Unfortunately, it can happen to every marketer. You plan you do your research, you launch the service, and your campaign crashes. What could you have missed? What did you do wrong? The first thing you should do is step back and analyze the situation. Maybe your market research wasn’t good enough. Lack of in-depth research could be the main reason most campaigns fail. When it comes to properly conduct market research, here are 5 common market research mistakes businesses make and tips for avoiding them:
Mistake 1: Doing no market research at all
Companies that are failing to do any market research are increasing the chances that their business will collapse. Without doing research how can you know who your customers are or what they want? Will you know what the potential market is for the service you are about to launch? Before taking your business to the next level, do your research and avoid spending valuable time and money on the wrong target market.
Getting the help of the right professionals is essential. Market research services understand all of the ins and outs of conducting research. Moreover, they can help you find the proper approach to your research. If you want to get the most out of your invested money, find skilled experts that will help you satisfy your research objectives.
Mistake 2: Not knowing what you are looking for
Another big mistake is being unclear about what you are trying to find out with the research or, asking questions in the wrong way and getting the wrong information. You should know what info you need before you start. Prepare questions like “What are the specific needs of my customers?” or “How much would my customers be willing to pay for this product?”
There are a number of methodologies that can be used when conducting this kind of research. For example, if you decided to do it by yourself, start with some qualitative interviews with a small group to help guide you towards the right questions. Cutting costs by using small samples or just asking a couple of friends is a classic mistake. When it comes to business-critical decisions don’t rely on just the feedback from your family and friends. Instead, use a broad cross-section of respondents that aren’t just going to tell you what you want to hear.
Most companies choose to get information from a reputable source. As a result, find a company that has established connections with trusted information sources.
Mistake 3: Believing the market will always remain the same
A market can never be stable! It always changes. Carrying out market research once and forgetting to take a second look at how things have changed can cost your business. For this reason, make sure to test your position on the market using follow-up surveys to get feedback that you can use for your new marketing campaign.
Further, one of the most important aspects here is to research the price expectations of customers regularly. Maybe something changed in the way how high prospects will go to purchase a product or service like yours. Even your target group can change over time. Before you find yourself reaching out to the wrong group, check if they are still the same. Often companies make the mistake of gathering random data that doesn’t apply to their business needs so their marketing efforts become useless.
Mistake 4: Neglecting the competition
Companies can easily fail if they don’t understand how other companies on the market are differentiating themselves. As a result, you need to be familiar with how other brands distinguish their offerings both in marketing and production.
Therefore, get as much information about your competition as you can. The more you know about how they are conducting business, their brand value, their prices, and their strengths/weaknesses, the more effective it will be for you to establish your competitive edge.
Mistake 5: Wrong interpretation of market reports
It should be noted that interpreting statistics incorrectly and failing to see the whole picture will distort your research. In this case, make sure you have the appropriate skill set to look at raw data before you start analyzing it. Also, analyzing information too optimistically can lead to misconceptions. No matter how much you hope something to be true, let the numbers speak for themselves. Using an external market research agency will provide your company with an unbiased view when interpreting the results.
Worse than not doing market research at all is spending money on it and not utilizing the results. Sadly, some company owners also toss good research aside because it didn’t support the answers they hoped to see.
What to do?
To clarify, if you want help in navigating and avoiding these market research mistakes, it pays to engage with a research company with years of industry knowledge and experience. Getting the right answers to your important business questions is essential when taking the next step to sustained business growth.
BizzBee Solutions is full-service B2B market research with 3 years of cross-sector experience. We have helped more than 200 companies to gain a better understanding of their current and potential customers so that they can better engage with them. We are pleased to offer an initial no obligation consultation about your market research requirements.
Also, if you are interested to learn more about Market Research, you can download our FREE e-book below.
In summary, forget about shortcuts when it comes to quality SaaS market research. This research is an essential piece of every business strategy. Next, knowing everything possible about the market you plan to position it is the only way to enter the targeted market and stay relevant there. It is like baking a cake, a successful company completely depends on the successful merging of all the ingredients used.
Last, but not least, navigating the inherent difficulties in market research is a challenge for a person to handle. Knowing what works and what doesn’t in the SaaS market isn’t that easy to find. Reach for the help with quality market research experts to ensure that you don’t make the mistakes that will lead you down the path to failure.
Danco is a serial entrepreneur, founder and CEO of BizzBee Solutions, proud father of a 3-year-old and a burger enthusiast. He is inspired by growth and goes above and beyond to make it possible – whether it comes to his 300+ clients or his people. Eager to learn more? Follow Danco on LinkedIn and Facebook.