Marketing research provides immense benefits to businesses. Among these benefits, marketing research helps companies determine whether a viable market exists for their product; assess their competitive position; price their product correctly; measure and improve their customers’ satisfaction; and identify the right message to communicate to customers.
But those benefits accrue if and only if marketing research is done right. Many times, companies make errors in their market research processes, from beginning to end. These mistakes cost companies money, time, lost opportunites, and often produce results that are of little or no use.
Throughout my career, I have identified 10 very costly marketing research mistakes companies make. They include:
- Performing unnecessary marketing research;
- Failing to establish a clear purpose for performing marketing research;
- Performing research for the wrong reasons;
- Not designating an owner for the research effort;
- Choosing the wrong marketing research vendor;
- Scrimping on the research budget;
- Using the wrong data collection methods;
- Researching the wrong population;
- Asking the wrong questions; and
- Having no plan to act on the research findings.
These mistakes are among the most common and certainly among the most costly. To learn about these mistakes in detail and strategies for preventing them, you can download Analysights’ FREE report, 10 Costly Marketing Research Mistakes (and How to Avoid Making Them) from our web site.
While at the Analysights web site, click on the Insight Central tab and register to receive free reports that will help kick your marketing into high gear.