If you commission or conduct market research, then this post is for you. It shares some of the reasons I have learned over the years for NOT doing research, but which are unfortunately still prevalent today. Here are the first five of my ten; are you guilty of any of them?
#1. When the issue / opportunity is not clear and the objectives are not well defined
Most organisations will have a briefing of some sort, written or oral, for each piece of research required. It usually includes the background to and the objectives of the research, which should be specified in terms of the opportunity or issue identified, as well as the relevant information and data already gathered and analysed. If it doesn’t include these basics, it might mean that someone wanted to know or underst and something and just thought research could quickly provide them with the answers. Wrong! The best studies come from a thorough situation analysis which should include a complete review of all current knowledge and past research findings.
#2. When the cost would exceed the value of doing the research
Following on from the above point, when requesting a study, if the objectives are well defined, then the decisions and actions resulting from the findings should be clear and therefore also the expected benefit of the information too. Thinking about how you will use the data and information gathered is one of the best ways to estimate the true value of it before it is gathered. If the decisions and actions to be taken cannot be clearly expressed, then the research results will be just “nice to know” and not “need to know”.
#3. When the budget is too small to do an adequate job
Most agencies would agree that clients often want a top-class work, but at a lower price than it would cost. Some clients even make a point of negotiating all prices downwards on principle, but their reputation soon goes before them and agencies start adding an amount that they will then remove in answering the client’s request for a cost reduction.
A second example of this aspect of cost is when a client wants to do some research but doesn’t have an adequate budget to cover it, so requests something “quick and dirty”. My recommendation would always be to refuse to get involved in such a project. If it is worth doing it is worth doing well, and a good agency will always work with the client to accommodate their needs as best they can within the budget available.
#4. When time is an enemy
How many times have you been asked to run a research project, but in fact the requestor is actually in need of the results – now?! As already mentioned in #3 if a study is worth doing, it is worth doing well. Today there are luckily more opportunities to reduce the time needed to run a study, using panels, the web, or by reducing the sample size or number of groups / regions. Again the best projects are developed as a win/win, with client and agency working together to deliver the highest quality results within the available resources of both time and money.
#5. When conducting the study would “tip off” the competition
This is a difficult situation to be in, as this is often a worry of management, especially when running research on innovation projects. Whilst it is a very valid concern, and a lot can be done to limit the risk, it cannot really be totally eliminated.
There is also the view that in many industries, all major companies are often working on very similar developments within a similar time scale, so competition is not likely to be surprised if they learn about your own efforts. The most important thing to do to reduce to a maximum the risk of tipping off the competition, is to ensure that people who work or have friends or family members working in relevant professions and positions, are eliminated at the start of the research.
Next week I will complete the list with the remaining five reasons not to do market research, but I would already like to know if you have been guilty of any of these and if so, what you did to correct the situation.
If you would like to know more about underst anding your customers, please check out our website here: https://www.c3centricity.com/home/underst and/ Or why not contact us today to discuss how we can help you optimise your own market research processes? No obligation, just opportunity!
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