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Myths of Market Research

  • By admin
  • January 22, 2016
  • 27 Views

You might be managing an existing brand or launching a new product or service, but getting to commercial success is daunting. Sometimes you just need proper guidance before you can proceed. That’s where the right mix of market research is needed.

Correctly done market research can play a key role in the success story of your business. In today’s fast-paced world, companies skip all-important research phase and move straight to testing or validation. Because of this, Market Quotient’s researchers have debunked the most common market research myths, that may dramatically impact how your company views market research.

Myth 1: Market research is too expensive.

Most of the time it is wrongly perceived by small businesses that the cost of market research is deterrent. Market research is basically a significant upfront investment, it can actually save your money in the long run.

Myth 2: A Researcher Could Never Understand My Complex Business

It is not necessary for a researcher 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. You need to provide them with little information about your business, and with detailed information about your research goals.

Myth 3: Market research is too time-consuming.

Another reason why some businesses skip market research is the time factor. Conducting thorough market research may require adept decision-making and adequate customer service support, but it does not have to take an excessive amount of time. With right market research tools, you can find the information you need in a time-efficient manner.

Myth 4: We Can Do Our Own Research

You will accumulate limited information by simply interviewing your friends and internal networks about your brand, or going on your Facebook page and asking fans what they think.  Sound researcher will present themselves as an impartial third party. They will encourage the  consumers to tell the truth without feeling like they are talking directly to the brand.

Market Quotient hopes to empower clients with the tools they need to solve their toughest problems and achieve their goals for success. We are Top market research company satisfying global clients via our superior secondary market research outsourcing services at low cost.

To discover how our virtual business solutions can enhance your business, reach out to us at contact@marketquotient.com or dial +1 201.285.2024. Take advantage of our 10-hour no-commitment FREE trial