Some common market research mistakes to avoid

Market research provides a good analysis of your customers, competition, market trends thus enabling you to come to conclusion as to the marketability or profitability of your business idea or product.

However, while doing marketing research you could make some common mistakes, which is best avoided if you wish to get good results. Let’s take a look at the mistakes to avoid here:

·         You might overspend:  Consider all aspects and get help from market research service providers that offer quality service for the money they charge, which can be cost effective. Check out all service providers before you decide. 

·         Don’t be ignorant of what you need:  Consider what is the data that you would have to collect, about your customers. Conduct targeted market research to collect the required information such as their buying patterns, preferences etc.

·         Never go with irrelevant reference sources: With so much of data available both online and offline, recheck the authenticity of the sources, as well as the accuracy and validity of data collected.  Ignore the biased or outdated resources. Check and double check dates to confirm the validity.

·         Not researching the competitors completely: It is best to get as much information about the competitor as possible as it could help businesses to make very informed decisions on the marketing or business strategies to employ.

·         Not gaining proper information about the pricing:  A complete and proper market research report should be able to tell you how much you can expect your prospective customer to shell out on a service or product the same as yours.

·         Gathering information about wrong group of audience: Not having proper information about the target group and thus marketing to a wrong group of customers could cause your marketing strategies to fail. Collect only the data relevant for your business purposes.

·         When you decide to ignore your market research data:  You know very well the importance of doing a market research. However, in some instances businesses decide to not only do any market research but also sometimes to not use the results from the market research even in spite of spending money on the process. There is nothing more worse you can do. Your market research data is expected to give the required insight on the market trends and competition, so that you can place your business and marketing strategies accordingly.

Key Takeaway:  From the above conclusions you can infer that by avoiding these common mistakes while doing market research you can get insightful market reports and industry or competitor data, based on which you can lead your business to success.

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