Market Research. That’s for large commercial organisations with big marketing budgets and dedicated research teams, right? Wrong. That’s definitely the first market research myth that needs busting, along with other untruths which may be stopping you gathering the insight you really need.
Market Research Myth #1 – Market research is for large businesses with dedicated research teams
Whilst large organisations are likely to have the resources for a specialised market research team, there’s no reason why smaller businesses can’t also benefit from undertaking market research studies, whatever your size or your overall business objectives. By engaging a professional market research agency such as Actuate, you can tap into years of market research and marketing expertise – our market researchers have undertaken thousands of interviews, focus groups and questionnaires – and will be able to suggest a suitable and effective market research methodology to answer those burning questions or identify which questions you really should be asking.
Market Research Myth #2 – Market research is expensive
Linked to myth #1, this really doesn’t need to be the case. Some types of market research, such as talking to existing customers to get the low-down on what they truly think or setting up a feedback questionnaire for visitors to your website, could be relatively low cost but deliver invaluable market research insight.
Ask yourself: can you afford not to invest in market research to give you the confidence to adapt your offering based on real requirements, not just what you believe is needed?
Market Research Myth #3 – Market research is most valuable prior to launching a new product
Although essential prior to launching a new product or service, market research is equally valuable once that product is available to buy. For example, by using market research methods such as surveys, interviews or focus groups, Actuate’s market researchers can independently speak to your customers to gather reactions to your products and uncover ideas for future improvement. Alternatively, Actuate’s market research team can assess the suitability of your marketing efforts through marketing research such as concept testing of brands and logos, straplines and marketing messages.
Market Research Myth #4 – Questionnaire design is easy
Easy to get wrong! It’s so important to remove ambiguity when designing a market research questionnaire to be sure that the respondent understands how to answer to avoid inaccuracies when analysing the research project’s results. Getting the balance of questions can also be tricky – too few market research questions could be a wasted opportunity as the respondent is already engaged but, conversely, too many questions could lead to inaccurate answers due to the respondent switching off halfway through.
Remember to pilot test your market research questionnaire to identify question ambiguity and test the length of the questionnaire – all steps that can add real value to your market research study.
Quality over quantity rules here; Actuate’s market researchers will be able to guide you through designing an effective questionnaire.
Actuate Marketing based in Plymouth, Devon specialises in the link between market research, marketing planning and implementation, so contact us today for a non-obligatory chat to find out more about how market research can help you reach your business’s objectives.