Modern market research and its ancient myths
A myth, by definition, is a widely held, but false belief or idea, and market research, on the other hand, is a collection of authentic data gathered by companies to ensure a proper decision-making process with the help of proven facts. As ironic as it is, there are several myths about the market research industry as well.
The first and the most universal myth about market research is that these operations are expensive. While market research does require a handful of sums of money, it is the kind of expense that is better done sooner, than later. A lot of companies put their product out in the market without the proper knowledge of consumer behavior and reactions in regards to what their product offers. They do this on their own personal and unproven market knowledge and a lot more than often, this can result in product failures. Therefore, it is better to ensure the success of the product before investing huge amounts into it. The assurance delivered to you by market research and feasibility studies is one you can rely on and it helps boost your confidence during the decision-making process. Another fact that might help you rule out this myth is the scope for negotiation within different market researchers. Generally, these studies are tailored to fit all sorts of budgets from minimal to maximum, making it available to businesses of all sectors and sizes.
A good number of companies also believe that they can conduct market and feasibility studies using their own employees. It is no doubt possible to learn a thing or two by questioning your friends and internal contacts, or having your existing employees conducting surveys about the product in concern, but there is a limit to the accuracy of this process. Customers are more likely to express an honest opinion about a particular product to a third and impartial party, than they are to express it directly to the company. Highly-skilled market researchers strive to make their study outcomes as unbiased as possible, this way, you get the correct data and can hence, make a proper plan for the future and tackle the issues in the current workings of the company.
It is a common misconception that online respondents are less trustworthy. There is no denying the fact that it is very easy to impersonate someone or use a fake identity over the internet and it has happened many times before as we know it. However, following the gradual growth of the market research industry, researchers are now able to use proper and thorough screening methods to eliminate the chances of this happening. It is also arguable that people are more likely to be honest about their reviews when surveys are held online, rather than when they are asked face-to-face.
Many companies believe that market researches, while being greatly helpful, are not exactly essential. The statement isn’t wrong, there are many companies that do function and survive in the modern business environment without having held market researches. Nevertheless, even if the said research isn’t vital for survival, it is surely necessary for the growth of a business. The customer trends are constantly changing and so to keep up with these advancements, a proper research is needed. Whether it be electronics or the garments industry, the companies that seem to fare well than the others, are the ones that are able to keep up with these trends and are able to incorporate the new needs and wants of the consumers into their products. Your products need to be upgraded from time to time to fit these criteria and a market research helps you find out exactly what it is. Once you have figured out what your target audience expects from you, you can successfully add those features to your products so that your customers keep coming back to your company and do not choose a competitor’s product over yours. This way, you can increase brand loyalty, which leads to greater sales and profits.
All in all, it is no mystery that a business can’t grow without the ability of embracing the risk factor every now and then. Although, it is entirely possible to minimize these risks by the use of a market research. The business world is evolving, let us show you how.
Market research on the other hand, is a collection of authentic data gathered by companies to ensure a proper decision-making process with the help of proven facts. As ironic as it is, there are several myths about the market research industry as well.
The first and the most universal myth about market research, is that these operations are expensive. While market research does require a handful sum of money, it is the kind of expense that is better done sooner, than later. A lot of companies put their product out in the market without the proper knowledge of consumer behavior and reactions in regards to what their product offers. They do this on their own personal and unproven market knowledge and a lot more than often, this can result to product failures. Therefore, it is better to ensure the success of the product before investing huge amounts into it. The assurance delivered to you by market research and feasibility studies is one you can rely on and it helps boost your confidence during the decision-making process. Another fact that might help you rule out this myth, is the scope for negotiation within different market researchers. Generally, these studies are tailored to fit all sorts of budgets from minimal to maximum, making it available to businesses of all sectors and sizes.
A good number of companies also believe that they can conduct market and feasibility studies using their own employees. It is no doubt possible to learn a thing or two by questioning your friends and internal contacts, or having your existing employees conducting surveys about the product in concern, but there is a limit to the accuracy of this process. Customers are more likely to express an honest opinion about a particular product to a third and impartial party, than they are to express it directly to the company. Highly-skilled market researchers strive to make their study outcomes as unbiased as possible, this way, you get the correct data and can hence, make a proper plan for the future and tackle the issues in the current workings of the company.
It is a common misconception that online respondents are less trustworthy. There is no denying the fact that it is very easy to impersonate someone or use a fake identity over the internet and it has happened many times before as we know it. However, following the gradual growth of the market research industry, researchers are now able to use proper and thorough screening methods to eliminate the chances of this happening. It is also arguable that people are more likely to be honest about their reviews when surveys are held online, rather than when they are asked face-to-face.
Many companies believe that market researches, while being greatly helpful, are not exactly essential. The statement isn’t wrong, there are many companies that do function and survive in the modern business environment without having held market researches. Nevertheless, even if the said research isn’t vital for survival, it is surely necessary for the growth of a business. The customer trends are constantly changing and so to keep up with these advancements, a proper research is needed. Whether it be electronics or the garments industry, the companies that seem to fare well than the others, are the ones that are able to keep up with these trends and are able to incorporate the new needs and wants of the consumers into their products. Your products need to be upgraded from time to time to fit these criteria and a market research helps you find out exactly what it is. Once you have figured out what your target audience expects from you, you can successfully add those features to your products so that your customers keep coming back to your company and do not choose a competitor’s product over yours. This way, you can increase brand loyalty, which leads to greater sales and profits.
All in all, it is no mystery that a business can’t grow without the ability of embracing the risk factor every now and then. Although, it is entirely possible to minimize these risks by the use of a market research. The business world is evolving, let us show you how.