Marketing research is essential to understanding your customers and your competition. Market research can also identify trends that affect sales and profitability. But successful market research takes planning and strategy. Here are some of the most common mistakes businesses make in conducting market research and tips for avoiding them.
Overspending/Underspending. Worse than wasting money is not spending enough to get useful results
Not knowing what you are looking for. Doing market research in the hopes of discovering something (anything!) about your customers can be an exercise in futility. You should know what information you need before you even begin. Have questions ready for which you are seeking answers, such as “What are the specific needs of my customers?” or “How much would my customers be willing to spend on this product?”
Poor choice of reference materials. Research your research materials; check dates and double-check pertinent information.
Researching the wrong group. Often businesses make the mistake of gathering random data, much of which does not apply to their business needs.
Not creating a good research instrument. You need to be sure that your survey will provide you the answers you need. Take the time to create a good research instrument that helps you find out about your customer base.
Relying on one set of data. One set of data is rarely enough. Use various data, including information from primary and secondary resources.
Ignoring your market research. The only thing worse than not doing market research at all is spending money on it a not utilising the results. Some business owners also tend to toss good research aside just because it did not support the answers they wanted to see.
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