Are you making any of these mistakes when it comes to market research? Find out what not to do when using market research to analyse your target audience.
If you do not know what your customers want, then your business is less likely to succeed. With effective market research you can find out more about your customers preferences and needs. This in turn can influence your decision making. However, if market research is not conducted in the right manner, you can lose money, insight and time. Most importantly, you will not be able to reach your target market.
Here are five common mistakes that most business owners make when it comes to market research. Find out how you can avoid these mistakes and make the most out of your market research.
Mistake # 1: Making assumptions without data
As a business owner, it is easy to think that you know the best about an attribute of your product or the price point. But what you think, may not necessarily be what your customers want or like. So it is best to base your decisions on data rather than on speculation.
Mistake # 2: Conducting unnecessary research
Several business owners fail to use the data that they already have and instead carry on conducting unnecessary research. For example, if you want to test out a new product on your online store, you could use a list of items that customers have already purchased and use that to evaluate the probable success of a new product, instead of starting from scratch. This can save you both time and money.
Mistake # 3: Only relying on qualitative research
Relying only on customer interviews and focus groups is not always statistically reliable. By also conducting quantitative research, like in-depth surveys with number based responses, can give you better insight into the preferences of your customers. You can also get access to data, which you can evaluate in detail.
Mistake # 4: Asking the wrong questions
To get reliable data, you have to ask clear and concise questions. For instance, instead of asking two questions at one time like “Are you satisfied with our services and response time”? You can instead ask them separately. It will give you a better response. Also avoid asking open ended questions, like “How well do you like our product?” Finally, do not ask questions about things that you do not wish to change, because this might give your customers false expectations. You could test out your survey on 10 to 15 people before conducting it over a large audience.
Mistake # 5: Ignoring and dismissing results
After the market research is carried out, it is best to not ignore or dismiss the results of the research, even if they are not in line with your ideas. Being open-minded and willing to take the results into consideration can go a long way. The more statistically reliable your data is, the less likely you will go wrong in your decision-making.
We hope this information on what market research mistakes to avoid can help you make the most of your market research. If research is not one of your key areas of expertise, why not outsource it? Outsourcing market research to an expert like OUtosurce2india will not only give you more time to focus on your core business, but will also help you stay ahead of your competitors. Find out more about outsourcing market research services.
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