Market research is an important tool in determining target clients for creating business decisions. However, if market research is not done properly, there are problems that might cause failure to your business. Here are common errors you should avoid when you conduct your market research.
1. Doing research without a marketing plan.
Every activity needs to be planned. You can’t just go on with data collection if you don’t even know what to collect. It’s just all right to do market research yourself but if it’s your first time, you can hire experts or marketing professionals to help you out.
2. Relying on secondary data.
Don’t just surf the need and collect important information from published articles and blogs. It is necessary to gather first hand data because these are more accurate, reliable, and valid.
3. Asking questions to those who are close to you.
Don’t rely on focus groups which are near you or close to your heart such as your family and friends. They would always say positive things about your products or services. Although positive feedback can boost your morale, it does not necessarily help you improve your business. Ask real customers so that you can weigh the pros and cons of your business.
4. Using a wrong method
There are a lot of market research methods you can apply. Don’t just use one method because the results may sometimes be bias. If possible, vary your data collection method such as doing online surveys, conducting phone calls, calling for focus groups, etc.
5. Not paying attention to research findings.
The main reason why you conducted market research is to find out whether your proposed product will be accepted by the customers or not. For businesses that are already in operation, market research is done to find out if you are still hitting the right market. What if the results are contrary to your beliefs? Don’t ever ignore your findings because this is the reality that would help you improve your business. Ignoring the results means not giving importance to market research at all.
Market research is a vital factor to get ahead with the competitors. If you continue to commit common errors, then your business will probably be left behind. To avoid this, always plan your market research process and identify what you really want for your business.