How to avoid common market research mistakes
We've seen companies make their just share of
market research gaffes working with a vast range of businesses and
organizations. Some common snags continue to be made by businesses to save time
or think that they already know the answers. Shortcuts and a lack of
evidence-based research can prove to be expensive, so here's a list of points
to watch out for:
- You are failing to do any market research. Do
you know who your purchaser is or what they want? Do you know what the
latent market is for the merchandise/service you are about to introduce?
Before building up your business to the next level, do your research and
evade the agony of barking up the wrong tree!
- You were asking flawed questions that produce
erroneous results. Market research is fundamentally the study of people
and what stimulates them. If the scripting of your survey is faulty,
you'll never get the feedback that will support you make strategic
decisions. It's worth devoting expert advice at the very beginning of your
study.
- Not knowing whether to quantify the data or
mostly which direction to go forward in. It's usually best to start with
some qualitative interviews with a minor sample to lead you towards the
right questions.
- Conducting market research once and not
finding out how things have changed. Make sure to examine things once
you've changed them, like consecutively running a follow-up survey to get
insight and to measure its influence on brand perception.
- You were uncertain about what you are trying
to find out or asking questions in the wrong way and getting the improper
information. Several procedures have been used that contain delicate use
of linguistic reason and questioning. You'll be astonished at what an
experienced researcher at Truecode can help you notice.
- You are not getting material from a
trustworthy source. Buy cheap, and you'll have to buy it twice. Or, in the
worst-case scenario, blow your whole budget on unusable data. Work with a
company like Truecode that has recognized connections with reliable
information sources.
- It is cutting costs by using minor samples or
just asking a couple of friends. This is a classic error that we have all
perhaps been remorseful of. Please don't rely solely on family and
friends' feedback for an unbiased view when it comes to a perilous
business decision. Use a comprehensive range of respondents that aren't
just going to tell you what you want to hear.
- You are having a deprived choice of reference
materials, researching new product ideas, concepts, packaging, or
advertising campaigns? Analyze on how you are going to present these to
your consumers to assess them and obtain the best criticism and insights.
- Misconstruing statistics and failing to see
when one or two thoughts misrepresent the overall picture. Ensure you have
the apt skill set to look at raw data and certify that any outliers are
removed before the analysis phase does not give false results.
- Examining information too optimistically and
then joking to yourself that it supports your preconceptions. No matter
how much you expect something to be accurate, the evidence will speak for
itself. Using an external market research agency like Truecode provides an
unbiased view of the interpretation of the results.
Suppose you want help directing and evading these
all too common market research faux pas. In that case, it pays to engage with a
research company like Truecode with substantial industry knowledge and
experience. Getting the right answer to your indispensable business question is
crucial when taking the next step to continuous growth. Truecode is a
full-service market research company with immense experience. Please speak to
our team today about market opportunity, market size, product, or brand
expansion. If you want to advance to a better understanding of your existing
and budding customers so that you can better involve them, we've helped
uncountable companies achieve this. We are skilled information solution
providers and are pleased to help you through your research journey.
