Last week on our blog, we discussed the first 5-out-of-10 common mistakes companies make when establishing their market research strategies. If you missed the first post in this two-part series, check out Market Research Strategies: 10 Common Mistakes, Part 1. This week, we want to share a few more. If you can avoid these flaws in your market research strategies, you will experience a much more successful overall market research experience. Continue reading to find out more on these common mistakes!
Mistake #6: OVER analyzing the Research.
Just as we discussed in Part 1 that under analyzing can be a potentially major flaw in many companies' market research strategies, over analyzing can be equally detrimental. You often hear the phrase you can't see something that isn't there. Well, you can certainly try! And, unfortunately, many companies do. But, over analyzing research, whether it's for show, to get funding for a project, or for any number of reasons, will do you no good. In the end, it will only hurt your overall market research efforts.
Mistake #7: Using the wrong market research techniques.
Think all the way back to middle school when you first learned how to conduct research. Remember how overwhelming all of those different techniques were? Well, there are all kinds of market research techniques. But, unfortunately, many companies misuse these methods and are, consequently, led in the wrong direction. It's important for companies not to make this mistake, or their findings may not be as accurate or as useful as they planned. For instance, focus groups are a useful technique for giving insight; however, they should not be substituted for quantitative insight. So, when setting out your market research strategies, be sure to select the most appropriate and effective techniques to reach your overall research goal.
Mistake #8: Selecting the wrong research firm or market research provider.
Just as you would choose a photographer based on their portfolio of photos, when selecting the best market research firm, you should take a look at the research they have put out in the past. If your goal is to find a firm to actually conduct your desired research for you, look at the quality of their analytical ability and the creativity of the researchers. However, your market research strategy might be to go with a market research provider, particularly if large amounts of information already exist in your specific vertical. In this case, companies should look for a provider that not only has a solid library of research, but also has a variety of purchasing solutions. By choosing a provider with multiple purchasing solutions, you can find a service that will most closely match your research needs and give you the most value for your money.
Mistake #9: Expecting research to provide all the answers.
While market research provides companies with tons of valuable information, many make the mistake of assuming it has all the answers. Market research reduces risk, and it increases your probability of making the right decision. But, it does not guarantee an answer to every question or a solution to every problem. So, you should approach your research with that mentality.
Mistake #10: Viewing research as an expense rather than an investment.
Most good things come at a price. Well, your market research is certainly no different. You cannot expect to gather truly useful and quality information without having to spend a pretty penny. However, the mistake most companies make is viewing their market research simply as an expense. Yes, you must spend money to obtain the results you want, but the benefits your company will see in return far surpass the cost. Market research will hugely impact your business and its future success. So, you have to view it as an investment rather than just money out the door.
Thanks for reading!