Every entrepreneur needs a guide to steer his or her business. That is the purpose of writing a business plan and market research. It gives a person a perspective on what to expect in establishing a business. Moreover, conducting these researches helps you to set goals and perform decision-making processes with lesser chances of failure. Indeed, there is nothing easy about starting a business, especially for beginners. As an entrepreneur, you need to have every single detail you can grasp to guide you in competing with the intense market competition. And, one way to get a hold of important current market reports is through market research.
Here are the top five market research mistakes that you must learn to avoid.
Resorting to Secondary Research
There are two classifications of researching. The primary type of research means you are gaining information first hand. Therefore, you do surveys and look for respondents to identify the current market situation and where your business stands. On the other hand, secondary researching refers to doing a study by using references alone. Thus, you would be relying on printed materials to get data. For businesses, it is best to do a primary research than the other. Using primary research will help you to get the latest and accurate data you need. In addition, it supports you to be closer to your customers since you are gathering information from your target consumers.
No Fixed Topic
In conducting any type of research, you need to have a concise and specific topic. Doing a market research with no fixed point or having a particular topic in mind is just a waste of money. Furthermore, you will never grasp the exact details you require for your business. In short, researching with a vague and too broad topic is practically useless.
Wrong Selection of Respondents
In a market research, your respondents should be the same circle of your market segment. Retrieving information from a different group of individuals means you are scouring for wrong answers that will do no good to your research. Hence, before you do your research, always take in mind who is going to be your respondent. Identify what specific age group, gender, occupation and others qualifications you want your respondents to have.
Limited Circle of Focus Group
Your family members, relatives, and friends should not be involved in your focus group. The chances are you will be earning biased responses only to help you gain positive answers. It is preferable that your focus group should be composed of individuals who have no relations.
Selecting Unreliable Online Surveys
One of the fastest ways to gather data is through online surveys. Nowadays, you can hire sites that can perform your surveys for you. Take a look and learn about taking surveys online at Survey Cool.com. Now, if you are planning to hire one of them, make sure that you are dealing with a legit and reliable site. For example, read ebates review to let you know more about this online survey site. A successful market research depends on how you do it. Get some assistance at Survey Cool for guidance in selecting the leading online survey sites.