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How can market research stop businesses from making an expensive mistake?

Published: Aug 31st, 2017

How can market research stop businesses from making an expensive mistake?

Market research as the term itself suggests is a research into the latest trends, industry reports and analysis in order for businesses to arrive at a viable marketing strategy that can help them to make profit and also stop them from making any expensive mistake that could cause a loss.

One of the major mistake any business could make is to target the wrong group of customers or if they have no idea on the purchase habits of their targeted group. Marketing strategies of such companies are bound to fail. Hence, it is imperative that businesses take the time to do a thorough and valid market research before entering a market or launching a new product.

In the meanwhile, market research services will give a thorough and in-depth analysis of data by the way of comprehensive market analysis and business reports such as:

  • Market entry reports

  • Market size and segmentation reports

  • Market feasibility and trends

  • Product/ Brand research

  • Customer analysis/ consumer behaviour

  • Consumer purchase habits

  • Risk analysis

  • Industry reports

  • Competitor/ opportunity analysis and overview

  • Industry overview

  • Market research surveys

  • Data and survey analysis

  • Information and overview of key player in the industry

  • Product research including SKUs, Pricing, Technical Specifications, Design

Mistakes that should be avoided in market research to get best results

A relevant market research will help a business from making expensive mistakes, it would let you know if your service or product is marketable or in other words if you would be able to capitalize on it.

It would give an in depth analysis of your competitors’ performance and strategies, so that you can promote your business accordingly, thus helping it grow. However, market research service is also not free from errors. Here are some mistakes that you should avoid while doing market research, if you wish to make the most of it:

  • Going beyond the set budget:- If you are outsourcing to a market research service provider, look for those that offer value for money and quality services at cost effective rates. Do not go beyond the budget that you have set for it.

  • Being clueless as to the information to collect:- Do not do research in the hopes of finding out a random something about your customer, be well aware of what you need to find and how it would help your business. Ask targeted questions with that in mind.

  • Using irrelevant sources:- Everything out there on the net is not true as you think. At the same time, with the wide range of online and offline resources available to collect valid and accurate data from, you have to make sure to validate the authenticity of the source before basing your report on it.

  • Collecting incomplete information about competitors:- It is better to have a complete knowledge about the competitor’s performance and business strategies, so that it can gain you the competitive edge to lead. Incomplete or wrong data could lead you to make mistake in your business strategy, thus impeding business growth.

  • Targeting the wrong audience:- You need to know the demographics of your target audience correctly and should base your marketing strategies accordingly. However, if you get your target audience wrong, your marketing will definitely not work.

Key Takeaway: This would tell you the importance of a good and relevant market research services for your business growth and how avoiding these mistakes could help you leverage on it. At the same time, it also tells you how ignoring market research analysis and reports could be the biggest blunder for your business. Because you would then lack the relevant data required to create a successful marketing strategy.

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