Market research is one of the most important tools any business, large or small has. It helps a business identify gaps in their products and services, and keep up-to-date on trends and anything happening within your industry, especially those affecting sales. There are however certain mistakes you’ll want to avoid while carrying out your market research, here are some of the most common.
Setting an Unrealistic Budget
As with all budgets you don’t want to waste money by spending too much but you want to spend enough to get results. However before starting you should first search out what research is already available and whether or not you can use what exists because if you can, you’ll save a lot of money. Alternatively if you do not have the research you can either go out for quotes to gather the research or you could incorporate a survey on your website and simply direct people towards that to gather the necessary information.
Not Having a Specific Plan of Action
Sit down and work out what information you need to find out before starting, devise some questions that you need answers to. Know why you want answers to these questions and how they affect your business before starting. Oh and be careful, when devising questions make sure you don’t ask leading questions, as this will directly influence your research.
Not Understanding What Constitutes Good Sources
No matter what opinion you have, chances are you can find something to support it on the Internet, but, this doesn’t necessarily mean it’s a good source. Check up on anything that someone else says and realize there is a huge difference between an opinion and a fact.
Not Researching Your Competitors
It’s extremely beneficial to know what your competition is doing, you know the saying “keep your friend close, but your enemies closer.” And no, your competitors are not your enemies, in fact it’s often beneficial to develop relationships with them, however it’s always beneficial to know what they are doing.
Not Understanding Who Your Target Audience is
If you don’t know who your target audience is, it will be difficult to ask the right questions during your research and how are you going to make sure you ask the right people the right questions. Make the first research you do learning about your target audience.
Spending too Little Time on Survey Creation
When developing questions for surveys, it’s important to understand how to come up with good questions in terms of phrasing, and the order of questions and the type of answers they’re allowed to provide. These questions after all are the key to your research so spend the time, test and measure before rolling out fully to your audience.
Not Spreading the Word about Your Research
When either conducting research or putting the research to work, you’ll need to spread the word about it. If you want a lot of participation, spreading the word is essential. If you want to be seen as an expert, you need to act like one.
Not Getting More than One Source
Just like A/B Split testing one set of data is not enough to prove anything, true scientific research requires multiple sets of data that prove or disproves your assumptions.
Not Using Your Market Research
There is no point in carrying out market research if you’re not going to use the results it gives you. Believe it or not, some people do all of the work and then because they don’t like the answers, they ignore the results and move on with their original plans anyway. I’ll leave it to you to decide how big a mistake this is.
By avoiding these common market research mistakes your market research will deliver much better and unbiased results. By simply educating yourself about the market your work in, it will give you big rewards by helping you to avoid mistakes in marketing and staying ahead of the competition.