Ever launched a product or service without market research? Was the end result desirable or turned out to be a disaster?
Maybe we know the answer!
In simple words, it’s a marketing blunder that can cost you time and resources and may even turn out to be a catastrophe for your brand name. If you’re unwilling to devalue your brand name and rapport, keep reading!
To understand why market research is crucial it’s imperative to understand the pitfalls we make with marketing research.
- Zero market research: Feeling confident enough that your product/service will capture the eyes and will be off the shelves within a few days of launch without any market research is like digging a grave for your brand. Yes, it’s crucial for you to understand the market and whether a new product/service is vital. Failing to understand this leads to the failure of the product.
- Unclear research objectives: Okay, not all of us are procrastinators. Some of us take the vital step of market research but with vague research objectives you’ll end up beating your head against the wall. Thus, it is critical that the researcher be clear about the main objective if he wants to accomplish the desired results, whether it is to determine the product’s price or acceptance.
- Failing to understand your competitor: It’s needless to say that to stand out in today’s cut-throat competition, you need to stay ahead of your competitors. Failing to know the reasons why your competitor is doing well, what are their strategies, pricing, USPs, and so on will backfire on you. Taking a proactive approach to market research will help you gain an edge over your competitors. So, don’t miss this one!
- Having ambiguous questions: You may have listed a set of questions but if they don’t convey or are not easily comprehensible by your target audience, the result will be totally different than what you intend. It’s crucial for you to understand the objectives and frame questions accordingly. If required, don’t hesitate from taking professional help!
- Cutting costs and not using the right tools for research: We understand that you have to tick off the marketing goals within a tight budget but cutting costs on research may be costlier for your brand. Yes, considering your friends and family as the target audience and not investing in the right tools for market research will put your efforts back in the exact same place where you started at first.
All said, but there’s one more thing in the box. Interpretation of result. Rather than assuming, let the data and professionals do the work for your product to be labeled as ‘SOLD OUT’ when you launch!
With this, we’ll take your leave, but before that, keep watching the space to know why market research is important!