8 Prevalent Mistakes Made During Market Research Which No One Told You About!

The common misconception that never fails to prevail is that you can do good market research with just a bit of training. Unfortunately, if this is what your company believes, then the chances of committing slip-ups are inevitable. 

Market Research is not as easy as you think. Sometimes even your training might fail to support you. This is why you need a good Digital Marketing Company to conduct the market research for you with precision.

Read on to know about the mistakes that are commonplace in market research.

 

Here Are the 8 Common Mistakes Made in Market Research

1.      Not Researching Your Target Audience

The worst thing you can do while conducting market research is ignoring your target audience. Researching your audience is essential to know about the feasibility of your new product. Without it, you will never get the idea of what your customers need.

Rolling out your product with proper market research increases the odds of it being successful. Otherwise, you will see that product on the brim of failure if your luck isn’t strong enough.

 

2.      No Clarity of the Goal

One more important thing to keep in mind is that your research should have a clear goal. You should know what to expect from it. Researching without having a clear objective in mind may not yield you the best of results.

Most importantly, everyone in the team should know what the goal of the research is. They should also know what kind of results are desired.

3.      Cutting the Incentives

Using your friends and family as the sample group leaves ample ground for biased results. You should not cut down the incentives and conduct your research only on interested people. This will ensure that the results and feedback are not skewed.

 

4.      Not Doing a Competitor Analysis

You can’t survive in the industry without keeping an eye on your competitor. Therefore, doing a competitor analysis is a prerequisite to launching your product. It will reveal the strategies of your competitors, and you will be able to design yours accordingly.  

Checking your competitors now and then can immensely help you improve your performance. You will be able to make the right tweaks to your products to make yourself stand out. 

 

5.      Vague Questions

Many times, the questions that companies frame are vague and confusing. This can distort the results. It would be best if you made sure that all the questions are precise and properly delivered. They should be free of any technical jargon.

Your questions should have the right tone and structure. This is important because even the simplest of words have multiple meanings that can cause them to be misunderstood.

 

6.      Not Realizing the Value of the Right Marketing Tools

If you only depend on surveys for conducting market research, then you are way behind in the race. It would help if you put other marketing tools to work as well. They help you get much better insights into your target customers.

There may be times when the surveys are all that you need. But this might not be the case every single time, so you should deploy other resources to get better results.

 

7.      Biased Information

Finding the data from the internet can compromise the authenticity of your research. So, it is best to check the material you have researched thoroughly. It would be best if you stripped it off of all the bias so that it comes across as genuine.

 

8.      Misinterpretation of Results

Do not use assumptions in your research; instead, use the collected data to avoid any misinterpretation. Your entire research should be governed by data as that will provide it with some solid support. 

 

Conclusion

It becomes difficult to avoid the above-mentioned mistakes, even if you are highly trained. You surely don’t want your product to fail even before it is launched. So, it is always recommended that you hire the Best Digital Marketing Agency in Delhi. Having worked on several market research, it has more experience and a deep understanding of the topic. Market research shouldn’t be done cursorily as a lot of important decisions like specific significant announcements, product launches, etc., pin on it.