I’m currently conducting market research for my business. What are some of...

I’m currently conducting market research for my business. What are some of the most common mistakes companies make when do this exercise?

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There are a number of different ways to conduct market research, including telephone or face-to-face interviews, surveys, questionnaires and focus groups, and before you embark on a market research campaign, choose which avenue suits you and your business. This will largely be determined by time and budget. Remember, you’ll still need to analyse the data after it’s been collected.

In terms of the most common mistakes businesses make, here are the top three:

Surveying only the people you know. Friends and family members do not make the best survey subjects. If you want useful and accurate information, you need to speak to real customers about their needs, wants and expectations.

Using only secondary research. You will never get the full picture if you only rely on the published work of others. This is a good place to start, but a lot of the information could be outdated or irrelevant to your business.

Using only web resources. Common search engines mean that the data is available to everyone, and it may not be fully accurate. Deeper searches equal better information, and a stronger understanding of the market, your customers and your competitors.

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