Imagine market research as a navigational map for businesses. Obviously, this map cannot guarantee a safe arrival at your location. To avoid getting lost, you must be exact and avoid making any erroneous turns. Occasionally, the map may lack specifics or be out of the current.
The same applies to market research. It is easy to clash if one does not know their destination. The methodologies utilized in market research can also be applied to other corporate functions. However, market research extends beyond the collection of pertinent market information and the analysis of data. It is also important to keep your eyes and ears open and minimize risk while implementing marketing initiatives.
It is an essential element of business strategy and decision-making. Market researchers conduct both primary and secondary research to collect data and analyze it for relevance. However, it is not devoid of obstacles unique to its industry, like others. This article consequently analyzes and gives solutions to some of the most pressing issues in market research.
Top market research problems and solutions
Conducting market research can be an intimidating task. From preparation to real studies, there are numerous obligations and obstacles to overcome. Here are a few of the most frequent market research difficulties that businesses experience, along with some of the most straightforward solutions to get everyone up and running.
Problem #1: Lack of data integrity or invalid data
Businesses today view market data as a commodity. With readily available data on customer behavior and preferences, market researchers can compile massive data sets to mine for consumer insights. Indeed, a review of recent market research industry papers reveals that conversations in the sector have centered on data analysis.
The majority of the time, however, the quality of the collected data impedes insight into what customers truly care about. Some market researchers equate the concept of data quality with sample size, believing that reliability, validity, and other “excellent measurement” features result exclusively from the quantity of data collected. Clearly, this is not the case.
What is the solution?
Failure to evaluate the metrics that provide the basis for corporate choices poses a massive risk to the business. Similarly, making data-driven decisions based on inadequate measurements can be much worse than making no decisions at all.
This is why researchers must adhere to the identified demographic and psychometric evaluations of target respondents while collecting sufficient data. This is to ensure that business-relevant insights are gleaned from survey respondents.
Researchers must also take data auditing and cleaning seriously as they have a substantial impact on the quality of the available data.
In addition, AI-enabled research can identify the precise IP addresses of responders. This is to ensure that you collect legitimate data from the precise location/respondents you wish to target.
Problem #2: Untargeted audiences responding
Accuracy is one of the key traits of a trustworthy market research study. But what really is “accurate” market research, and how can you ensure that it is incorporated into your efforts?
For businesses, market research is “accurate” when it consists of data that reflects their customers (or target market) and contributes to the success of new campaigns, goods, and services.
Therefore, it would be devastating if the wrong audiences responded to your market research questions. This is equivalent to attempting to fill a basket with water.
After the exercise, you would have data, but it would be meaningless and defeat the purpose of the research.
What is the solution?
Screener questions are the solution for preventing non-targeted respondents from completing a survey.
They are questions at the beginning of the survey whose responses influence who completes the remainder. They are simple to ask, straightforward to complete and have a significant impact on the quality of your data.
If you are surveying alcoholic beverages, for instance, you can begin by asking respondents if they consume alcohol. This simple question would assist you to exclude individuals who do not need to continue with the survey, allowing you to proceed with those who responded in the affirmative. They are your intended audience and can give the information you require.
Problem #3: Having unqualified moderators or facilitators handling your surveys
Having incompetent moderators or facilitators manage your surveys is unacceptable.
They are a nightmare to the success of a market research project.
Your survey facilitators/moderators have a significant impact on the data that will result from your survey project, particularly when it is conducted offline with illiterate or semi-literate respondents.
Therefore, if they do not know their onions, they will sabotage the entire activity, resulting in zero completed tasks.
What is the solution?
It is crucial to provide personnel with the tools they need to succeed and continuous training and retraining.
This is why companies must evaluate the market research team they entrust with such a significant role. The decision to employ a market research “expert” should not be taken lightly.
Businesses must hire the best market research firm for optimal results.
Facilitators and moderators offline are crucial to the success or failure of a research endeavor. Consequently, they must be personable and proficient in obtaining information from responders in a professional manner.
This is because they engage in one-on-one conversations with responders, who view them as brand ambassadors. Consequently, these significant stakeholders must not abandon professionalism.
Problem #4: Long duration required to finish the survey
Long surveys are rather common. However, they have a negative influence on response rate, abandonment rate, sample representativeness, and data quality, all of which negatively impact response rate.
Every researcher desire to include all necessary survey questions and obtain meaningful, intriguing data. According to a study, 60% of respondents do not wish to complete a survey that takes longer than 10 minutes.
Therefore, if your survey takes too long, it may severely impact the implementation of data analysis, which is the purpose of the exercise. This may cause you to accumulate irrelevant data by the end of the day.
What is the solution?
Thanks to technology, you can shorten the survey period and meet the data implementation deadline.
The solution to the lengthy time required to complete surveys is to employ research experts who can give you bespoke survey platforms. These platforms are powered by mobile technology and allow for the creation of questions within 1-2 days. In addition, you can start viewing insights in real time as soon as the survey questions are published.
Problem #5: Not asking in-depth follow-up questions to your target audiences
Only expert researchers comprehend the significance of and know how to negotiate follow-up inquiries. Some researchers simply keep to the script, restricting the insights they can glean even though the respondent may be willing to share more. This reduces the quality of Psychometric data a researcher can obtain.
What is the Solution?
After posing a question, there should be follow-up questions based on the responses of the respondents. This will allow them to open up and give hidden facts that the researcher may miss.
This procedure, as simple as it may sound, can only be executed by industry professionals. This is another reason why you must collaborate with individuals who have a wealth of survey experience.
In conclusion, business owners tend to construct an image of their markets in their heads. They believe they comprehend the situation better than any outsider could. Nevertheless, their individual and superficial study is rife with errors and inconsistencies.
Thus, the demand for market research services has increased significantly. Utilizing the assistance of market research firms for identifying and resolving problems is crucial for standing out in the targeted industry. Additionally, you should always classify your company’s challenges before attempting to fix them. Otherwise, you may waste critical resources addressing the wrong issue.
Survey54 makes all these and more a walk in the park for businesses targeting the African market. Our team of expert researchers is passionate about guaranteeing the success of businesses in the region through mobile-based and offline surveys. We don’t just help businesses source data; we also perform Audits on the data- which includes data cleaning.
Do you have a business in Africa? Do you desire the competitive advantage that high-quality market research data provides? Reach out to our 24/7 response team at firstname.lastname@example.org today.