5 More Market Research Mistakes
As a follow on from our previous article, Top 5 Market Research Mistakes, we aim to provide you with a solid understanding of how you can improve your market research and make the most out of your spending. We’ve set up an easy list of 5 More Market Research Mistakes (And How to Avoid Them). This list will include things like Failure to Incentivise, Poorly Trained Moderators, Not Continuing to Perform Research, Poor Sample Sizing and not utilising an affordable market research transcription service.
First up to bat, we’ll tackle…
Failure to Incentivise (Appropriately)
Nobody likes to do anything intensive for free. We’d all like a little bit of something to reward us for our hard work and make us feel like we’re appreciated. This is the main reason behind market research incentives.
A small amount of money or item of value given to each of the respondents for taking part in a focus group, phone or face-to-face interview, an aftercare call or any other sort of individual based market research.
The problem arises when the incentive offered is too low. Respondents are much more likely to be vocal and helpful during any sort of market research if they feel they are being adequately rewarded for it.
Whether it’s a gift-card, cash, donation or anything else, make sure you’re offering your respondents something worthwhile for their time.
You might have to look in your other coin jar, too.
Poorly Trained Moderators
Whoa, guys, calm down. No offence intended, I’m sure you are the best moderator ever in the entire universe.
But your last-minute hire from LinkedIn who sent you a message begging for a job may not have all of the skills required to really allow an independent and productive discussion.
Make sure your moderators are properly trained and know how to deal with the kind of resistance sometimes faced by moderators. The amount of market research transcription jobs I’ve done where the moderator is not up to the job of handling the, ‘Grumpy old man,’ or the, ‘Very angry lady,’ is astonishing.
‘What do you mean it doesn’t come in blue?!’
Not Continuing Your Market Research
On a recent trip to GITEX Technology Week in Dubai I asked a lot of the exhibitors, ‘So, how much market research do you do?’ And you would be appalled at how many replied with some variant of, ‘The product is finished, we don’t do market research anymore.’
Unfortunately, a lot of businesses see market research as some kind of, ‘Start-up activity,’ and once you’re passed that stage you should stop. This is incorrect.
You should continue your market research throughout the entire lifecycle of your product or service because the general public’s needs and wants are changing at an ever increasing rate.
You need to always be at the height of your customer’s priority list and the only reason you can do that is to continue to research your market and improve your product.
GITEX Technology Week
Poor Sample Sizing
This one should have huge flashing lights and a siren going because this will absolutely nullify all of the money and effort you’ve put into doing market research.
If you’re not using a wide enough sample size or a sample size that is too wide, you’re going to have bad data.
You need to make sure your sample size is the right fit for your product and it’s reach. Find people in the countries that will utilise it most, find the right demographic and cast a wide net to make sure you’re getting people from either end of the spectrum within that demographic.
Don’t perform market research in the middle of a lake unless you’re trying to find Aquaman’s preferred supersuit material.
Not Using an Affordable Market Research Transcription Service
When conducting market research it’s important to utilise a proper market research transcription company.
You may think you don’t need transcription and you could not be further from the truth. In fact, a market research transcription service can provide you with a cost effective method of converting speech to text.
Once you’ve conducted your interview or focus group, you can easily have your audio file converted into either Intelligent Verbatim or Full Verbatim quickly and easily. If you don’t know what Intelligent Verbatim or Full Verbatim is, you really should read our Intelligent Verbatim versus Full Verbatim article because it’s pretty important when receiving quotes from market research transcription companies.