5 Common Mistakes to Avoid When Conducting Market Research

Market Research
Are you about to launch a market research campaign for your business? If it's your first time conducting market research, or you want to get better results than your last market research campaign, you not only need to know what to do to get the best insights, but also what to avoid. In this post, we're going to look at some of the common mistakes business make when conducting market research and how to avoid them.

Common Mistake #1: Not Conducting Preliminary Research

While it may seem like just another platitude, you don't have to reinvent the wheel when it comes to market research. There are several ways to kickoff your market research campaign - things you should do prior to sending out your first market research survey.

Research your industry. Use industry research reports to get current and forecasted growth, revenue, market size, and additional statistics.

Research your competitors. Use Google, social media, and business directories to learn more about your competitors, how they position themselves in the market, and how they promote their products and services.

Research customers in your market. Use online retailers and business review networks to find out how your target customers feel about products and services offered by your competitors. Find out what customers love about your competitor's products and services as well as what they wish competitors would change.

Once you have these insights, you will be able to create a market research survey that focuses on gathering the data that isn't publicly accessible and customized to your business's unique selling points.

Common Mistake #2: Not Knowing Your Goals

Another market research mistake that can jeopardize the results of your market research campaign is not setting goals. It's simple - if you don't know what you're looking for, you won't know how to formulate a plan to find it. Once you know exactly what information you need, you can create the set of questions required to get the insight for your market research.
Most market research goals come down to either finding the solution to a problem or fully exploring a potential opportunity for your business. What are your specific objectives? How do you plan to use the data you collect? If you outline these things, you will be able to create a market research plan to meet those objectives and get the results you need to solve a company issue or to decide on pursuing a potential opportunity.

Common Mistake #3: Not Being Objective

It's difficult to be objective about a subject to which you are too close. If you find yourself obsessed about coming to a particular outcome, you may subconsciously design a market research campaign that supports the result you want instead of the actual best result for your business. For solopreneurs, sole proprietors, and single-member LLCs alike, getting feedback from someone outside of your home or office can be the difference in creating a market research campaign that serves as the foundation for a successful business or creating one that leads to a business failure.

Common Mistake #4: Not Surveying Different Groups

Bias comes in all forms. If your market research audience consists of your closest friends, family, and colleagues, you may not get a complete picture of how your market will feel about your business's products and services. This is because people who know you are more likely to focus on the positive when answering your survey. The same goes for established brands who only survey loyal customers - they may not get a complete picture of how their market feels because people who are familiar with their brand will react differently to the introduction of a new product or service than a potential new customer.

Common Mistake #5: Not Getting Enough Participation

Even the most targeted market research campaign can lead to mixed results if you don't get enough market research participants across multiple groups that represent your target customer - groups familiar with your brand and groups that are not. To increase the response rate of market research and other survey campaigns, organizations like the American Statistical Association and AAPOR agree that incentives not only increase the number of responses for surveys, but they also improve the overall results of a research campaign by allowing researchers to collect a substantial amount of quality data.

Want to create an incentivized market research campaign to improve your business? Sign up for a free Teakah account that is ready to go when you want to create, distribute, and collect answers for your market research survey.

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