SHARE THE ARTICLE ON
Market research helps you navigate your business to avoid errors and drive your business to success. It extends beyond collecting and analyzing data. The approach offers you insight into your customers and the targeted market that enables you to captivate the target population.
However, with the advancement of tools and the increasing complexity of conducting market research, researchers face several challenges. In this blog, we’ll identify eight top market research challenges and see how Voxco’s insight platform can help overcome these challenges in market research.
Market research is a significant and traditional tool that helps you evaluate customers and understand your target market by gathering data from the source. In this context, by source, we mean the target customers.
A brand conducts an MR to understand and determine the feasibility and success of its current offerings and evaluate the viability of the ones yet to enter the market. The traditional way of gathering data was by sending surveys to a select few customers within the target audience. This, however, took time and led to unrepresentative data.
With the introduction of modern market research tools, the process has become more seamless. Despite the benefits of these tools, the process of acquiring valid and accurate data presents several market research challenges.
The top eight challenges in market research include;
1: Lack of data quality
2: Overwhelming quantity of market research data
3: Data from irrelevant audiences
4: Longer surveys
5: Unsophisticated data analysis tool
6: Lack of follow-ups and in-depth data collection
7: Geographical and language barrier
8: Utilizing inapt survey software
Let’s explore these top 8 marketing research problems.
Let’s explore these top 8 marketing research problems.
The quality of data is a significant market research problem example. Reliability, completeness, validity, and relevance are key factors that ensure the usefulness of the data.
The likelihood that the data is invalid or inaccurate is a major obstacle. Poor quality data can lead to unreliable conclusions and erroneous actions. It can occur due to various reasons. One reason is human errors during manual data collection. Another could be that many researchers equate sample size with the data quality.
The expansion of digital channels has led to an overwhelming quantity of customer data. Additionally, data has become a commodity which means they are readily available in massive volume for any business.
A company that doesn’t have a suitable data collection and analysis tool will find it difficult to make sense of it and uncover valuable insights. Analyzing and extracting insights from large volumes of data can be time, cost, and resource-consuming, thus posing a challenge in market research.
For your market research data to be relevant and accurate, it must reflect the target customers/market. Receiving data from the wrong audience can skew your research results and hinder you to understand what your customers truly care about.
While it is crucial for you to ensure you gather data from the intended audience, some may not be truthful. While at other times, you may struggle to find a relevant audience.
Too many questions and long surveys can negatively influence your market research results. It can decrease the response rate and increase the abandonment rate impacting the representativeness and quality of the data. Respondents may also provide inaccurate answers to complete the survey compromising the data validity.
According to a study, 60% of participants say they don’t want to take surveys that take more than 10 minutes, while 80% draw the line at 20 minutes.
You can’t simply gather data, you need to extract meaningful insights from them. Data management and analysis are central to the research and are also two major challenges in market research.
You need to ensure that the massive volumes of data are structured and stored centrally so it’s ready for analysis. A lack of data management and analysis tools impedes the opportunity to extract vital insights and draw meaningful conclusions.
Without thoroughly exploring respondents’ feedback, you may miss out on valuable information. Following up with the respondents and asking them to provide more details about their experience and sentiment helps you hear the honest and unfiltered voices of customers.
Most often, you will find it challenging to gather feedback from the audience across different geographical regions or language barriers. Limited access to diverse audiences hinders your ability to gather data that truly represents the diversity of your target population.
Traditional survey software lacks the capability to help you create multi-lingual surveys presenting challenges in market research.
Finally, in our list of market research challenges is the use of an inadequate market research tool. Digitalization and connectivity have increased the need for big data. However, with the growth in big data, the number of tools in the market has also grown. This makes it difficult to select the right tool for your business.
Factors such as the cost of the tool and the capabilities/features play a vital role in choosing the right technology.
Fortunately, there are ways you can overcome these eight challenges in market research. We will explore the ways Voxco’s solution can help you.
Voxco is a cutting-edge survey software that takes away the pain of manual data collection. The automation of data collection ensures there is no error in data entry. Additionally, the software provides real-time data validation checks ensuring that the responses are consistent.
Voxco also allows you to implement survey logic to gather data relevant to the audience and the research objectives. With a modern market research tool, you can maintain high standards for data quality and ensure reliability.
Voxco survey platform includes advanced analysis and reporting features that empower you to streamline data analysis. You can enable data analysis while running the market research. This allows you to track the data and quickly identify patterns and trends within large datasets.
You can sift through massive volumes of data in real time and keep pace with the responses. This allows you to monitor the changes throughout the research duration and ultimately extract actionable insights to inform data-driven decisions.
Voxco’s online survey tools provide you with options such as screening questions and skip logic to make sure you allow the target audience to participate in the survey. This means you reach out to the intended audience and gather the intended data.
Additionally, the platform also offers a research panel, Voxco Audience, that gives you access to a pool of pre-screened respondents. You can create your sample based on the target demographic and collect market research data. This equips you with a relevant audience enabling you to increase data accuracy, thus overcoming this market research challenge.
Another challenge in market research is longer surveys, and to overcome that, Voxco enables you to create interactive surveys that hold respondents’ attention.
Leveraging features like question randomization and skip logic, you can shorten a survey and focus only on relevant questions. These features navigate the respondents through questions relevant to their experience based on their responses.
Additionally, Voxco provides mobile-friendly surveys and multiple data collection channels such as online, phone, and offline.
By optimizing the survey length, you can demonstrate that you respect a respondent’s time and effort. Thus, enhancing survey experience and mitigating respondent fatigue.
Voxco offers a comprehensive suite of data management and analysis tools. The omnichannel survey software gathers data centrally and preps it for analysis. The platform automatically gets rid of incomplete or inconsistent data and converts them into a suitable format for analysis.
The advanced statistical analysis capabilities allow you to identify relationships and uncover trends between quantitative data. While text and sentiment analysis tools help you gauge customer sentiment and understand and listen to their honest voice.
Quantitative data doesn’t provide the nuances and intricacies of human complexity. It will tell you whether your customers are satisfied with their experience but not why. Following up and asking open-ended questions help you dive deeper into the drivers of customer behavior.
Voxco survey software supports question types such as open-ended questions and multiple media uploads, enabling you to gather qualitative data. Its text and sentiment analysis enables you to break down the open-text responses into meaningful insights. It helps you identify customer sentiment and concerns enabling you to make real-time decisions.
Additionally, its close-the-loop functionality facilitates ongoing engagement and ensures a continuous feedback loop. By leveraging these features, you can enhance the data collection efforts and overcome the challenges in market research.
Voxco’s online survey tools support multi-lingual surveys and automated translation capabilities, enabling you to overcome language barriers. It allows you to easily translate surveys into respondents’ preferred language to make the survey experience convenient and comfortable.
Furthermore, Voxco Audience enables you to access a diverse audience across various regions. By leveraging these capabilities, you can transcend geographical and language barriers and conduct market research on a global scale.
Choosing the right solution is a major challenge in market research as it determines the validity of your research data. Voxco offers an integrated survey software solution designed to help you gather market research data via online, offline, and phone surveys.
Its user-friendly interface, customization options, and flexible deployment empowers you to create and distributes surveys in minutes. Additionally, its scalable platform ensures that you can handle large-scale data collection and analysis whenever required.
Voxco is an integrated platform that offers you the capability to create surveys, distribute them, and collect and analyze data. You can perform an entire market research on your own from a single platform, making it cost, time, and resource-efficient.
See how Voxco can enhance your research efficiency.
Selecting the right technology can help you overcome the eight market research challenges we have explored in the blog. However, with the demand for market research, the number of tools available has also increased.
A robust market research tool like Voxco can help you resolve the challenges in market research with its cutting-edge features. Here are three factors you should explore when selecting a market research tool.
The right survey software solution will help gather targeted quantitative and qualitative data in real time so you can keep pace with the changing demands. Instead of weeks or months, it will help you gain valuable insights at the right moment.
The software will enable you to engage with your respondents later and close the feedback loop effectively. It should help you dive deeper into the whys and follow up with the participants if required.
The right platform will enable you to streamline data analysis and provide you reporting dashboard. It should offer charts and graphs and also sentiment and text analysis so you can benchmark the result efficiently. Furthermore, the platform should offer assistance in your market research project if required.
Survey Fatigue: How to Avoid It? SHARE THE ARTICLE ON Table of Contents Survey fatigue – a universal issue that researchers face all over the
Power Dialer vs Predictive Dialer: Which Suits Your Needs? SHARE THE ARTICLE ON Table of Contents Dialing our friend’s and family’s numbers to make a
Matthews’s correlation coefficient: Definition, Formula and advantages SHARE THE ARTICLE ON Table of Contents What is Matthew’s correlation coefficient? Matthew’s correlation coefficient, also abbreviated as