Some common myths form a barrier to conducting research activities. Market Information is like a goldmine, but need to break some barriers to completely unlock the potential in market research and intelligence gathering.
They say, market information is the battleground of tomorrow. How true from a marketers perspective. In a competitive market, it is information that’ll help one company stay a step ahead or miles ahead of another. Companies, irrespective of their size need relevant market information to gain insights and act accordingly. Although the Market Research Industry has many players, there are still some hiccups in availing their services. Now what might they be…?
Myth 1 – It’s generally too expensive and doesn’t fit my budget!
Not True – There is scope for customization as well depending on your budget and requirements. But look at a situation in which you make a bad marketing decision based on no or improper information, you might just end up paying more! And marketers who believe in this thought need to wake up ! Many companies are already contributing amounts between $5 to $ 100 Mn ( USD) to employee market research services.
Myth 2 – Is it value for money?
Not True – The consumer markets, especially in India are very dynamic. As needs keep changing, marketers need to be updated with these changes and what better way to find out – Market Research. Every research activity will always through up some valuable insights that marketers can use to their advantage.
Myth 3 – My sales teams will provide better insights than a Market Research team !
Partially True – No doubt sales teams are the first point of interaction with your customers, but then I feel that a research team would always provide an unbiased insight as compared to the sales team, and that is true information that if auctioned upon may give you the desired results.
Myth 4 – Research work is a very difficult task!
Partially True – Nothing comes easy and cheap. Research work may be vast depending on the requirements; however there are many professionals out there with the best industry practises in place. So at times you just gotta leave to the experts! The Market Research Outsourcing Industry is expected to touch $800 Mn this year – this just shows many marketers are outsourcing the research activity.
Myth 5 – The results are never authentic!
Not True – Most research firms have their insights validated by a trusted external agency. Research teams, whether external or internal always encourage their clients to participate in the research process, which does a great deal in building the trust levels.
The scope for gaining insights from the market is huge and market research has a lot to do with it. Whether you do it internally or outsource it – it helps a great deal in building your business. People often ask whether Market Research is a science or an art – we say, it’s both and it’s necessary!