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11 Market Research Mistakes to Avoid
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Market Research helps you glean insights that can direct your future strategies in a more informed manner. It’s indispensable today, as technology has empowered consumers, which in turn has introduced more factors for researchers to consider.
The key to successfully getting results using market research software is planning and strategy. It should be methodical, organized, and unbiased. However, market research can take place during periods of change, allowing mistakes to creep in where they shouldn’t
So, what should you keep in mind when crafting and acting on your research strategy?
1. Too many questions = too long survey
I get that it’s nice to glean as many insights as you can in one go. However, you need to be careful about just how many questions you can ask your respondents or risk having a higher drop-off rate.
This also pushes up the cost of the project, with you having to recruit more respondents by any means possible. The big list of questions will intimidate the respondents and leave you with lower response rates. Ask specific questions relevant to the objective to avoid confusion.
2. Asking incorrect or ambiguous questions
Wrong or flawed questions will bring you unreliable feedback, leading to false and misinterpreted conclusions. This will cause misleading actions and inefficiencies in the business process.
If your questions don’t convey your intention, the data will not help you evaluate the key metrics or achieve your research objective.
3. Avoid last-minute changes to logic
It’s not feasible to completely avoid last-minute changes, but one usually doesn’t have the time to properly test their effect on preceding logic. This can break your survey logic under certain conditions and cause unexpected problems during the execution phase.
However, there are a few market research software’s that are capable of implementing last-minute changes even while the survey is being conducted without breaking the survey logic.
4. Are the results easy to decipher?
Market Research survey software will fetch you a lot of data, but you need to be certain about just how much of that information needs to be on display.
Your insights need to be succinct and specific about what they relate to.
Then there’s the visual factor – It’s important to pepper your reports with data, but you need to be judicious with its usage so that it remains legible for all parties involved.
5. Don’t let bias get in the way
Everyone has a bias – it’s only human, after all. However, as a researcher, you need to be aware of your bias to make sure it doesn’t become a factor in your surveys.
Then, there’s the results. It’s natural to have certain expectations from data generated by a market research tool, but the key is to be impartial and try not to use the findings in a way that suits your narrative.
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6. Be open to more research options
Sure, you probably know what works best for you, but it’s always a good idea to open up your survey parameters. Researchers are quite aware of just how volatile the market can be, and today’s multichannel survey software can be extremely effective in targeting a large sample size via several avenues (web surveys, telephone-based, in-person, etc.)
7. Is your sample size large enough?
A large sample size no doubt costs more, but the benefits are also greater. You get access to a less homogenous group of respondents and are likely to get better, more relevant insights.
Having a diverse demographic take part in your survey can also provide you with insights that can help you plan ahead and can be an effective driver for future growth.
Harness the potential of a market research panel that enables you to gather data from respondents beyond advocates. This will help you create a sample large enough to represent the population and also enable you to survey them again to track changes.
8. Skipping competitive analysis
Your product may be unique, or you may have no direct competitor, but not looking into competitive analysis is a classic mistake. Research on your direct and indirect competition will help you understand who they are and what they are doing and identify differences you can leverage.
Failing to understand your competitors, you will miss out on critical insights that can help you refine your business strategies. Without any data on competition, you also won’t be aware of emerging trends you can use to your advantage or unexplored customer segments.
Only by conducting competitive market research do you gain the opportunity to tailor your offerings to meet the unmet needs or surpass your competitors.
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9. Surveying the wrong audience
All customers are different. Their motivations and attitudes are different for different products. Assuming that all your audience is at the same stage of the customer journey is a big market research mistake.
Start by understanding who your customers are and determine what customer journey stage they are at to understand how it impacts their decision. This will help you take a tailored approach for each individual customer, allowing you to gather reliable and authentic responses.
10. Choosing the wrong research tools
In today’s digital world, market research tools have become essential for gathering insights efficiently. Choosing the wrong tool or ignoring the technological advantage can slow down the research and limit the reach and depth of insights.
Modern survey software can help customize branded surveys, automate real-time data collection, and assist in data analysis. Embracing robust tools will also help you identify patterns and draw actionable insights.
11. Not making it a continuous process
The biggest market research mistake is to not make it a regular process. It is not a one-time task. The market is dynamic, and customer preferences evolve over time. You need to monitor the market to identify shifts in customer needs, emerging trends, and evolving market conditions.
Ignoring to conduct research will result in stagnant business and outdated and unresponsive strategy. Making it a continuous process will help you stay informed on emerging opportunities and enable you to make informed decisions.
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Conclusion
Avoiding market research mistakes is your way to ensure efficiency in the research process. It ensures that you are informed and your decisions are based on accurate insights.
By recognizing and avoiding common market research mistakes, you are better equipped to navigate the complexities of the marketplace and thrive in a highly competitive business world. The impact of a careful and strategic approach will be evident in your bottom line and the overall health of your organization.
Voxco is trusted by researchers across verticals in 40+ countries. Give our Market Research Hub a look for more articles on getting actionable insights from your research!
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