Every day you try to improve your business, make it more attractive to your customers. Consequently, you need to know what your consumers want. Many users on Internet advise using ordinary market research, especially interviews and surveys. But is it so effective indeed?
Today, the team of the digital marketing agency 🔗 Adloonix decided to talk about it in detail. We will help you to understand what ordinary market research is, why it can be dangerous for your business, and what an effective alternative for online companies is.
❓❓❓ What is ordinary market research?
Traditionally, we start with the definition. Ordinary market research is the method of data collection that you gather by yourself. You can also hire a marketing firm, and they will do everything instead of you.
This type of research means that you receive the information directly from your customers. And the most popular methods of ordinary market research are interviews and surveys.
Any person-to-person interaction, either face to face or otherwise, between two or more individuals with a specific purpose in mind, is called an interview. During the interview, you explore the perception or customer experience of a group of people who interact with your brand.
Surveys enable you to prepare the questions and receive replies without actually having to talk to every respondent. There is also no personal influence of the researcher, and embarrassing questions can be asked with a fair chance of getting a true reply.
However, interviews and surveys are dangerous, since it is just customers’ opinion, and very often customers do not know what they truly want. If Henry Ford relied on the point of view of others, we still would be riding the horses. Or if Steve Jobs did not want to change the world, we would not know what the personal computer is.
You have to launch something that customers will want to buy today. Despite the fact, they did not think about this product or service yesterday. Steve Jobs once told, ‘Our job is to figure out what they are going to want before they do… People do not know what they want until you show it to them.’
So it is time to reveal ten crucial drawbacks of interviews and surveys.
❌❌❌ Disadvantages of interviews and surveys
1. Interviews and surveys are expensive
The first drawback is the cost of the research. You do not know how much you will spend since you do not how long you have to do your investigation. Moreover, you have to hire moderators and marketers that can be quite expensive and often ends up without the results.
2. They are not always feasible
Moreover, interviews and surveys are not universal methods for data collection. It is impossible to interview a large group of people since you have to hire many moderators and spend a lot of money. Instead, you can use digital market research to discover all the needed information without talking to the customers.
3. It is hard to adjust them to the current needs of the market
Market changes all the time, and it is hard to prepare questions and surveys that give you the full picture of the market. The information that is current today, can be insufficient tomorrow. But your task is to keep up-to-date with the market.
4. It is hard to prepare meaningful questions
Interviewing a target audience, you, as a researcher, have the freedom to decide the format and content of questions to be asked of your respondents, select the wording of your questions, decide the way you want to ask them and choose the order in which they are to be asked.
However, it requires a lot of time and skill to design and develop questions and surveys. They need to be short and simple to follow. However, it is hard to create simple questions that give you meaningful answers. You can get only shallow answers that do not have any value for your research.
5. It is hard to target appropriate customers
It is the challenge to find volunteers who will want to answer the questions. Moreover, it is a very high chance to target consumers that are completely satisfied with your products or got negative customer experience. As a result, you will get biased information.
6. The moderators can do not know how to interview and do surveys for your company
The next drawback is the unprofessionalism of your moderators. It is hard to find the appropriate candidate for your research. Moreover, you cannot understand his competence until he shows you the results of the work. And, in most cases, you will be dissatisfied due to wasted time and money.
7. Interviews and surveys show a low response rate
Moreover, you can be disappointed by the rate of responses. Customers do not have time to answer questions, can choose random answers, can do not complete the survey. There are many explanations for this problem. And you can do nothing to force them to answer the questions honestly.
8. They are time-consuming
Moreover, it takes a lot of time to prepare the plan, create questions, implement the research, analyze the data, and prepare the report. The findings can be useless by that time it is ready. You can have new business challenges you should solve.
9. You can get biased information
This disadvantage goes closely with the previous eight. It is hard to get current information since you can prepare the wrong questions, or respondents can give shallow answers, or marketers can misinterpret data. As a result, several months of hard work can down the drains.
10. You can get prejudiced results
And the last drawback is the prejudiced results. If you use the results that do not correspond to reality, you can create the wrong marketing strategy and lose your money, or even worse, your company.
📈📈📈 What market research can help you to improve your business?
I hope you understand that interviews and surveys are not effective anymore. However, you still have to ask for feedback about your products or services. It helps you to improve your products and cover all the bases. Moreover, you should know current information about the market, your competitors, and the target audience.
And the best way out is conducting 🔗 digital market research. Digital market research allows us to reach a wide audience of the customers since there are no geographical limitations. Moreover, we can find all the data about your competitors because they cannot hide anything on the Internet.
Our team keeps you in touch with the situation on the market, the rate of competition, the online behavior of your target audience, business opportunities, pricing strategy, and everything you should know to be prosperous.
And now, we will talk about the ten advantages of digital market research. 🔻🔻🔻
🖤🖤🖤 Benefits of digital market research
1. You get only up-to-date information about the market and market demand
Information is a king in the business world. And digital market research allows you to be in the know. Consequently, you get full information about the market and real demand on the market. Moreover, our team provides you with the insights needed to make the right decisions.
2. You learn everything you should know about your competitors and target audience
The business world is a highly competitive place. And if you always want to be one step ahead of the competition, you should examine your opponents. It is important to pay attention to their marketing campaigns and new product launches. You can learn something useful from them and try several of their techniques.
The market research also helps you to know the preferences, needs, and pain points of the customers. For instance, you can discover the demand for a non-existent product. So, you can launch this product or service that will target more customers and boost your profit.
3. You know for what you pay
The decent benefit of digital market research is a fair price. You always know how much and for what you pay. Our digital agency offers two pricing packages. So, you can choose what better for you is. The first one is for businesses that provide many products, and the second pricing plan is good for companies that provide one product.
Generally, market research costs €1,800–2,500. Your business values more for you, does not it? Moreover, besides conducting market research, our team always helps our clients to create a comprehensive digital strategy and implement it.
4. Our team helps you to create an effective digital marketing strategy
Can the business succeed without a marketing strategy? Without a strategy, you are only going to waste your business investments. But the findings of market research can help you to create a comprehensive strategy. An effective digital marketing strategy can help you to go from strength to strength and go toe-to-toe with your competitors.
5. The results of digital market research help you to make wise business decisions
All your business decisions and actions should be based on the results of market research. It is vital because informed decisions create more deals and brand mindfulness.
Many business owners start to be proud of the company’s success too soon and do not think about the future. But you have to prove to yourself that you can steadily increase your revenues over a decent time. Only market research can help you to reduce future risks and make wise business decisions.
6. It helps to solve business challenges
During market research, you can find out the problem areas of your business. And it is important to solve them as soon as possible. We are ready to help you to reduce the chances of failure. Using the results of market research, our team can find solutions to your problems and fix them.
7. It improves your business conditions
Besides solving business challenges, we can help you to improve your business conditions. For instance, you do not know how to drive more quality traffic to your website. In this case, our team uses 🔗 traffic generation.
This technique aims to attract potential consumers towards your products and your website. It helps you to drive more brand awareness, increase quality leads, and boost sales. As a result, we help you to improve your business conditions.
8. Digital market research helps to find new business opportunities
Also, market research can quickly define the state of your business and detect business opportunities. We usually examine important measures like revenue, expenses, production amounts, employee productivity, and so on.
Our team can help you to increase the value of your products or services among customers and boost brand recognition. As a rule, we use digital marketing that focuses on 🔗 social media advertisements to achieve this aim.
9. It increases your profit
Digital market research shows you a full picture of your business. You see where you underperform, what you should change, and what you have to avoid. And we help you to change your business situation. Consequently, the improvement of your business increases your ability to make a profit in the long run.
10. You can set realistic goals for the future
When you have current information about the market, your competitors, and target audience, then you can use this data to set milestones. Our team can help you to set realistic business goals and advise you on what to do next.
You already know the benefits of digital market research. Also, we want to tell you how our agency conducts market research for our clients. 🔻🔻🔻
Five components of digital market research by Adloonix
🔭 1. Market analysis
First, our team studies the market. We analyze online demand since it is a fickle due to different inside and outside reasons. And then marketers help you to prepare for the changes in the market. We also help you to find one-three markets with the highest demand for your products and services. This information makes targeting the customer easier and more effective.
🐎🐎 2. Competitive analysis
I told you earlier that you should know everything about your opponents to be on your toes. That is why our team prepares the list of your 7–14 competitors and a comprehensive report of their business conditions, product baskets, strengths and weaknesses, traffic sources, marketing channels, and possible future innovation.
🎎 3. Target audience analysis
Then our team helps you to determine and study your target audience. We help you to analyze their online purchase behavior, create four hypotheses of your target audience you should reach, and find out marketing channels you can use to lure the customers.
It is also important to develop psychotypes of your 🔗 Buyer Personas. Our team will help you to understand the wants and pain points of your potential consumers. As a result, you will be sure that your products or services will find the right target audience.
🛠️ 4. Key success tools
It is also vital to know what online tools your competitors use. Moreover, we always prepare the personalized selection of effective marketing tools that your business needs with their full descriptions and pricing plans.
💡 5. Market recommendations
We also advise you on how to use the findings of digital market research. Our team helps you to reduce business spending since you have a clear idea of what you should do based on the collected marketing data.
Nevertheless, we give you recommendations for a new market entry strategy, web design improvement, a solid 🔗 CX (Customer Experience) strategy development. We never leave our clients alone with their problems.
As you can see, ordinary market research is an inefficient way of data collection. It can be even hazardous for your company. So I want to highlight the effectiveness of digital market research one more time.
You get a full report that includes information about your market, competitors, customers, and an unmistakable comprehension of the business prospects. Moreover, our team can help to improve your business conditions and implement the best marketing strategy. 🔻🔻🔻
If you want to make your company more prosperous, you need Adloonix. We know how to help you and are responsible for what we do. 📲 Contact us to find out more information about our firm and get answers to your questions.
Best Regards,
The marketing architect and founder of Adloonix
Vlad Sapozhnykov,
E-mail: founder@adloonix.com
How do you collect information about your customers and competitors? What marketing methods do you use? Please, share your knowledge with us in the comments below.
