Have you ever got the feeling that market research is a muddle of data, ambiguous questions and misinformation? Feeling the above is normal, and dealing with this “jungle” can be intimidating. But fear not, entrepreneur! As with any adventurer, having a good map and knowing where people have lost their way can help you stay out of the weeds and garner some experience-rich takeaways that assist in guiding your business decisions.
Error # 1: Chartless Course – Unclear Research Objectives
Picture this: you’re in a jungle, no map, no clue where the hidden waterfalls are. Sure, you might find some cool bugs, but that’s not exactly efficient, right? Market research is similar.
Skip the analysis paralysis! Before data collection starts, figure out your “jungle quest.” Want to know your audience better? Test a new product idea? Find competitor weaknesses?
Knowing your research goal keeps things focused, helps you find the best tools (like the perfect jungle guide!), and gets you the info you actually need.
Mistake #2: Talking to Toucans When You Need Tigers – Researching the Wrong Group
For example, perhaps you are trying to find the ideal spot for your upscale sushi restaurant. Will a survey of people who exclusively eat hotdogs on Tuesdays offer the best results? It is of utmost importance that your studies are aimed at the real audiences for your business. To do this you’ll need to know the Ideal Customer Profile and get their input. Stop speaking to those that are not part of your tribe and locate who they are — then listen.
Misstep #3: The Echo Chamber Trap – Going With One Data Source
It would be like trying to navigate through the jungle and hearing only one side of the story. And that’s not very useful. To get a more holistic view, you may want to use a combination of both research methods. What you lose in numbers from your survey data can be complemented by the stories, feelings, and opinions gathered through focus groups or interviews. This multi-dimensional approach will help you get a richer view of your market.
In other words, think of being able to detect and recognize not just feather colors but also individual bird calls and behaviors in the rainforest. Quantitative data tells you how many birds are there in a certain region whereas qualitative data gives insights on their communication patterns and what draws them to that area.
Mistake #4: Misinterpreting the Melodies – Making Data Mistakes
Data can be like a beautiful bird singing a confusing song. It seems clear at first, but you might be misinterpreting its message. Don’t be a bird whisperer in denial!
Analyze your data carefully. Watch out for your own biases (especially if you’re super excited about your product!). Look for patterns that match your research goal, like searching for specific bird calls in the jungle. Double-check your findings and make sure they make sense in the bigger market picture.
Error #5 – Ignoring the Wise Old Tree – Not Considering Your Biases
We all exhibit biases, and those can easily creep in like a crafty chameleon hiding in the leaves. Either you are being too optimistic about your idea for a product or, maybe unintentionally, preferring certain types of people. Keep yourself in the back of your head as well, remember past experiences and how this also may sometimes change what you see in data.
As a good explorer recognizes the boundaries of his map, recognizing your bias leads to an objective examination of the market territory. Beaudin recommended: “I would say take your research questions and at least run them by someone else, if not combining every method with the next to sort of reduce your own bias.
Bonus Tips: Help Calculating the best market research journey
Patience: Much like navigating through a jungle, meaningful market research takes time. Take your time so as not to rush the procedure and get enough data to come up with a proper analysis.
Revised Your Research Questions and Design: As the market is changing so do your research questions and method change.
Research should be Ethical: Always make sure that the methods of research use or to speak of are genuinely ethical and will determine participants in a respectful manner.
Feeling like Indiana Jones in the business jungle? No worries! These tips and your newfound knowledge of market research pitfalls will turn you into a pro in no time.
Think of the business world as your own personal jungle expedition. With the right tools (like these tips!) and knowledge (like avoiding those pitfalls!), you can confidently navigate it and lead your company to success.
Need an extra hand mapping the terrain? Kadence UK is here for you! They offer a full range of market research services to help you unearth valuable insights and make the best decisions for your business.
