REVEALED: The common mistakes ALL businesses make by taking market research into their own hands
Market research is an area that most businesses neglect. FACT.
For the few businesses that do their own (usually in a hap-hazard, half-arsed kind of way) they may end up with inconclusive data or worse – results that reflect the need of the few, not the need of the many.
We have seen many businesses base their entire marketing strategy (and a hefty budget along with it) on what they THINK they know about their consumers.
The results? Well, let’s just say that money may as well have been used as kindling on a fire on a cold winter’s day, at least then it would have been spent on something more useful!
Understanding your customers is the most important thing when it comes to any marketing strategy. You need an intimate understanding of who they are, how they think and where to find them.
You need to understand their wants, needs and desires – so that when you are looking towards your marketing plan, you can adapt your strategy directly to them.
You may think you know your customers, but can you really say that with complete and utter surety?
Common Market Research Mistakes
Only using secondary research. By relying on the published work of others, doesn't give you the full picture. It can be a great place to start, but the information you get from secondary research can be outdated or geographically inaccurate. You could be missing out on a lot of other factors relevant to your business.
Only using web resources. When you use common search engines such as Google, to gather information, you get only data that is available to everyone, and it may not be fully accurate.
Surveying only the people you know. This is where most people start and stop their research activities. Small-business owners will interview only family members and close colleagues when conducting research, but friends and family are often not the best survey subjects. To get the most useful, real and accurate information, you need to talk to real customers about their needs, wants and expectations.
For more information and advice on market research, or if you’d like us to conduct a market research survey or focus group on your behalf, then contact us today.