Market research is crucial but it comes with its own set of misconceptions and myths that ultimately lead to the failure of a business. Businesses may feel they did all that they could but there’s always a missing chord.
So, here are the myths regarding market research that you must stop believing.
Myth 1:There is no need for a marketing professional
While in-house research based on polls, reviews, etc can serve as a preliminary, they rarely give an objective view of the situation. In-house surveys are subject to bias, poor targeting, and may not be the accurate sample for the target group. Outsourcing market research to a professional helps in saving time, energy, and money.
Myth 2: We know the market in and out
Oh, the know-it-alls! The market is huge so making such claims is absurd. Market research requires you to keep an open mind and be willing to learn as you go. Even methods that have previously worked may not work again. One must be willing to learn and change with the demands of the market.
Myth 3: Data is available for free
That’s true. There is quality data available for free online. Then why waste money? Well, it’s because this data is not customized to answer your questions and identify the needs of your target audience. Moreover, the same data is also available to your competitors. Specific market research will help you locate and target your exact customer base.
Myth 4:Market research is too expensive
This is a common myth. While market research by a professional may seem expensive at the outset, it will help yield good results that will quickly recover the costs and result in profit. Market research helps earn better in the long run with the data gathered on consumer needs and wants.
Myth 5: Having data is enough
Data is not enough, interpretation of data is key. Marketing professionals are equipped with the knowledge to interpret data effectively, efficiently, and in less time.
We’ve tackled the myths for you. Now it’s your job to go and do what needs to be done to make your business grow.