5 Market Research Mistakes and How to Avoid Them

Mistakes When Doing Marketing Research

     When starting or growing a business, marketing research is an important first step for you to do.

Marketing research is a business effort to find data and information about strategies, targets, risks, and all things related to marketing.

By doing marketing research, you as a business owner will find hidden niches to identify more business opportunities.

You can also understand your competitors and identify trends that are impacting sales and profitability.

If marketing research is done correctly, you will get important data that is useful for your business growth.

However, sometimes errors occur in the implementation of marketing research, causing invalid data obtained.

Avoid these Mistakes when Conducting Marketing Research

Take a look at the mistakes that often occur when conducting marketing research below, so you can avoid them.

1. Doesn't have a Clear Purpose

A business should know the purpose of marketing research.

By knowing these basic things, you will know what actions need to be taken and what questions to ask to collect data and information relating to your business.

You can also determine who is a suitable person to be a respondent.

If you do your research on the wrong respondents, your entire analysis can be wrong.

So, make sure to define your goals from the beginning.

2. Spending a Lot of Money

Bob Kaden, marketing research expert and author of "Guerrilla Marketing Research" states that the small business owner's challenge in conducting research is that it is expensive.

Thoughts like these eventually bury the plan to conduct marketing research.

Another problem is spending a lot of money to hire a research institute that promises to provide the required complete data.

3. Too Focused on Numbers and Charts

Numbers and graphs can be used as a reference for how the dynamics of consumer needs today. Don't focus too much on numbers and graphs, though.

Focusing too much on numbers and graphs is one of the biggest marketing research mistakes.

Also use qualitative data obtained from interviews or stories from your respondents.

By listening to the explanations from the respondents, you will find out many facts about what they really need.

4. Family and Friends Become Targets of Marketing Research

When it comes to key data, your target marketing research survey can't just consist of your friends, family, and acquaintances. They are more likely to want to support you and your new business, and lack objectivity. Instead of talking to your customers or potential customers and industry peers. (smallbusinessbc.ca)

5. Relying Only on Little Data

One marketing research mistake is relying on too little data.

The data that you get from research generally comes in two forms: primary and secondary.

Primary data is data that is obtained directly from the field.

Collecting this data is usually done by observation, survey, or focus group discussion.

Secondary data is data obtained from published studies, for example articles, books, etc.

Combine the two types of data earlier in order to get optimal information.

Secondary data helps you to formulate the problem, make research objectives clearer, as a reference for questions, etc.

Use this secondary data to get a lot of information about your market, potential customers and competitors.

6. Don't Use Your Own Assumptions

In order to get the data you really need, don't make personal assumptions an absolute result.

This is often done so that the business is carried out according to the wishes, or to convince yourself that the business will run smoothly.

However, the reality is not always in accordance with what you want.

More observant in making questions and doing analysis.

Look for alternatives that are many in interpreting and understanding the intent of the respondent's explanation.

Try not to be concerned with your own assumptions in collecting and processing primary and secondary data.

Avoid these marketing research mistakes if you want to get good results

Even if you take the time and have an interest in studying the market, you can do your own research at a relatively affordable cost.

This research could have been more effective. Because you can see for yourself how respondents respond to all your questions.

When choosing to use a research institute, spend a little time looking for an institution that costs quite a bit.

If you are more patient, it is possible to find research institutions with the best offers and quality results.