4 Common Market Research Myths
Commercial success seems to be the most daunting task when you decide to launch a new product or service or even if you are managing an existing brand. Sometimes you can’t budge if you do not have answers to some specific questions. That’s where market research comes into the picture.
When done correctly, marketing research can play a vital role in predicting which of your new brand or business ideas will jolt the marketplace. Considering the prominent role market research plays in making or breaking a business, it becomes important to debunk all the myths surrounding the marketing research.
Myth 1: Market Research is Too Expensive
Will it not be wise to know if the product you are launching will do well in the market or not? An insight manager knows very well, invest the money now or invest more money later on. Also if you are on a budget, marketing research can be tailored to fit the money you want to invest.
Myth 2: A Researcher Could Never Understand My Complex Business
Another fallacious argument that can keep you away reaping the benefits of marketing research is that a researcher should be well-versed with the complexities of your business. Instead, they just need to know the different types of research available to get the answers you need.
Myth 3: We Know Our Customers – Research Would Just Tell Us What We Already Know
You, in fact, keep yourself in dark if you think you know your customers. Do you know the motivations that drive customers to purchase a specific product and decline another? You gain deeper insights into your target customer when you hire a good researcher. The way customers interact with products, media, technologies and even their belief system keeps changing.
Myth 4: We can do our own research
While interacting with your internal networks and friends, you can learn certain things about your brand. You may also go to your Facebook Page and ask for their opinions. But researchers term it “convenience sampling” and limits are attached to it. Actually, your own research work gets you the half-baked truth.
Most of the marketers deem these “4 Common Market Research Myths” to be true which bars them availing the genuine benefits of marketing research.