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Do You Make These Mistakes in Market Research?

by Phume Mdluli
Market Research

One of the world’s top tourist destinations, Sydney is also one of the most successful cities with a noticeable contribution to the global economy. It is where you can see tons of prosperous businesses and most of the top 500 companies in Australia.

There are 73 943 registered businesses in the city. With that in mind, starting a new one will put you in a situation where you have to compete with other well-established companies around the city.

If you are a clever entrepreneur, you should have already understood that market research is essential before making a substantial entrepreneurial move. Market research is a useful tool that can help you make educated business decisions. However, not doing it right will only waste your efforts. With that being said, it is wise to consult the best research companies in Sydney.

Knowing the right questions to get the correct answers to your data is crucial to the success of your market research. Finding data that doesn’t fit your business or industry is easy, especially if you do it without proper planning. Then, when you start doing your screen monitoring software research in the hopes of finding anything about your target customers, you’ll find that your data is useless.

Without professional help, these common but unnoticeable mistakes may ruin your time, money, and energy spent on your market research.

Choosing Poor Reference Materials

You must gather information from reliable sources. While Google can answer virtually everything, you’ll never know where the stats are based on. Moreover, you can’t tell if the questioning made by your source was biased.

With that in mind, you need to research your research materials. Always check the information twice and don’t miss the dates for relevancy. Libraries have access to good reference books and many licensed reference databases online and in their locations.

Asking The Wrong Group

Data is useless if they are not relevant, so failing to establish your target demographic at the beginning of your research is like setting your campaign to fail. Researching the wrong people will not help your business in understanding your target market’s needs and wants.

Relying On a Single Set Of Data

Whether it is the latest survey or census you conducted, a single set of data won’t take you far in getting your target market’s objective overview. Your market research must have primary and secondary data from various sources, providing a truly unbiased opinion. Reliable research companies in Sydney have access to market data modified to customised business districts.

Using Family And Friends As Focus Groups

It is not a good idea to use your family, friends, and acquaintances when doing your initial research. These groups would want to support you and your business, and your research won’t have enough objectivity. Instead, try talking to your customers, prospects, and people in the same industry.

Each person has their beliefs and opinions that can impact the data; you must recognise this. By knowing your bias, you can be cautious when analysing the data you have gathered and work harder to find ways to make sense of it.

Market research will help you make educated decisions before making significant steps for your business. However, you have to ensure that you are doing it right along with the right people who know how to do it well.

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