Market research is the process of gathering and analyzing data to gain a deeper understanding of the market, customers, and competitors. It helps businesses make informed decisions about how to best reach their target audience. 

Despite the benefits of market research, there are still some myths about it that need to be debunked. For example, many people think that market research is too expensive or time consuming. But, with the right tools and resources, it can be affordable and quick to conduct effective market research. 

Read on to bust these nine myths about market research:

Market Research Myth #1: Market research is not necessary 

Market research is often seen as a tedious task, but it’s necessary for any business to understand their customers and the competitive landscape. Without market research, businesses can fall into the dangerous trap of believing they already know their customers better than anyone else. But, with constantly changing customer demands, this leaves the business with a deadly blind spot.

By conducting market research, businesses can gain valuable insights into their target audience. This will then help them make informed decisions about their product or service. It’s essential for any business to understand the changing needs of their customers before they launch a new product or service. This way, they can ensure that they are meeting customer needs and staying ahead of the competition. ^[1]

Market Research Myth #2: Anyone can do their own market research 

Market research is not as easy as it looks. It requires a lot of expertise and knowledge to get the right insights. Many people think that they can do their own market research, but this is hardly the case. You may have the know-how to be successful in your chosen career but market research is another beast.

Doing your own market research can be a huge time-suck and it can lead to inaccurate results. It’s not just about collecting data – it’s about interpreting it correctly and understanding how it applies to your business. That’s why professional market researchers are so important. They have the experience, skills, and tools necessary to get you the insights you need.

Market Research Myth #3: Market research is too expensive

 Market research is often seen as an expensive and time-consuming process. But the truth is, it can be extremely beneficial for businesses of all sizes. Market research can help you make better decisions about your products, services, customers and competitors. It can also help you identify new opportunities and uncover hidden risks. So if you’re looking to maximize your return on investment (ROI), investing in market research is definitely worth the cost!

Market Research Myth #4: Market research takes up too much time 

Market research is often seen as a time-consuming process, but it doesn’t have to be. This is where having a professional market researcher comes in handy. With the right tools and techniques, you can get the information you need quickly and efficiently. 

This is where having a professional market researcher comes in handy. The researcher will have the knowledge and skills to assess your company constraints and available tools/resources. They will then create a plan that will give you insightful results within the necessary time-frame. ^[2]

Market Research Myth #5: Focus groups are always the best method 

Market research is an invaluable tool for businesses, but it’s important to remember that not all methods are created equal. A popular way of collecting data is through focus groups. But they may not always be the best choice for market research. 

Focus groups are often costly and don’t always provide the best answers to different research needs. Because of this cost, the number of participants within the focus groups is often limited. This can cause directionality in the research. ^[3]

Market Research Myth #6: You only need quantitative research OR qualitative research 

Market research is an essential part of any business, but there’s a common misconception that it is only about numbers. While quantitative market research gives us hard facts and figures, qualitative market research helps us to understand the why behind those numbers. 

It’s important to have both quantitative and qualitative research to get a complete picture of the market. With quantitative data, we can identify trends and patterns in consumer behavior. And with qualitative data, we can gain insights into consumer attitudes and motivations. 

By combining both types of market research, businesses can gain valuable insights into their customers’ needs and preferences. This will allow them to make smarter decisions about product development, marketing strategies, and more.

Market Research Myth #7: Surveys are all you need to conduct market research

 Surveys are a great way to get direct feedback from your customers, but they aren’t the only way to do market research. Surveys can be time-consuming and expensive, and they don’t always give you the full picture. To truly understand your market, you need to look beyond surveys and explore other methods. These methods include interviews, focus groups, and analytics. 

Don’t fall for the myth that surveys are the only way to do market research. With so many tools available today, there’s no excuse not to go beyond surveys. Especially when you will get a more comprehensive understanding of your customers and their needs.

Market Research Myth #8: Bigger Samples are Better 

The old adage “the bigger the sample size, the better” is not always true when it comes to market research. Sure, having a larger sample size can give you more accurate data, but it can also be expensive and time-consuming.

 So why should you avoid collecting too much data? Well, for starters, it can lead to analysis paralysis – you can get stuck in a loop of endless analysis without ever taking any action. Plus, if your sample size is too large, it may not be representative of the target audience and could lead to inaccurate results. 

When conducting market research, bigger isn’t always better. Instead, focus on getting the right amount of data that will help you make informed decisions.

Market Research Myth #9: Researching Once is Enough 

Market research is often seen as a one-time event, but in reality, it should be an ongoing process. Just like the markets are constantly changing, so should your market research. It’s important to stay informed and up-to-date on the latest trends and consumer behavior. This will help your business stay competitive. 

Unfortunately, there are a lot of myths surrounding market research that can lead companies astray. It’s important to understand why market research should be an ongoing process. This will help to make sure you’re getting the most out of your market research efforts.

Sources

[1] https://www.questionpro.com/blog/ten-market-research-myths-that-harm-your-brand/amp/

[2]https://www.researchbydesign.co.uk/showcase/blog/the-5-most-common-myths-of-market-research/

[3] https://provokeinsights.com/3-common-misconceptions-about-market-research/