Myths about market research that are still believed as facts

                         

      3 Common Myths of Market Research

Whether you are launching a new product or service or managing an existing brand, getting to commercial success can seem intimidating. At times you should answer before you can proceed.

If done appropriately, Market research can play a vital part in helping you anticipate- the new business or brand ideas that will fly in the marketplace.

Now-a-days fast-paced world, industries at times diminishes or skips the all-important research phase, and move directly to testing or validation.

Everything very often this result in taking lot of time spending what’s broken later on and more dollars spent on an imperfect or incomplete idea. Due to this, some of the most widespread market research myths need to be debunked.

Following are the myths, which may dramatically impact how your industry views market research.

Myth 1: Market Research is heavy on pocket

This is being heard every time. The main point here is not too much about the cost because it is about risk.

• Due to an insights manager, you have a choice to make up front- invest money now or invest more money later.
• Keep in mind that market research reports can be customized to fit any budget, as of very small to the rarely kind.
• Think the cost of the research in light of the value in up front confidence of decision making, appropriate concept testing and refinement, and concepts or products that have been improved to be ready.
• Your research partner must be able to work with you to get the information you need at a price point you can afford.

Myth 2: A Research could never understand the complex business

The fact is the analysts/researcher doesn’t need to know the detailed business complexities.  They must understand research.

• A good research partner needs to be well versed in the different types of research available to get you the answers you need.
• Indeed it helps if they know a little bit regarding your business. You need to give them in-detailed information about your business, your market, your consumer, and your research goals.
• It can be useful if they know your industry’s technical language at some level, however their research expertise is much more valuable to you.
• In spite of the industry, a good researcher can design a study, which will deliver against your objectives.
• Regularly, their experience in other categories will give you much needed fresh perspective on the challenges you face.

Myth 3: You can do your own Research

1. Receiving a half-truth from your consumer will not assist you get the actual answers you require.
2. There are surely things you can learn regarding your brand and by interviewing your friends and other internal networks.
3. Studies are highly skilled in organizing their studies of research so that there is as little bias in the data as possible.