Market research is an essential cog in every corporate strategy. Knowing everything possible about your climate is the only way to enter the market and stay relevant. Much like baking a cake, a successful business wholly depends on the successful merging of all the ingredients.
Conducting market research is a meticulously precise process that illuminates landscapes and uncovers opportunities for an organization. In most cases, the results you get and the subsequent application strategy will determine whether your financial statements will be a cause of celebration or lamenting. This either/or situation will depend on how well you perform your search for business intelligence. So knowing what to do as well as knowing what NOT to do is critical.
These 5 market research mistakes must be avoided to produce reliable results:
- Overemphasizing quality over quantity
Of course you can extract some useful information and gain rich insight from consumer interviews; however, you miss a major blind spot if you aren't accounting for the number-based data that can be charted. Quantitative data gives you the ability to identify trends in your target market that can't be found in interviewing consumers.
- Neglecting the competition
It sounds like common sense, but companies can easily fail by not understanding how other companies are differentiating themselves from the market. You need to have a comprehensive understanding of how other brands distinguish their offerings in both marketing and production. Also, knowing your competitor's brand promise will inform what fuels their customer loyalty and allows you to strategize ways to chip away at it.
- Being oblivious to research options
It can be very easy to think of the traditional methods to perform market research. They are great for getting credible results, but there are many other tools available that allow you to build a strong research platform to get meaningful results. The Internet and mobile technology world grant increased access to consumer thoughts. Every option available needs to be adequately vetted for strong market research.
- Being too close to the research
Personal biases can contaminate your business intelligence. You must preserve objectivity in order to ensure that that your findings are credible and authentic. It serves your best interest to resist the urge to apply your opinions to the results and let the data speak for itself.
- Inadequately analyzing market research firms
Enlisting the help of the right professionals is essential. Qualified companies understand all of the ins and outs of conducting market research and can help you frame your approach to research. You want to get the most out of your money and knowing that you're dealing with skilled experts will help you satisfy your research objectives.
Navigating the difficulties inherent in market research is tough for any person to handle. Knowing what works and what doesn't isn't innate. Enlist the help of true experts to ensure that you don't make the mistakes that could lead you down the path to failure.