The 5 Most Frequent Mistakes in Market Research
As a firm conducting market research that guides strategy and tactics, we often see research with underlying issues. In this port I’ve broken them down into five elements: poorly defined research objectives, sample bias, poor research design, inadequate data collection methods and failure to effectively analyse data. Here’s a bit more on each:
Poorly defined research objectives: Market research studies should have clear and specific objectives that outline what information is needed, why it is important, and how it will be used. If the objectives are vague or poorly defined, the study may not yield actionable insights.
Bias in sample selection: The sample used in market research studies should be representative of the target population. If the sample is biased or not representative, the results may be inaccurate or misleading. Common biases include selection bias, response bias, and confirmation bias.
Poor research design: A well-designed research study should take into account the research objectives, sample selection, and data collection methods. Poor research design can result in unreliable or invalid data, leading to inaccurate insights.
Inadequate data collection methods: The data collection methods used in market research studies should be appropriate for the research objectives and target population. Common data collection methods include surveys, focus groups, and interviews. If the methods are not appropriate or poorly executed, the data collected may not be reliable or valid.
Failure to analyze data effectively: Market research studies should analyze the data collected using appropriate statistical techniques and data analysis tools. If the analysis is not performed correctly or thoroughly, the insights generated may be incomplete or inaccurate.
If you are working with researchers or reviewing a report of findings, keep these elements in mind when determining the validity of the findings and conclusions.