Market Research: Expectations vs Reality
5 Common Market Research Myths Explained
What if you could predict, with a large degree of accuracy, the success or failure of your next product? If your next quarter will end in red or black? What pain points your target market desperately wants to soothe? That would be a very valuable power to have as a business owner.
This is the power of market research. It still surprises us when businesses balk at investing in professional research, yet we see it all the time. There are several prevailing myths about market research. Let’s clear them up.
Myth #1: We know our market better than anyone else
Do you, though? What was true a year ago, or even a month ago, may not be true today. With populations increasingly connected across the globe and our 24/7 state of information overload, consumer trends are more dynamic than ever.
Take a look at the challenges of marketing to Millenials, for example. Even if your target market doesn’t include Millenials specifically, their buying habits are shaping the consumer landscape in important ways. And if they’re not your target market yet, they should be on your radar anyway: their annual spending power is in the trillions.
A professional marketing research firm can help you narrow, define, and survey your target market to keep ahead of changing trends. At Voccii®, we have a dedicated panel of research participants to keep our finger on the pulse of today’s market.
Myth #2: We can do it ourselves
You might be among the many business owners who believe they can conduct research themselves. Some feel that client satisfaction surveys, polls on company social media, or focus groups conducted by employees will suffice.
While you can gain some insights through DIY research methods, there are several factors to be aware of. In-house research is often plagued with inherent bias, poorly designed surveys, or unrepresentative samples of target customers.
Research bias is a major problem when companies opt for the DIY route. Consumers, employees, and vendors often hesitate to give direct negative feedback. People tend to give answers they believe are “expected” rather than fully honest.
We often see unintentional biases in company-designed surveys. Leading questions, confirmation bias, and cultural bias are some of the most common mistakes we see. Poorly designed research studies generate inaccurate data. You’ll save time and money by outsourcing your research to professionals.
Myth #3: It’s too expensive
Wouldn’t you like to know which new packaging works better for your customers before sinking money into production? If you could predict how your market will react to a new product, how much would it be worth to you?
Expense is a common market research myth. However, well-conducted market research will actually save you money in the long run. Insights gained will help you predict buying habits, anticipate customer needs, and avoid costly mistakes.
To get the most out of your investment, work with a market research firm that offers individualized services. At Voccii®, every project is customized to ensure you’ll get the most relevant data for your business’ needs.
Myth #4 There’s enough data available for free
It’s true, you can find many valuable resources online. Government agencies, industry leaders and trade organizations all offer free reports and analyses. The problem with relying on these sources alone is that they aren’t personalized, and your competitors have access to the same information.
It’s great to include big-picture research when you gather data, but truly effective market research includes a robust mix of information, including:
A professional market research firm will help you strategically identify the data you need to be successful.
Myth #5 We already have sufficient data
Data is important–but without analysis, it means nothing. When you work with a qualified research partner such as a market research firm, you can be sure you get important insights about what to actually do with your data.
Every business is unique – let’s talk about how market research can help you better serve your customers.
