Can market research tell you are in the wrong path?

Yes, it often does but because you only believe in yourself, you will not accept what the market finding is or your market research firm won’t tell you the truth. Of course, there are many ways of conducting market research depending on the budget. Big scale research requires time and money whilst small scale market research often brings in little results. In truth, if your business is of the ordinary bread and butter kind, you should not waste your time and money doing market research. If you are in the niche market, then doing even a small survey can throw new lights for your marketing effort. Still, niche marketing requires an element of intelligent guess work, and you should particularly know where the demand is most likely to come from. Otherwise you might have to conduct more surveys in many places as people do react differently. There is a saying that you need research and more research to find that pin in the haystack. Research means that if the results don’t turn out to suit your marketing plans, you will need to do more to bring that element of uncertainty down to the minimum.

But what if the surveys tell us that we are in the wrong path? Do we then trust our intuition to carry on what we have started to do? If you have a lot of money, then you can go ahead, otherwise drop your initial plan or tweak your plan to suit the market conditions. Some gurus’ advice people to forge ahead, no matter whether we are putting out the right offer because if you can grind for long enough, people will take notice of you and they might just buy from you. But if you have a faulty product or service, then expect no mercy. In today’s fast speed, business can very fast know whether they can succeed or not. We can connect to the social media and ask for opinions. Although opinion collated from the social network may not be entirely relied upon it is still a good indication of what the general public wants.

Conventional market research might be nearing its usefulness now that there are new techniques to gather opinions. One of the fastest growing methods is to use software that connects to millions of ready respondents. Many of this software are free to use and deploy. However, they normally cannot tell us whether we are in the wrong path, especially if we are in the niche business. Public opinions, some of it paid for, can skew results to give the wrong response. So if we are to rely on these new methods, we have to be very careful. It would be best to conduct using various types of market research methods, using both digital media and convention media. If you need a continuous stream of opinion, then you should use a real time marketing research like Marketing Research

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