5 Common Mistakes People Make While Doing Market Research

Posted by Philomath Research on August 16th, 2022

We have seen firms make their fair share of market research blunders over three decades of working with a vast range of companies and organizations. There are some common pitfalls that continue to be incurred by businesses to save time or think they already know the answer. Short cuts and a lack of evidence-based research can prove costly, so here’s a list of points to watch out for:

Mistake #1: Not clearly defining your market research objectives.

Misdefined research objectives are arguably the most common mistake when it comes to market research strategies. Especially for new companies or researchers, the amount of information available can be overwhelming, to say the least. With so much research at your fingertips, you should be prepared to dive in with very clearly defined objectives. Therefore, companies should decide in advance why they need research and what they specifically want to learn. You have to predefine your research questions. Otherwise, it will be extremely difficult to be sure that the research will meet your needs. Without clear expectations and objectives, your chances of delivering clear and informative results are not very high.

Mistake #2: Letting the questions do the heavy lifting.

Clearly, excellent questions are the key to successful market research strategies. However, it is possible to ask too many questions. If your goal is to uncover a very specific finding, you don’t need to come up with a long list of questions to reach a conclusion. You shouldn’t make the mistake of “overpreparing” for your research. So, instead of letting your questions do all the heavy lifting, make sure that the questions you frame are correct and good enough to get to the core of your needs. You shouldn’t make the mistake of “overpreparing” for your research. So, instead of letting your questions do all the heavy lifting, make sure that the questions you frame are correct and good enough to get to the core of your needs.

Mistake #3: Simplifying results out of context.

Context is everything. How many times have you walked into a conversation and overheard something downright dangerous, only to find that the person meant something completely different? But, how can you know better when you didn’t have a reference at all? When things are taken out of context, the end result is… well, let’s say it’s usually not positive. The same goes for market research. Most market research reports are too detailed to be reduced to a single number, figure or even statement. So, maybe it’s wise not to try and do that. When summarizing and simplifying research, it is absolutely essential that each point remains in the context in which it was originally stated. Otherwise, you run the risk of unintentionally submitting false information, which, as a result, can have extremely negative effects. Because of the critical importance of context to the end result of your research, you should never over-simplify results or remove context in order to try and sell an idea.

Mistake #4: Using the wrong market research techniques.

Think back to the time when you first learned to do research. Remember how heavy all those different techniques were? Well, there are all kinds of market research techniques. But unfortunately, many companies misuse these methods and as a result, lead in the wrong direction. It is important for companies not to make this mistake, or their conclusions may not be as accurate or useful as they had planned. For example, focus groups are a useful technique for delivering insight; However, they should not be substituted for quantitative insights. Therefore, when determining your market research strategies, be sure to select the most appropriate and effective techniques to reach your overall research goal.

Mistake #5: Seeing research as an expense rather than an investment. 

Most good things come at a price. Well, your market research is certainly no different. You can’t expect to gather useful and quality information without spending a lot of money. However, the mistake most companies make is viewing their market research only as an expense.

Yes, you must spend money to get the results you want, but the benefits your company sees in return far outweigh the cost. Market research will greatly influence your business and its future success. Therefore, you need to look at it as an investment rather than just out-of-the-door money.

We hope you enjoyed our article on market research blunders. With this knowledge, we know that you will avoid the pitfalls of market research and will have a more informed decision to make. So, what are you waiting for? Run your market research today by visiting www.philomathresearch.com.

 

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Philomath Research
Joined: July 29th, 2022
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