide online or on-site access to licensed reference databases.
#2- Using Only One Set of Information
A single set of data isn’t enough to gain a clear picture of your target market, whether it’s from the 2021 Census or a poll you did yourself. A truly unbiased view can only be derived from thorough market research that includes both primary and secondary data culled from a variety of sources.
#3- Using your own circle as focus group
You Can’t Use Your Own Family and Friends as a Focus Group When conducting primary research, you can’t rely just on your friends, family, and acquaintances as your survey participants. They will be biased in favor of you and your new venture because of their allegiance to you. Instead, talk to your consumers, future customers, and industry colleagues.
#4- Not ruling out your own personal biases
A person’s personal views and biases influence how he or she interprets data. Recognizing this is the key. For example, if you have a strong desire to see your business succeed regardless of the circumstances, you might be mindful of this bias while analyzing your findings and take an extra step in order to come up with a different interpretation of what you’ve found.
Market research is often conducted during a period of high excitement or turbulence, which means that rationality can be thrown out the window and mistakes can be made. The above mentioned are the most typical blunders companies make while conducting market research. Take not on avoiding them to sail the waves of opportunities and changes in 2022.
