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.
Focus groups, observation, personal interviews, surveys and field trials are the five basic methods of market research. Read more to find out which method will most suit your enterprise.
There are several ways to perform market research. However, most enterprises use one or more of the five basic methods of market research: focus groups, observation, personal interviews, surveys and field trials. How much money you are willing to spend and the type of data you need will determine the techniques you choose.
Surveys – You can evaluate a sample group that represents your target market with concise and straightforward questionnaires. The larger your sample, the more reliable your results will be. You can choose from in-person surveys (one-on-one interviews carried out at high-traffic locations), telephone surveys (less expensive than one-to-one interviews), mail surveys (easy to reach a large audience) and online surveys (simple and inexpensive way to collect data, though not reliable).
Find out how you can use a market feasibility study before you start a new business venture or release a new product/service.
Does your enterprise want to start a new type of business? Do you want to tap into the business potential of a new area? Or maybe, you simply wish to expand your current business. If this is your current scenario, a market feasibility study can help. In-depth understanding of the market that you wish to enter and a detailed analysis of the demands in the area is what a market research feasibility can offer you. In fact, there is no other market research report that can offer you with a more detailed analysis and in-depth study.
Here is what a market feasibility study includes:
Detailed interviews with stakeholders – The market feasibility study begins with an in-depth interview with the stakeholders. This is a perfect starting point. The market research team will be able to familiarize themselves with the projects and its objectives by using an open-discussion format. This first step is beneficial to both the parties. A stakeholder can be a key personnel in the enterprise or outside the company. It could also be a person involved in the local economy or any other key person who plays an in important role in the enterprise’s business plan and who can provide the market research team with valuable feedback.
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