Anyone can be a market researcher with a little training and understanding. One of the best practices a good researcher follows is avoiding research error! To make it easier for you, we’ve listed 8 of the most common mistakes companies have made while researching and how to avoid them. Read it through for this is your mark to avoid them all!
- No market research
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 if a new product or service is going to be accepted by your customers in the marketplace. One of the main reasons for new product failures is that no market research is carried out on the target markets and their requirements. Before you want to bring your revolutionary product to market, do your research!
Here are a few Steps To Create A Successful Market Research.
- You don’t know your research goal
“What does my customer need?”, “How much will you 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. Regardless of whether the goal is to know the price or the acceptance of the product, it should be clear to the researcher what the main goal is to get the desired results.
- Always know your competition
Although your product may be unique, there are similar products that not only exist in the market but are extremely successful as well. It’s a classic mistake not to look into your competitors’ products, why they stand out, and what their prices are. To stand out from your competitors, you need to know all about the way they do business and work on your market research accordingly.
- Faulty questions
Ultimately, if your questions are not clear or do not convey what you want to ask the consumer, your results will be completely different from what you intended. Simple words that you think are okay can mean different things and can be interpreted differently by different people. You would be surprised how much a professional researcher could influence your market research and your business. So don’t hesitate to hire help!
- Not using the right research tools
Taking a survey is something all marketers do, but just taking a survey is not enough! Depending on the goal of your research, there are different market research tools that you can use. Using the right tool for your research is essential so that you know exactly who your customers are and what they need from you.
Read more about the Market research tools that you can use to produce a high quality report.
- Reduce costs by using small samples
We were all guilty of projecting our research onto family and friends because we thought it would be easier and faster to get the results we wanted. What we are missing here are unbiased opinions and honest answers. It is a big mistake to incentivize people who are genuinely interested in your product / service and are willing to devote their time to your research. This wider sample will help you get unbiased opinions and honest feedback that will help your research and your business in the long run.
- Biased / incorrect reference materials
The internet is a great pool of information and the best place to begin your research. However, there is a high possibility that some information is biased or incorrect. So it is always recommended that you research your research material and make sure it is accurate and solid.
- Wrong interpretation of the results
Data speaks more 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 you produce an unbiased report that will help your business in several ways.
How to avoid these mistakes
- Ask questions that are specific, explicit, and to the point. This approach will help you get exactly the information you need and save time, money, and resources.
2. As I mentioned earlier, the Internet is a huge pool of information and the data available on it is abundant. However, you will need to do your own primary and secondary research to be up to date. In short, don’t completely rely on data from the internet! This keeps your data fresh and unique.
Primary research refers to collecting data from your target audience, real people.
Desk research collects data from published and verified research studies.
3. It is always important to have a plan before doing any market research. Companies are always in such a rush to get answers to market research that they often make mistakes that can be avoided. Planning and preparing ahead of time 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 branding strategy, and mistakes or obstacles can have a significant impact on the overall product life. Hire a professional agency who can help you with your market research and understand the results so you can get the right insights.
5. Understand your prejudices about the topic at hand. It is very easy to make assumptions about your product so that you can get the results you want to get. Control the urge to make these assumptions and hear what people are saying, listen to customer feedback, and then act on it.
6. Finally, correctly identify your target market. A target market is a group of people who are potential customers and form the basis of your market research analysis. If you understand this correctly, then the rest of your research can go smoothly.
These are some tips and tricks to help you carry out your research with minimal pitfalls. When it comes to quality, there are no short cuts! Launching a new product / service is a huge step that requires a lot of effort, money and time. One mistake and you will be led down the path of failure. If you’re struggling to research or have questions that go unanswered simply because you don’t have a deep understanding, it’s time you reached out to a professional agency who can give you a better understanding of your market and your clients conveyed!