Obtaining quality market research is a very difficult task. It is even more complicated if your livelihood is completely attached to the business for which you are researching. Whether you are a small business owner or a founder of a growing start-up, there is always sentiment attached to your business. They are like a child to most owners. Regularly, this connection is why a business flourishes. Like a child, owners want the absolute best for their business.
Yet, when it comes to market research, some owners do not understand what is best. They believe that they are capable of performing market research themselves, refusing to spend money on a third party.
This can be a very damaging assumption because they fail to see how their devotion to their business may prevent them from being objective in their analysis. Every aspect of market research must be performed with an impartial scope.
These 5 reasons explain the importance of market research objectivity:
A Neutral Strategy
Before any research is started, a thorough strategy must be established. When crafting this strategy, it can be tempting to create a plan that will produce results that suggest a positive future for the company. Therefore, outsourcing the research approach can be advantageous because the firm will strategize a plan that involves all the variables that will influence your business’s future, regardless if it is negative or positive.
A Detached View of Your Hypothesis
Once you have your strategy established, the next step is to create a hypothesis. Predict what you will discover from your market research. You may want to believe that your research will reveal new opportunities and increased growth in the future, which is completely acceptable. However, if your research starts to suggest that your hypothesis will be disproved, you cannot refute or ignore certain findings to maintain the viability of your hypothesis.
Complete Data Acquisition
Speculation is the arch nemesis of research. To avoid speculating, you have to look through all the data that will affect you, not just the encouraging details. Most of the information needed for market research is available to the public for free or a small fee. There are free tools like FindTheCompany that offer a profound amount of data on a variety of companies and industries and other companies like MarketResearch.com that provide a variety of business intelligence solutions to help you meet your business goals.
Objective Analysis and Conclusion
Analysis and conclusion is the most important part of the market research process. It is also the part that is most susceptible to the influence of a sentimental connection with your business. This is where the objectivity of a third party can have the biggest benefit. After all the necessary data has been collected, you must be able to decipher what it means for your business. If the future does not look optimistic, it will be tempting to mitigate the severity of your findings. This tactic will only make the future more difficult because your business will not be able to appropriately prepare for the trials that will ensue.
An Honest Outlook
If your research produces undesirable findings, it can be extremely difficult and uncomfortable to be honest with yourself and your employees. This relates to previous point because once a conclusion has been made, the next step is to figure out in what direction your business needs to head. Market research companies can leverage their experience with other companies to find the solution that is right for your business. They will be honest about what is in store for the future and, more importantly, how to navigate the road ahead successfully. Their authority will also give you and your employees more confidence needed to endure.
Objectivity is one of the many advantages of hiring a third party to perform market research on your behalf. It is also one of the benefits that is hardest to recognize. Being devoted to your business is great for being successful, but in regards to market research, your attachment can easily become a disadvantage.
Thanks for reading!