Market Research although provides us with a whole lot of information about our potential clients and prospects but it comes with its own set of challenges. We need to go past these challenges in order to attain best results.
Market research is a systemized and organized activity that is performed to collect information about our particular target customers in the market. It is one of the strongest and important strategies used in the business and decision making. A proper primary as well as secondary research is performed to get the correct data and then process it into relevant information.
Following are some of the most commonly faced hurdles and challenges in the market:
This step requires a lot of hard work in research. A proper up to date data should be gathered about the prospects with correct records. Any mistake or misunderstanding may turn out be a disaster.
Low Response Rate
There may be days when you fail to receive response from the earlier interviews conducted in the first round. You don’t need to get disheartened because of this. Keep on following up unless you receive an answer from them. Try to leave an email thrice a week, so your name remains in their recent emails.
Or you can start searching for new contacts and look out for other ways to collect information such as surveys or you can also get some app or software to get the required information about your potential clients.
Lack Of Data
You may be disheartened when some of the important data is missing. In case you’re short of data, look out for other ways that can help you in achieving further information. Such as their phone number, email address or office address, etc.
Privacy And Security Issues
It is very important for market researchers to manage the security risks for the collected information. It is very necessary to seek permission first if you’re using a certain website to gather data about prospects. In other cases, there are chances that the market research companies come across challenges when it comes to the protection or scrutiny of data.
When a marketer is gathering data from every resource present, he does not pay attention to the quality of the data collected. There may be errors in it or the quality may be poor too. When the data is of poor quality then the leads turn out to be poor too.
Talent And Experience
Current market researchers, who are new in this field, do not have that experience and expertise required for this field. Giving them a fresh chance can be risky for a marketing company as we’re not sure if he’ll be able to handle all the challenges faced in this field or not. It is important to have a proper training in research methods and statistics, etc. They should be aware that surveys are not the only methods that can be used to collect data. Methodologies such as panels and interviews are also of a great use.