However, companies neglect to perform simple market research that could provide them with concrete benefits, all because these four common myths continuously re-emerge:
Myth #1: “Only Big Companies Need B2B Market Research”
How do people think big companies got that way? Increasingly since the second half of the 20th century, companies attempting to scale or find greater success in their current market have relied on scientific methodology or, more loosely, data-informed decision-making.
Ignoring the power these data-driven insights have for helping businesses scale becomes a self-fulfilling prophecy; by saying you don’t need it now, you may never get large enough to feel that you need it later. Furthermore, smaller businesses have more financial risk, meaning that every decision should be well-informed to make the best use of limited resources.
Myth #2: “We Know Our Customers Well Enough Already”
Science has proven over hundreds of years that observation and reality can often occupy two completely different realms.
For instance, without knowing about Galileo’s gravity experiments, it would seem to be a given that heavier objects fall at a faster rate than lighter objects. Similarly, a company that takes for granted that X product is their highest regarded in a given market could mean overlooking opportunities in other products that may have more penetration power.
In other words, market research by a neutral third party helps you know what you know instead of merely taking anecdotal evidence at face value.
Myth #3: “Market Research Is Too Expensive and Time-Consuming”
Market research projects are flexible and can often uncover the desired insights using efficient means. Not every study needs an enormous participant pool to yield viable data, nor does it require months to collect and compile the results. These larger-scale studies only need to be implemented when the situation calls for it.
Myth #4: “Designing and Conducting Market Research Is Simple Enough to Do on Our Own”
Plenty of organizations have internal market research teams, but these teams coordinate with many third-party market research service providers, data vendors, consultants and support firms. By collaborating with these groups, costs can be kept low, expertise remains high, best practices are followed and many more opportunities can be fulfilled when compared to internally dedicating all of the resources on a permanent basis.
At the very least, internal market research teams should have the wherewithal to consult with a firm familiar with research design to ensure the accuracy and reproducibility of their results. Otherwise, false revelations could lead to costly mistakes.
Learn more about why market research can be beneficial and how choosing the right data collection partner can help accelerate growth by reading our informative eBook.