Market Research Myths Dispelled
Here we aim to set straight any misconceptions that often surrounding market research and its discipline.
Dispelling Market Research Myths
It is commonly known that the techniques used by teams of market researchers are all drawn from science and the study of behaviour. Market research programmes should always have these things:
- A number of objectives to the project
- A hypothesis to be proved or disproved
Market research comprises of the collection and analysis of data by fully qualified researchers who are able to see and predict patterns from the primary research of data collected. From these results specific conclusions can be drawn.
Market research is mostly an inexact science because a lot of the time it is a challenge to put any sort of procedures in place to make sure that the data is 100% reliable and accurate. When doing market research, either Quantitative Research or Qualitative Research a market research agency has to rely on very little because it is dependent on views, opinions, insights and knowledge of a select few who have been chosen, this means a lot of the time everyone’s views cannot be heard or collected.
Even if there was a possibility of everyone’s views being taken, market research has a job of piecing together information from the information to gain a true and accurate picture of those different insights on the topics in question.
The fact we can refer to market research as an inexact science should not put anyone of the method itself.
Market Research – Necessary or Not?
There are few success stories of companies who have relied on former success and expect it to get them through in the future. Success can be both temporary and relative. This is why using a market research company to look at the competitors on your field may well be extremely beneficial and reveals that more needs to be done. For example:
- Strong growth one year may not guarantee it will be the same in years to come.
- New threats in the market should always be looked at to keep your company fresh and ahead of the pack.
- Customers who are long-standing may not always be around and should not be seen as loyal because they could easily move on.
- Markets are becoming more competitive, now more than ever which is why employing a market research agency would benefit your company.