The importance and significance of market research are close to becoming a universal truth. All sensible businesses realize the significance of market research. However, good and effective market research is still somewhat underestimated and underappreciated. The good market research gives you several insights about your product, its demand, the room for improvement, the opportunities, etc. The contribution of good market research is hence immense and it can help your business tremendously.
Nonetheless, what is often overlooked is the fact that bad or inefficient market research can cause much damage also. Wrong market research can lead to a lot of incorrect notions and ideas that are going to affect the policy-making of the company. Inefficient market research can also result in the wrong interpretation of certain trends or fashion in the market.
Hence, it is extremely important to take proper care while conducting market research. A single mistake while data collection, data interpretation or even report making can cause a lot of problems in the future. If you are not very confident about the market research process and would like to avoid the risk, you can also take the help of professional market research companies.
A market research company is usually a team of professionals trained in the skills of data collection, data interpretation, and report making. They are experts in recording and analyzing market trends and extract useful information from them. Aeon Market Research is one of the best market research companies operating in India as well as abroad. With a core team of members having about two decades of experience, you cannot go wrong.
Coming back to our topic, if you would like to conduct your own market research for your company, it is completely okay. Many businesses choose to conduct their market research by themselves. However, you must be very vigilant throughout the whole process.
There are certain common mistakes that first-time researchers or unprofessional researchers tend to make while conducting market research. Here are a few of the common mistakes that you should avoid committing-
- Using Only Secondary Data Collection Method
Secondary data collection refers to the data that we gather from secondary sources. This means that you need not step out and actually talk to people about anything that you want to know. This work has already been done by some other people and the data is available to you in an organized and orderly state.
Secondary Data sources include government economic survey reports, census, an economical survey by any trusted private organization, etc. It is a common tendency to rely completely upon these sources while conducting the research as these sources are comparatively cheaper and most easily available.
However, it is a wrong way of conducting market research. The secondary sources of data are without a doubt very useful and reliable but they cannot replace the primary data in any way. Secondary data are good for studying the market on large scale and as a whole. But primary data allows you to interact directly with the customers and ask what you want to know. Primary research gives you the detailed information. And you must combine both methods to get the best result.
- Using Only the Online Medium
No doubt, the internet is the ocean of knowledge. You can find almost anything if you are persistent enough. It has come to contain within itself the world and has brought the world in front of you or in your hands. Using the internet in the right way can help you in numerous ways. It is also useful while conducting your market research. You can gather information while sitting on your chair and without having to take a single step.
But, have you considered the fact that not everyone who puts material on the internet is an expert, an intellectual, or even a genuine person? The fast pace at which the internet has grown has made it a ban as much as a boon; a savior as much as a monster and a friend as much as an enemy. The internet gives you information that you need along with information that you did not need.
Long story short, you cannot rely on the internet completely for your market research. It is a great alternative in these tough times of a pandemic when the physical movement is not as easy and feasible as it used to be and we must make full use of it. However, you must realize that ultimately, it is the people we are doing to deal with while doing business. Real people cannot be replaced by online profiles and therefore, along with online research, you must conduct offline market research.
- Remaining Confined within Personal Contacts
Seeking the opinion of family and friends on your business idea or product idea is not a bad thing in any way. In fact, you must share your ideas as they may have some important and useful insights and contributions to make.
However, you cannot count these interactions in your market research. And even if you are, these interactions cannot make the whole of your market research. There are several reasons as to why this is not a good idea.
Your friends and family always want good for you and want to see you happy. These personal emotions will affect their answers in many ways whether they want it or not. For example, if one of your friends did not like your idea or is not likely to buy your products in the future, they will possibly not say it on your face and resort to fake feedback. This can hamper your research in the long run and you need honest opinions to make corrections and improvements in your upcoming and existing plans.
These were some of the most common mistakes committed by people conducting market research. Are you a culprit of any of them? If yes, it is time to make rectifications and you can thank us later.