This blog post aims to help you spot the warning signs that your business is lacking proper market research.
5 Warning Signs You Need Proper Market Research Outsourcing Services
1. Poor Product Design
No Market Research
Lack of any market study means the risk of replicating the flaws of existing products, even if unintentionally repeating the same design and production mistakes other brands are making, and not able to offer any USP.
In-House Market Research
DIY market research is fine as long as it benefits your product by not just closing the market gaps but also learning about designs that will rock the future. But doing it on your own can distract you from the real goal: the product.
2. Too Many Assumptions
No Market Research
Zero research forces you to assume about the market, product, peers, and users vaguely. Vagueness of any kind won’t take you anywhere and will bring in timeline issues, execution failure, and too many setbacks.
In-House Market Research
With in-house study, you can figure out a few things beforehand, such as design, production process, sales, and marketing. But that won’t be error-free because you’re splitting your attention into multiple goals.
3. No Impact on the Target Audience
No Market Research
When you don’t know who your audience is, you sell and market to the wrong people more than the right ones. It’s like sending a postcard without an address and expecting it to reach someone who picks it up and acts as asked.
Result? Waste of resources and setbacks. Bonus (that you never want): poor customer engagement.
In-House Market Research
In market research, consumers should be the epicenter. Self-paced research might not take you there. Your understanding of the audience might be right to some extent, but the iterations it needs to zoom in with DIY are tiring and expensive.
Your message to the users doesn’t carry the right tone, so the engagement is poor.
4. Ineffective Campaigns
No Market Research
When you advertise to an incorrect audience, the result is low sales and a poor conversion rate. Your ROI is impacted due to the investment in PR, adverts, and social media marketing that don’t work in your favor in the dearth of market insights.
In-House Market Research
Doing some basic research using your team members is like baking a cake with an uncooked core. Some of your campaigns might work with half-cooked data, but most of them will still be ineffective because of the lack of proper customer segmentation and the knowledge of what they need, want, and despise.
5. Competition Blind Spots
No Market Research
Lack of market study means you’re standing in an aggressive crowd where you only know the names, but you don’t know what you’re competing with, what their strengths and weaknesses are, and what they’re planning.
As a result, you will brush elbows, get your toes crushed, get shoved aside… you get the drift.
In-House Market Research
When you conduct in-house research, your minimal gathered data can help you go only so far. Vague and incomplete data, in the lack of experts and experience, means trying to simulate what peers are doing better. But chances of learning about trends they’re setting, their misses, and their futuristic alignments are bleak.
You might fall off the competition by conducting incomplete research that needs experience.
Where to Hire a Partner that Offers Market Research Outsourcing Services
When you decide not to pick market research outsourcing services and DIY your study, proper execution might go astray. The start of a new market research project could be very exciting. It comes with a big learning curve, too.
But don’t forget the amount of time needed in selecting panel members, research execution steps, and your study’s format. Such a project needs a lot of dedication, which might waive you from your actual work goals.
The amount that you’ve invested in doing it all yourself might go in the drainpipe if the results don’t fructify.
That’s why you should hire a trainer research partner like Track Opinion.