“What man perceives is different from what he receives.” When it comes to Market Research we perceive the myth that buzz around us. But the reality is totally different and once you dig the reality, the myth goes off.
There are so many different perceptions regarding Market Research which contradicts with the reality. Let me point out some of those:
1. Market Research is Too Costly: The question here is not so much about cost as it is about risk. We have a choice to invest the money now or invest even more money later. Because once planning failed, while launching a new product or entering into a new market, it will going to cost even more to rectify it.
It is rightly said that “Precaution is better than cure”. So better take preventive measure, and market research can do it for you. And that’s the Reality. Market Research saves your money by educating you about valuable market insight which protects your company against losses.
For, those who perceive Market research is expensive, I would like to say that in reality it’s a Value Investment where you will be benefited in Long run because business never die, it may be ill, so take care of it.
2. A Researcher Could Never Understand My Complex Business: This perception regarding market researcher doesn’t make much sense because they don’t have to understand the detailed complexities of your business; they just need to be well-versed in the different types of research available to get the answers you need.
In reality, decent research firms do invest their time and resources to understand client’s organizations and the industries in which they operate. Their research expertise is much more valuable than to understand client’s organizations in depth. Regardless of the industry, a good researcher can design a study that will deliver against your objectives. Often, their experience in other categories will give you a much needed fresh perspective on the challenges you face.
So, those who perceive Market researcher will not understand their Complex Business, I will say “They are the experts and their experience in different industries is an add on, to nail your objectives”. And that’s the reality!
3. We Can Do Our Own Research: Yes! One can do their own research. You can carry out the research by interviewing your friends and internal networks about your brand, or going on your Social page and asking fans what they think. But all these sample units fall under convenience sampling and most of the time it is seen that the research output is biased.
Sometimes, when companies are working on a challenging problem or divisive project such as socioeconomic and political change. It can be hard for a firm to make decisions or take the necessary actions without getting wrapped up in emotions or politics. So, perceiving to do your own research will give you the findings, which is influenced. And any business decision taken based on it will incur a cost to the company.
A good market researcher, in reality, presents themselves as an impartial third party, inviting consumers to tell the truth without feeling like they are talking directly to the brand. Getting a half-truth from your customer will not help get the real answers you need. Researchers are highly skilled in structuring their research studies to minimize bias in the data.
So, those who perceive to do their own research, don’t go for it unless you have unbiased expert people. In reality, market research can give you the important information without any bias.
4. Collecting Bags of data is sufficient in market research: It’s easy in today’s world to gather data because we are living in a digitized era where most of us have a digital phone, every purchase is scanned and opinions are posted and tweeted on social media. So one can gather lots of consumer data. In fact, if there is so much data it is hard to decipher the valuable from the invaluable. And if one failed to transform this data into information, it will merely be a scrap, which yield no result.
Data is only valuable if there is insight behind it to help you find the right direction. A good research partner will not only help you access and collect important consumer data, but will also dig deep to discover prescriptive insights that can positively shape your brand.
So, if you perceive that Collecting Bags of data is sufficient to answer the research objectives then you are wrong.
In reality, it is the market researcher who can analyse those data and dig out some meaningful information for you.
5. Investing in Market research during recession is just a waste of money: It is the right thing to do, to cut down the cost during recession. In times of caution, businesses need to take a closer look at their structures & processes, and shape out the profitability and not so profitable areas where they’re spending money.
But when it comes to market research, the costs should actually be increased rather than being decreased during such phases of recession. The key for the entrepreneurs to face recession successfully, is to stay up-to-date with the ever evolving market prospects and market research can do it for you.
Investing money into research, by interviewing people for surveys and focus groups, will go straight back into the business. The feedback and subsequent research will help companies glean important information and then they know how to approach the market during these difficult times.
So, those who perceive that “Investing in Market research during recession is just a waste of money” are actually not right. Because in reality, during recession, it is the market research who can provide you the valuable information regarding consumer demand & their trend and help you to build brand or to retain it.
As you can see from above, perception makes us deceptive. So, let focus on the reality of market research and make the right choice.