Brand Building: 10 Market Research Blunders to Avoid

Establishing a brand in the market requires thorough research. It seems like everyone believes they can be a market researcher, whether they have formal training or not. While enthusiasm is important, some training is essential! At Aarna Digital, we believe that the core attributes of a successful researcher include curiosity, an interest in people, and a reflective mindset. Beyond this, the necessary skills can be learned through a combination of formal education and hands-on experience.

As more people opt to conduct their research, proper training is often overlooked. To help, our team at Aarna Digital, a leading digital marketing agency in Boston, has compiled the top 10 most common mistakes to avoid in market research. Let’s dive in.

1. Not Conducting Any Market Research

Can you launch a new product or service without knowing who your customers are and what they need? Not! Market research is crucial for determining whether a new product or service will be accepted by your target audience. One of the main reasons new products fail is the lack of research on target markets and their needs. So, before you plan your groundbreaking launch, do your research!

2. Poor Sampling

Asking the wrong people to answer your questions can lead to flawed analysis. While a bad question is obvious, poor sampling is not as immediately apparent. This is a critical mistake to avoid. Always define your sample from the beginning. Identify who you want to speak to and why. Set clear criteria that determine who is included in your audience. Decide if your audience needs to be divided into sub-groups for further analysis or comparison. Clarity about your sample’s quality is essential.

3. Not Knowing Your Research Objective

“What are my customer’s needs?”, “How much will they pay for my product?”, or “How do I measure this research?” Not knowing exactly what information your research should provide is a common mistake. Whether your goal is to understand the price point or acceptance of your product, be clear about your primary objective to achieve the desired results.

4. Ambiguous Questions

If your question is not precise, suggests bias, or has an unclear meaning, your analysis will be open to interpretation, leading to potentially resisted findings within your organization. The worst-case scenario is that this data is used to make incorrect decisions. Ambiguity often lies in the answer options. It’s easy to create answers from your own perspective but miss vital ones that participants might consider. This creates ambiguity in your analysis and skews the results. Ensure your answer options are clear and distinct to avoid overlap and confusion.

5. Not Knowing Your Competition

Even if your product is unique, similar products likely exist and are successful in the market. Not researching your competitors’ products, why they stand out, and their pricing is a classic error. To gain an edge over your competitors, you need to know everything about how they conduct their business and adjust your market research accordingly.

6. Poor Participant Communication

This issue is closely tied to low response rates. Communication is an art that often doesn’t get enough attention. Researchers focus on crafting questions and analysis, but success often depends on how instructions and information are communicated to participants. Marketers analyze response rates more than researchers, but elements like the subject line of an email, clear calls to action, and clear incentives for participation all improve response rates. Ensure your invitations and reminders clearly state what you want someone to do and why they should participate. Write in a friendly and relatable manner—avoid being too formal. In qualitative exercises, tailor communication to individuals as much as possible and avoid automated reminders, which might alienate participants.

7. Not Using the Right Research Tools

Conducting a survey is something all marketers do, but a survey alone is not enough! Depending on your research goal, various market research tools can be utilized. Using the right tool for your research is essential to understand who your customers are and what they need from you. Learn about the Market Research Tools available to create a high-quality report.

8. Cutting Costs by Using Small Samples

We’ve all been guilty of projecting our research on friends and family, thinking it would be easier and faster to get the desired results. What we miss here are impartial opinions and honest answers. Skimping on incentives for people genuinely interested in your product/service and willing to dedicate their time to your research is a big mistake. A broader sample helps you get objective opinions and honest feedback, benefiting your research and business in the long run.

9. Limited Online Creativity

Your customers spend a lot of their lives online or on their mobile devices, yet researchers often lag in this field. If this is where customers are comfortable, we should engage them in this space, especially if we want to make research interesting, convenient, and engaging. Currently, much online research is limited to survey collection and structured question boards. There’s much more we can do online to make it engaging while gathering deeper insights. Avoid relying solely on question boards treated like surveys.

10. Incorrect Interpretation of Results

Data speaks louder than assumptions in market research, so trust the data you’ve gathered. Let it support your product/service rather than being overly optimistic. A professional market research agency can provide an objective report that benefits your company in multiple ways. Avoid vague reporting. Ensure all findings are backed by clear evidence. Make your points concisely and avoid vague language like ‘some’, ‘might’, and ‘could’. Specify who your findings relate to, what they mean, and what actions can be taken. Precision is essential for actionable insights. Don’t exaggerate your findings either. Generalizing customer segments or stereotyping behavior can lead to the vaguest reports. Don’t apply your findings broadly or make sweeping recommendations beyond your scope.

Conclusion

These tips and tricks will help you conduct your research with minimal risks. Quality has no shortcuts! Launching a new product or service is a significant step that requires a lot of effort, money, and time. One mistake can lead to failure. If you find it challenging to conduct research or have unanswered questions, our digital marketing agency in Newton can provide a better understanding of your market and customers. Reach out to Aarna Digital. Our research experts can show you how to create the best market research strategy for your business and establish your brand in the market.