5 Common Market Research Mistakes and How to Avoid Them

Researching the market for ongoing consumer behaviour is akin to reducing complex human behaviour to data and figures. Consumer habits are largely governed by macro-economic factors and few subjective factors that vary person to person. What you need, therefore, is the best market research agency that understands the dynamics of the market. After all, your marketing agency needs to know what drives your target audience, and social media scrolling is not sufficient for that. Without the habit of touching grass with your target audience, it is impossible to figure out all the aspects of market research.

1. No goal no direction

You need to be clear about your objective while conducting both online and on-ground market research. For instance, if a newly launched FMCG brand wants to drive sales with the help of dealers and distributors, then the primary focus of the market research should be in B2B sector, around the channel partners and what excites them. If the goal in unclear in its initial stages then the research scopes widens massively, reducing its quality. Without a clear object, one might even delve into secondary research focal points like the status of export sector within the same segment. Even though this would become important in later stages, it should not be a focal point in the earlier stage. Long story short: ask yourself why is the research needed and "What decisions will this research help me make?"

2. Lacking analysis

When you have the data you need but lack the ability to translate it into the information you can use, then the research is all in vain. It is important to have the ability to interpret and analyse data to extract valuable information. What usually ends up happening is that post research, a researcher ends up with a huge corpus of data in multiple forms. It could be simple numeric derived from tough calculations; it could survey forms; it could even be conversational data. What you essentially need is a central resource where you can collate and compile everything. This makes sorting it easy, and interpretation easier. Utilising tools for their analysis can help you find co-relations in the data and finally get information conclusively.

3. Unreliable sources of research

If you are simply googling and hoping for relevant data to crop up, then congratulations! You have found the articles and information with the best SEO. Finding relevant source for collecting data is absolutely essential. As the best market research company in Okhla, we utilise well-trusted sources and global reports to collect data. Each business has its own need from the research department. Knowing the extent of that research will help one to understand the tools and software needed to conduct it best.

4. Ignoring Market Trends

Market is always dynamic and fluctuating. It has its own macro and micro factors that regulate the motion within segments. Researchers often make the mistake of not staying up-to-date with the market trends. This usually happens when a research data gets compiled and analysed to form a set strategy. It often closes the window for customisation in case of trend fluctuations. For instance, fast fashion became a norm for a while, but it was met with resistance owing to unsustainable nature and encouraging consumerism. Thus the trend lost its popularity amongst a larger audience. The brands that emerged only to leverage this trend then failed to adapt to evolving customer habits thus fell for negative branding. To avoid this, understand that research doesn’t end forever. It has to evolve to understand changing trends and analyse whether the trends are worth leveraging or not.

5. Ignoring Competitor Analysis

Many companies conduct market research solely to understand their own customers and ignore competitors’ actions and market positions. This can lead to missed opportunities or an underestimation of competitive threats. Include competitor analysis as part of your research process. Study their customer base, pricing strategies, and marketing tactics. Understanding what your competitors are doing well—or poorly—can help you identify gaps in your strategy or untapped opportunities.

Conclusion

Market research is a powerful tool for business growth, but only when executed correctly. By avoiding these common mistakes—such as unclear objectives, biased data, and misinterpretation—you can ensure that your research provides meaningful, actionable insights. Remember, the ultimate goal of market research is to inform decisions that drive success. Or, you can contact us to get the best market research services in Okhla, Delhi to get valuable insights.