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The 5 most common myths of market research

Market research plays a key part in establishing and maintaining strong organisations who keep their customers at the heart of everything they do. Considering this, why is it that some companies do not embrace market research? Here are some of the most common myths frequently surrounding the industry.

1. Market research is not necessary

Many companies think they know their customers better than anyone else. Performance is ticking along nicely, everything feels comfortable, why do you need to find out any more about customers and their needs? Yet, the speed of societal change is continually altering the dynamics of the provider/ customer relationship and companies need to be aware of this before it’s too late. Complacency can lead to a loss of market position and failure to identify new, emerging trends in the market that could potentially increase success.

 2. Anyone can do their own market research

To the untrained eye, research can seem quite easy to carry out. How difficult can it be to write a questionnaire or conduct a focus group? With the mass popularity of social media, a research sample is only a click away – what could go wrong? However, a badly worded questionnaire asked to a random sample of people 

noun person 1876270 000000can provide misleading data and could likely cause damaging results. Like any other profession, market research requires experience and training to be able to devise the right questions and understand the flow, pacing, engagement and bias involved when writing a successful survey. Importantly, researchers are impartial throughout the project meaning respondents feel more able to give genuine feedback without worrying about causing offence.


3. Market research is too expensive

Market research can be expensive, but it doesn’t have to be!  Research projects can be tailored to fit any sensible budget while still providing insightful information. A savvy market researcher can create a plan to deliver the most appropriate, cost-effective research results. Also, online methods are becoming increasingly popular and provide a much lower price-tag than some more traditional methods of research. Money wisely invested in research will reap dividends in future performance, so, the question you should be asking is can you afford not to do research?

4. Market research takes up too much time

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This links to the previous point. The researcher can take into consideration any time constraints of the company and develop a plan which will give insightful results within the required timescale. Advances in technology have already significantly reduced the time taken to undertake research and, again, the popularity of online methods offers even more time efficiency which can be advantageous when time is tight.

 

5. A market researcher wouldn’t understand my business as it is too complex for someone outside of the industry

While it is true market researchers aren’t necessarily going to be experts in your field, they are experts in their field. Most good researchers will conduct initial background research into your company/ sector to offer the most informed service possible. Applying the most relevant questioning methods will provide the required feedback. In addition, engaging a researcher who does not have a deep-rooted understanding of the company/ sector enables them to challenge the status quo and brings a fresh perspective.

This entry was posted in Market research, tagged Consumer, Surveys, Focus Group, Market Research and posted on August 7, 2018


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