Mistakes in market research services that need to be avoided

If you have the idea to launch a new business or product, market research is a crucial part of the process, as it helps to target the right audience and make a success of the business, catering to the needs of the market. If you are well informed as to the customer needs and preferences, then it can help in your marketing strategies and decision making.

However, you cannot assume that market research is free from errors. If you are not completely informed as to customer’s needs, then you are more likely to fail. There are some mistakes that need to be avoided if a market research is to be more effective. Let’s have a look at them and see how we can best avoid it.

Avoid making assumptions without proper data

You might consider yourself well informed and think that since you own the product, you would have a better idea of if it would work. But, it may not be true. What you expect to succeed may not be what the customer is looking for. Hence, proper research will give complete data as to customer requirements and preferences helping you make informed decisions, rather than to base it on just speculations or assumptions.

Avoid conducting research on unnecessary data

Sometimes, you might have the required data well within your reach but ignoring that you might end up doing research to collect unnecessary data. Just as an example, if you are looking to test the new product that you wish to launch at your online store, you can probably look at the products, which the customers have already purchased rather than to begin from the scratch. This also helps to save on the time and money.

Avoid relying on just qualitative research

It can be seen that if you base your decisions on the data collected from just customer interview or focus groups, it may not always be reliable, in terms of facts or figures. Hence the need for quantitative research such as in depth surveys, statistics based responses etc. This helps to get better information about customer preferences and make better informed and detailed evaluations.

Avoid questions that are wrong

If you wish to get information that is more reliable, it is better to ask questions that are more clear and concise. Also, avoid open ended questions, if you wish to get a substantial response.

Never ignore or dismiss results

Finally, when you get the analysis and the reports of the market research, never go on to ignore or dismiss the results, even if it goes against your ideas. Be open-minded and consider the results before coming to a decision. If you have correct statistical data, then your decision is expected to succeed.

Key Takeaway:  Thus, you can see how avoiding these mistakes of market research will help you to leverage the service, leading the business to success. If you wish for more time to focus on core responsibilities, you can also outsource the service to a professional data management services company, which will also help you to stay ahead of your competition. 

More clarifications send mail inquiry to sales@outsourcedataworks.com