When you are going to do any market research then you must have a clear objective in your mind of what you want to achieve out of your effort. Therefore, you must choose your target audience very carefully otherwise all your efforts will not result in any results that you had expected out of your exercise.
You can look for a dedicated panel provider with a site dedicated to B2B market research panels for online research. It indicates that there will be little scope for occurrence of mistakes.
The following are a few mistakes that you should be able to identify well in advance so that all your effort to create your market strategy may not go to waste.
- Not asking the right question
When you are surveying any product or service then it is very essential that your questions must be focused and relevant to your objective.
2. Asking a question to wrong people
While surveying it is important to consider your audience who are related to the product and are direct users rather than asking someone who is in no way connected with that product.
3. Not considering different sources
There should be both primary and also secondary sources of information while collecting the data. Just by doing a Google search, you may not get all information that you need.
4. Often you may have a bias
One great mistake during market research can be assuming that you know everything. You have to listen to what other people around you are telling. You need to be in an open frame of mind.
5. Not having a plan B
Often most of the business may commit a certain mistake while doing market research, and hence there must be an alternate approach as soon as the mistakes are identified.
6. Fail to learn more
While conducting market research one can come across many different approaches that one must try to adopt. Keeping a blind eye will not benefit you in any way and you will continue to repeat the same approach.
7. Poorly designed survey
Your survey questions must be intelligently designed so that it is possible to extract the hidden message that may not have been explicitly stated but should get revealed.
8. Not considering data privacy
It is important to protect the privacy of the data that you are going to obtain after making your effort of doing market research otherwise it is always liable to be misused.
9., Not considering the right sample size
The market survey can reveal the true state of the affair only if you have considered the proper size of the carefully selected sample. Often taking a too-small sample size the data interpretation can never lead to actual facts and may result in a wrong conclusion.
10. Not using proper methodology
While conducting any survey for market analysis, it is necessary to adopt a carefully developed methodology.
Your whole effort may do down the drain if you fail to avoid all the above blunders while doing your market research.