What are The Most Significant Challenges for Marketing Research
Conducting market research is an effective way for businesses to make better decisions, however, it can also be very challenging. As industries become more innovative, consumers’ expectations of the market change, and the number of sources of information available to researchers continues to increase, they find themselves with many new challenges in gathering accurate, usable information. The staff at Nexus Expert Research partners with organizations to help them understand how to navigate the challenges associated with market research and turn confusion into greater understanding. Identifying the key barriers to market research is the first step in finding solutions.
1. Reaching the Right Audience
Identifying and accessing the appropriate target audience are two challenges that many market researchers face continually. Reaching the correct respondents can be extremely difficult, given that consumers are segmented into numerous demographic groups across a variety of digital platforms. Consequently, targeting inaccuracies often result in distorted data, low-quality responses, and inaccurate market insights. Using effective and accurate screening and sampling techniques is critical to capturing high-quality and accurate market research results.
2. Ensuring Honest and Accurate Responses
There has been a growing concern about respondent quality over the last few years. Many respondents go through a survey too quickly, answer differently to every response in a random manner, or provide answers that they think the researcher would like to receive or approve. All of these factors can distort survey data and negatively impact the ability of researchers to make good strategic decisions. A high-quality research study will be based on careful and comprehensive quality checks; sensitive design and use of good questions; and inclusion of behavioral cues to help eliminate unreliable and invalid responses.
3. Increasing Data Overload
The challenge of examining data now outweighs the access to data. The ability for a business to identify useful and significant data, versus useless data or noise, has never been more difficult. There are a great deal of very large datasets that are processed via multiple feedback methods at all times, and this will continue to increase, and there is now an influx of real-time analysis, creating additional pressure on organizations that have been used to analyzing this type of information manually. The real problem today is not only the collection of data, but it’s understanding it strategically. Nexus Expert Research solves this problem by converting large, complex datasets into usable, simplified, actionable analysis.
4. Rapidly Changing Consumer Behavior
There’s no doubt that consumer preferences change rapidly, influenced by technology, culture, global events, and the economic environment. What a consumer wants today will probably not be the same as what that consumer wants six months from now. Because of the rapid nature of these shifts, it is difficult for businesses to predict current trends and make long-term strategies. If businesses do not continue to do their own research, there is a risk of making decisions based on assumptions from previous years.
5. Budget and Time Constraints
Collecting market information is an expensive investment as it has both time and resource implications. Most firms do not realize how much time and resources will be required to collect quality data, resulting in poor quality research. Many times, companies rush through market research, studying too few respondents, using low-quality methodologies, or all three; therefore, their results will not be able to support their true business needs. Determining how to balance quality, price, and speed has proven to be one of the biggest challenges that all businesses face in today’s marketplace.
6. Integrating Research Into Decision-Making
When research is done well, another hurdle is getting the key players to implement and utilize what you have found in your research. Groups may choose to ignore this info, misinterpret the results based on human error, or go with their gut rather than the facts. The true value of marketing research is only seen when its findings are combined with strategy, marketing, product development, and the experience that a customer has with your company.
How Nexus Expert Research Helps Overcome These Challenges
Nexus Expert Research has the experience and processes in place to overcome these challenges. Using a methodology that is systematic, open, and focused on results will ensure each project produces meaningful insights. Our research team employs the use of specific sampling methods, rigorous verification of respondents, effective data storytelling, and customized methodologies to achieve this goal. For businesses, research is more than a tool, it is a source of competitive advantage.
Final Thoughts
Challenges in market research, such as the quality of respondents and overwhelming amounts of data, aren’t obstacles, but rather ways to improve upon what we’ve been doing in the past. Understanding these difficulties, while working alongside experienced research partners, allows businesses to gain more reliable data and uncover deeper insights when making strategic decisions. With Nexus Expert Research assistance, we provide you with guidance, clarity, and confidence throughout the process.