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.