There are some myths that should be debunked as quickly as possible, because they trigger negative consequences. On the business landscape, among the most costly and consequential of all myths are those related to market research.
Below, we debunk 4 market research myths that could cost you customers and profits – and may already be doing both of these on a daily basis:
Market Research Myth #1: “We are too small for market research.”
The notion that only big multinational enterprises like Google and Apple need market research is categorically false. Market research is not an option, like (in the case of Google and Apple) putting ping pong and foosball tables in the staff lounge. Market research is the essential, critical lens through which a business views its marketplace – which includes customers and competitors.
The irony is that small and mid-sized business arguably need market research even more than large companies, because they typically cannot compete on price. They need to target other areas that resonate with customers and maximize lifetime value. Market research – and only market research -- supplies this insight.
Market Research Myth #2: “There is no ROI with market research.”
Perhaps the simplest way to debunk this persistent myth is with an analogy. Think of a fitness club. Some people start a membership and, within a couple of months or even weeks, they are on the path to better health. These folks are certainly getting ROI from their membership, and their only regret is that they did not start sooner.
Then there are other people who have the same membership to the same fitness club. Except this group does not have the expert guidance or support they need to succeed. So in this case, the opportunity is there, but the results are not. Yet it is not because of the membership itself.
In the same light, market research can and does deliver ROI – and the proof is not hard to find. Market research has been leveraged for centuries, and businesses that know how to get and use it swear by it (and cannot comprehend why their competitors do not use it – although they are not complaining!). It simply takes getting the right expert guide and support. That makes ALL the difference.
Market Research Myth #3: “We are already using an online survey software for market research in-house.”
Using DIY survey builders for market research is usually a mistake.
This is not because there is something inherently wrong or flawed with form builders. In fact, a professional researcher who feels that managing the research process is a meaningful use of their time and understands how to design research that can be done effectively with them can succeed.
Yet for legitimate market research – which is the only kind that you can use to increase customers and profits – all the conditions in the statement above are not usually met. They were never designed to do the of heavy lifting. To learn more, read our article.
Market Research Myth #4: “Market research takes several months to do – we don’t have the time.”
As noted by B2BMarketing.net, the days of the lengthy survey timeline are long gone. Thanks to new technologies and data sources, generating actionable insights is surprisingly fast, and improvements to everything from marketing campaigns to customer service can take root within weeks of launching a research project.
Learn More – and Avoid Risks
At Communications For Research, we work closely with our clients to understand the obstacles they face and the opportunities they want to exploit. We then take full ownership and responsibility of their market research program.
To learn more, contact us today and let’s talk about your research opportunities! We will seek to provide responsive, accurate, and concise feedback on a quality market research plan to achieve your goals.
