Market research is a necessary component of any successful business venture; it helps you figure out who your customers are, what they want, and whether or not you’re currently meeting their needs. It will help you see where you currently stand in terms of the aims of your business, while working out what you could do better.
When you go about your market research in the wrong way, you can steer your business in the wrong direction, wasting both time and money. We’ve pinpointed some of the biggest mistakes that are commonly made in market research so that you can avoid them and get your business off to a great start.
1) Making your market too small
When it comes to small businesses, an easy mistake to make is to survey only a small group in your market research, or to stick to people you know. Family members and friends don’t make for very accurate research subjects, as their expectations of you will be very different from a real customer. Try and make your research group as broad as possible to get a really accurate reading of how your market feels.
2) Skipping primary research
Primary research is the data and information that you gather yourself from your own customers and sales figures, rather than the secondary data published by other sources. While it may be tempting to jump straight to secondary research, you’ll end up with an inaccurate set of data that doesn’t necessarily reflect your market or personal business needs. Make the time to conduct your own primary market research so that you know what will work best for your own business, not someone else’s.
3) Relying on the web
While the internet can be a great resource (you did find this article online, after all), it can also be highly unreliable. You can never be sure how accurate a statistic or supposed fact online truly is, and you may also miss out on information that will be more relevant to you. Do some research locally so that you can get as specific as possible, and your data will be more accurate as a result.