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Top 5 Market Research Challenges and How to Solve Them With Voxco Audience

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The past two years have been challenging for the market research industry. As we look ahead to 2024, we uncover the top market research challenges faced by market research professionals and highlight how a market research tool like Voxco Audience can help them solve them. 

Let’s face it- market research professionals are experiencing a time when they have to adapt to a new paradigm now and then.

For them, staying competitive in a shifting landscape has become the need of the hour. Also, with clients demanding more significant innovation and a rise in the importance of big data, they need to keep adding to their toolbox to be efficient. 

And that’s not all; the pressure to reduce cost and increase the pace of business adds to the existing challenges market research professionals face. These challenges must be overcome to deliver real impact to the corporate bottom line. And when expanding the workforce or the length of working hours isn’t cutting it, it’s a sign that researchers need to adopt a market research tool. 

In this blog, we will look at the top challenges faced by market research professionals and learn how Voxco Audience can help solve those challenges. 

Let’s first take a look at the concept of market research before diving into its challenges and solutions.

What is Market Research?

How a Market Research Tool Helps Solve Top Market Research Challenges market research tool

By definition, market research is an organized activity performed by a group of people to gather relevant data & information about specific target markets or customers to aid business growth.

It is one of the most crucial components of business strategy & decision-making. It is a comprehensive process spread over various stages that include:

  • Identifying the problems
  • Creating a survey
  • Panel research
  • Data collection
  • Data Analysis 

Market researchers perform primary and secondary research to obtain the data and process it into relevant information. At every stage of the market research process, they face a potential challenge. The following section provides a list of the most common ones. 

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Top 5 Challenges Faced By Market Research Professionals

How a Market Research Tool Helps Solve Top Market Research Challenges market research tool

“We don’t have access to quick reporting.”

“We have a limited budget for conducting research.”

“We need to get insightful data but at a low cost.”

“Vendor approvals are making it difficult to conduct research quickly.”

“Consumer answers do not match consumer behavior.”

These are some things one hears from market researchers at some point in their research process. It could be a challenge related to cost, relevancy of data, research panel, etc. 

We did some digging and found that the top challenges faced by market researchers include: 

1. Limited Budget

Often, it’s not really a time constraint; it is actually budget and staff constraints that challenge researchers. 

Small companies, unlike big conglomerates, find themselves in a position where they can’t go beyond paying a certain amount to panel vendors to gain insights into their customers. Or they do not have enough staff to go and conduct on-premise surveys. 

2. Unrealistic Timelines

The next challenge that researchers face crops up in waiting weeks or months for survey results and analysis that influence business decisions are not an option. Market researchers need to be able to get survey results within hours for their clients to target new opportunities. 

3. Quality of Data

The quality of data remains another challenge for researchers. Since the collection of data can be huge, it may result in human fatigue, which also, in turn, leads to the likelihood of having poor-quality results. When data gathered is lacking, the insights into the data are equally prone to being of bad quality.

4. Targeted Sample

You may collect a massive amount of data, but it won’t make sense if it’s not coming from the right people. For researchers, it is essential to tap into the right marketplace and segment panel using the correct data points. 

Even though that is the case, researchers often fail to reach the right panel at the right time, bringing a flood of irrelevant data that adds zero to no value to the research. 

5. Research Outcomes

There is a need for actionable insights to help stakeholders make quick, informed business decisions. Insightful strategic reports delivered within stipulated timelines are increasingly challenging for market research companies globally.

In other words, the top market research challenges revolve around improving efficiency while dealing with limited time & resources and reaching the right research panels.

How to Solve Market Research Challenges?

To begin with- adopt a market research tool. It will help you:

✅ Build research agility to deliver speed and efficiency

✅ Reach the right panel to meet the needs of the targeted demographic

✅ Get relevant insights faster

For researchers willing to get faster insights, reduce research time from months to hours, and improve their research quality, we suggest adopting a market research tool like  Voxco Audience. 

The following section discusses how it works, benefits researchers, and helps them solve market research challenges. 

How Does Voxco Audience Help Solve Market Research Challenges?

Creating a build, test, and learn cycle helps speed up processes and deliver faster insights. And that’s precisely what Voxco Audience does.

As we understand it, a lot of researchers’ time is wasted in trying to reach the right people who are willing to take their survey and, in turn, offer valuable insights within days. 

But when you adopt a market research tool like Voxco Audience, it does all the work for you! And guess what, at a much lower cost. Let’s learn how it works. 

How Voxco Audience Works

Voxco Audience exposes researchers to a marketplace of 10M+ research panelists from 50+ countries provided by trusted third-party panel providers. 



How a Market Research Tool Helps Solve Top Market Research Challenges market research tool

It enables the researchers to find more targeted participants who have the knowledge they’re seeking in terms of user experience. This way, the tool, with its robust set of features, ensures quality results and enables focused learning that is tied to consumer behavior.

Here’s a quick video to give you an overview of Voxco’s Audience.

Hop on to the next section to explore the many benefits of using a fully automated research panel.

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What Are the Benefits of Using Voxco Audience?

With its robust set of features, Voxco Audience offers its users a range of benefits that include:

1. Increased Productivity

By letting you automate the most time-consuming tasks, it helps increase the productivity of researchers and thereby increases the overall output. 

2. Broader Panel Reach

It allows access to the ever-increasing robust set of samples and 60% of proprietary samples in North America. 

3. Genuine Profiles

With 90+ data & profiling points, you get access to curated & real profiles only.

4. Faster Insights

It lets you collect rich, first-hand insights using live dashboards and custom in-depth reports along with one-click summaries to anticipate trends in real-time. 

5. Efficient

It helps reduce survey research time from months to hours, along with high-quality responses with large proprietary samples.

6. Cost-effective

Not only do you save more than 20-30% over an ad-hoc rate card, but it can save your team time in dealing with bids and approvals on every project. 

7. Third-Party Integrations

Give more depth to your studies with eye-tracking, facial coding, and video open-ended questions.

8. Better Decision Making

It lets you integrate real-time feedback with operational data to make strategic decisions. 

9. Quality & Security

With features such as Google-captcha, duplicate IP check, VPN and proxy protection, and custom screening questions in place, it ensures top-notch data quality & security. 

10. Panel Vendor Management

Exercise complete control of panel vendor management from your dashboard.

Conclusion

Building agile skills by experimenting with smaller research sprints alone isn’t going to help tackle the challenges researchers face during the course of conducting research. Adopting a tool to manage most of your time-consuming tasks is probably the best way. 

 

And, as you move forward, take time at the end of each survey for a short retrospective. 

 

Look at your results- Did you get what you needed? Did you work too many hours? What went well? What was inefficient? How can you streamline going forward? Review the results and make changes at the end of each survey cycle to improve the next one.


A fully automated panel research platform like Voxco Audience can help researchers gain a significant competitive edge in the market research space by providing them with faster, more accurate, and more insightful information. 

Voxco helps the top researchers across the world generate actionable insights at scale.

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