Gaining commercial success for any business be it an existing brand or launching a new product or service can seem like a daunting process. Sometimes you just need the perfect answers before you can start with it. That’s where the perfect mix of market research comes into place.
Market research, when it is done correctly can be a key player in helping you predict which of your brand ideas and business will progress in the market. Nowadays companies are so in a rush that they do not prefer to research beforehand and directly go for testing and validation from the market. This only leads to spending more funds with an idea that is incomplete or imperfect and is available in the market. This is also because of some of the myths that businesses believe for market research. Here we will try and bust those myths for you.
1. Market Research is Very Expensive
We hear about this from almost all the newbies. The question for this depends not so much on the cost but the risk of it. As a business owner, you will have to invest money now or invest more money later. How good is it if you can know how your product will perform before spending too much on it? Think about how hard it will be once you have launched the product but it has failed now. Your market shares have been slipping when all you should have done was to prevent them with market research. Remember that not all market research is expensive. It can be tailored according to your business budget from small to generous. You should have the proper market research tools and the right target audience prepared beforehand. Consider how much cost you will need and how many people you have to reach by your researching.
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2. We know our customers well
Do you actually know your customers? Do you truly know the motive of a customer behind buying your product? When you ask your target audience the right questions you will gain deeper insights into their motives. Deep dive research will tell you about the hidden reasons and desires of the customers while buying the product that will not be apparent while doing a simple survey. Moreover, markets are dynamic what is true today isn’t actually going to be true forever. Customers are always changing and how they interact with media, products technological changes can affect their decisions. It is actually not right to say that you have knowledge of your customers if you aren’t gaining feedback from them on a regular basis.
3. Online Research is not as Good as Traditional Research
The truth is that both are as important. We agree that sometimes talking to people face to face is important especially for older audiences. These people are not comfortable online so face to face research is the best. However, in this digital revolution has opened a whole new possibility for a business. You can research new markets with a smaller budget. You can access people all over the world for a single study and can talk to them at a precise moment you need. Online research is very vital in today’s business.
4. Gathering lots of data is enough
Nowadays where everyone has a digital phone with them every purchase and every opinion is posted and tweeted in social media, there is more than enough data available. This much data can cause a problem because it is hard to decipher the valuable ones from the invaluable ones. Data is only valuable when you target the relevant audience and go in the right direction. So it is not enough when you have lots of data it should be of use to the brand.
5. Market research only needs to happen once
This is one of the myths that arise during traditional times. Traditional market research would take up loads of time and efforts and energy of the brand. So the marketing departments would limit their use. However, as the rise of a market research tool that has now made the process a lot easier, it makes sense that it is a neverending process. Therefore there is no need to limit your use of market research it can be useful in making many new business decisions.
The market can go through enormous changes in a short span of time and therefore it is necessary for the brands to have a continuous research process to stay on top of the market. According to the study, research should be conducted every six months to accurately capture market opportunities and not miss out on any chances.
6. If your company is doing well, you don’t need to do market research
Once you become overconfident in being good and are in a comfortable position resting can be a dangerous way of being knocked down from your position.
All the success that you have now can be taken away from you in an instant and the best way to prevent them is to keep up to date with the market research trends. This will help your business to be aware of the potential risks and can take the opportunities before they are gone. You also need to always stay on top of the emerging markets and competitors.
Don’t just assume that as your customer has been with you for a long time they cannot move from you. You need to keep them happy and always keep them satisfied so that they be a loyal customer for lifelong.
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7. It’s a Choice Between Quantitative and Qualitative Research
Quantitative and Qualitative research complement each other. They are a powerful combination as one helps in prioritizing and screening ideas while the other answers the questions. You can run a survey which will help you prioritise a product and following which you can do a qualitative study that focuses on why consumers like those ideas. Qualitative research can be much deeper and know the consumer’s behaviours and intention deeply. It can let you know the difference between someone who likes your product and someone who buys it.
Now you know all these myths and how market research can be useful for every business and that too on an endless way. To make your process easier and valid you can use Howkya– market research tool. It gives to access to your target audience and the users are verified Linkedin people. You can get instant answers from experts from your interested field. Stay on top of the market trends with Howkya.