Anyone can be a market researcher with a little bit of training and understanding. One of the best practices a good researcher follows is avoiding any research blunders! To make it easy for you, we have listed down 8 of the most common mistakes made by companies during market research & how to avoid them. Read it through because this is your sign to avoid them all!
Is it possible to launch a new product/service without knowing who your customers are and what they need? We say, absolutely not! Market Research is one of the most important things you can do to know whether a new product or service will be accepted in the market by your customers. One of the main reasons for new product failures is not doing any market research on target markets and what they need. So, before you plan on launching your revolutionary product, do your research!
Here are a few steps for creating successful market research.
“What are my customer’s needs?”, “What amount will they pay for my product?” or “How do I measure this research?” One of the most common mistakes researchers make is not knowing exactly what information their research should give them. Whether the objective is to know the price point or acceptance of the product, the researcher should be clear about his main goal to get the desired results.
Even though your product can be unique, there are similar products that not only exist in the market but are also extremely successful. Not looking into your competitor’s products, why they stand out, and what their pricing is, is a classic mistake. To gain an edge over your competitors, you need to know anything and everything about the way they conduct their business and work on your market research accordingly.
If your questions are not clear or do not convey what you are trying to ask the consumer, your results will end up being completely different from what you may have intended. Simple words that you think look okay can have different meanings and can be interpreted differently by different people. You would be surprised how much a professional researcher could make a difference to your market research and business. So feel free to hire help!
Conducting a survey is something all marketers do but just a survey is not enough! Depending on the objective of your research, there are various market research tools you can leverage. Using the right tool for your research is imperative so you know exactly who your customers are and what they need from you.
Read more about the Market Research Tools You Can Leverage for creating a high quality report.
We have all been guilty of projecting our research on family and friends thinking it would be easier and faster to get desired results. What we miss here are unbiased opinions and honest answers. Cutting on incentives for people who are genuinely interested in your product/service and are willing to give their time to your research is a huge mistake. This broader sample will help you get unbiased opinions and honest feedback that will help your research and business in the long run.
The internet is a big pool of information and the best place to start your research. However, there are high chances that some information may be biased or wrong. So it is always recommended to research your research material and make sure it's right and solid.
Data speaks louder than assumptions when it comes to market research, so believe in the data you have collected. Let it speak for your product/service instead of being overly optimistic. A professional market research agency can help give you an unbiased report that will help your company in more ways than one.
How To Avoid These Mistakes
2. Like I mentioned before, the internet is a huge pool of information and the data available on it is abundant but it is necessary for you to conduct your own primary and secondary research to be up to date. In short, do not completely rely on data from the internet! This will keep your data fresh and unique.
Primary Research refers to collecting data from your target audience, real people.
Secondary Research is collecting data from published and verified research studies.
3. It is always important to have a plan before you start any market research. Businesses are always in such a hurry to get answers when conducting market research that they often end up making mistakes that can be avoided. Planning and preparing in advance will help you avoid mistakes before they can even occur.
4. Ask for help when you need it. Market Research is an important part of your brand strategy and any mistakes or roadblocks can create a major impact on the product life overall. Hire a professional agency that can help you with your market research and understand the results so you can go ahead with the right insights.
5. Understand your bias about the subject at hand. It is very easy to make assumptions about your product so that you get the results you are trying to achieve. Control the urge to make these assumptions and listen to what people are saying, listen to your customer’s feedback, and then act on it.
6. Lastly, identify your target market correctly. A target market is a group of people who are potential customers and the base of your market research analysis. If you get this right, then you can get the rest of your research going smoothly.
These are a few tips and tricks that will help you conduct your research with minimum pitfalls. When it comes to quality, there are no shortcuts! Releasing a new product/service is a huge step that requires a lot of effort, money, and time. One mistake and you are led to the path of failure. If you find it difficult to conduct research or have questions that are unanswered simply because you don't have an in-depth understanding, it is time you reached out to a professional agency that will give you a better understanding of your market and customers!
Reach out to our research experts to know more about how you can create the right market research strategy for your business!