12 Tips For Great Market Research
And The Power Of Good Data-Sets
Market research is a tedious process that requires the gathering of data from multiple sources. It can be time-consuming and expensive, but it’s an essential part of market analysis. In order to gather the most accurate data possible, you need to avoid these 12 common market research mistakes:
1) Not having a clear idea about what you’re looking for in market research — without a clear goal in mind, it’s difficult to make an informed decision when analyzing market trends.
2) Jumping into market research too quickly — many things should be done before taking on market research such as identifying your target audience or researching industry trends.
3) Using surveys instead of interviews when conducting customer feedback — while both have their benefits, surveys take less time to conduct, but can produce inaccurate results as your market research participants might not give you honest feedback.
4) Not making market research a priority — market research is an ongoing process that can’t be taken lightly even though it’s tedious.
5) Relying on the data from only one source — market research should involve a variety of data sources in order to get a clear picture of market trends and consumer behavior.
6) Not identifying market opportunities based on market research — significant market opportunities for investments or growth in a certain market segment may be overlooked if you don’t identify them through market research.
7) Using outmoded methods when conducting interviews or surveys — using outdated methods such as face-to-face interviews may place unnecessary time constraints on your market research.
8) Not hiring market research experts — market research requires market research experts that can identify market opportunities and help you stay ahead of your competitors.
9) Focusing too much on market research instead of product development — market research is crucial but should not interfere with an organization’s focus on creating innovative products or services to meet consumer demand.
10) Conducting market research only at the end of the product development process — market research should take place throughout the entire product development cycle to make sure all consumer needs are met before a new item hits the market.
11) Using data sets from past market analysis when conducting current market analysis — this mistake might invalidate any conclusions made based off previous data sets because changes in market behavior can’t be identified through outdated market research.
12) Not involving customers, industry experts, or market analysts in market research — market trends and market opportunities are often identified through market analysis groups as well as customer interviews that take place during market research.
All of these market research mistakes should be avoided if you’re hoping for an accurate portrayal of your market’s needs and wants. Conducting market research takes a lot of planning and effort but it is one of the first steps to making a successful product launch or identifying a new business opportunity. Market research helps increase sales so don’t underestimate its importance.
Don’t Forget The Data-sets
Data sets are very important for market research and identifying market opportunities. Market research should not be conducted without data sets or market trends analysis. It is important to continually gather market research data and market trends because market behavior changes over time. Data sets from past market research should not be used when conducting current market analysis as this would produce inaccurate results.
In market research, market analysis groups are very helpful because they have access to industry experts and market analysts from different markets. Customers can also provide a wealth of knowledge when conducting market research as they usually know what the next big thing will be or want in a certain market.
Market trends analysis is crucial during market research because it identifies how market behavior is changing based off previous data sets. This allows for more accurate conclusions about your market’s needs and wants that would otherwise be overlooked if market trends were not analyzed thoroughly.
Further Reading
Big part of research is reading. So here‘s’ some more reading for that research:
- 10 Great Marketing Tips (Wordpress Blog)
- How To Build A Marketing Strategy (Wordpress Blog)
- Writing A Marketing Plan In 10 Steps (Blogspot post)
- 10 Tips For Building A Winning Marketing Strategy (LiveJournal post)
- How To Write A Great Marketing Plan (Info Today)
