Market research is indispensable, but it can also be misleading.
Market research is one of the most important fundamental steps in planning and executing a marketing campaign. Before you can effectively reach an audience with marketing or advertising, you need to understand them. You need to know who your target demographics are, what their values are, how they think, how they act, and how they might respond to different approaches.
There are many avenues for market research, such as conducting demographic research with the Census Bureau, studying historical trends, or using surveys of your own, but no matter what, your research will be vulnerable to errors and biases.
Your market research could be misleading in a number of different ways, usually for these reasons:
- You didn’t consult enough sources. There are many different ways to collect information about your demographics, and each source will have strengths and weaknesses. You need to consult a variety of sources if you want to get closer to the truth.
- You didn’t consult the right sources. Many outlets claim to have all the answers, but not all of them are reliable or reputable. Make sure you’re only working with sources you trust, and consider doing some research of your own to validate their conclusions.
- Your sample size is too small. Research becomes more reliable as the sample size increases. If you’re interviewing 1,000 people about their spending habits, you’ll reach better conclusions than if you only interview 10 people. If your sample sizes are too small, it could throw your results into question.
- You’re affected by cognitive biases. Cognitive biases affect the best of us and distort our conclusions, even with objective data in front of us. For example, confirmation bias can make you disproportionately weigh information that aligns with your initial assumptions.
- Your timing is off. Things change quickly in the marketing world. If your information is outdated, it could ruin your results.
If you need help with market research, or any part of the marketing and advertising process, contact Quez Media for a free consultation today!
