Market Research Doesn't Have To Be Painful
Traditional Market Research has been around for almost 100 years! In fact, what we know as market research today started in the 1920's by a man named Daniel Starch who first surveyed people on their memory of magazine advertisements. Since then, the concept has evolved, methodologies have improved, and it has become a widely accepted source of insights. Surveys, focus groups, and social experiments offer a great deal of knowledge into a consumers' preferences on products, marketing, and brands. However, many of the issues with traditional market research methods are as relevant today as they were in the 1920's. Today, most brands face several issues when using the more traditional methods.
Problems Facing Traditional Market Research:
Stagnant data that is quickly outdated
Expensive to hire 3rd party firms
Time and resource intensive
Many forms of bias that skew results
Hiring a third-party market research firm is typically the "best" way to limit error and bias, but market research firms are not typically affordable for small or medium sized businesses. With project costs in the $100,000's, this is not a feasible option for many companies. Even with these highly proficient firms, research projects take weeks or months to complete, and result in stagnant data that may already be outdated. Consumers are constantly evolving, creating the need for new research on a continuous basis. The information could become irrelevant in a matter of weeks.
Even if a brand can afford to hire a research firm, the methods are highly subject to various biases and instances of human error. Imagine spending $100,000 on a research project only to later find out that your data is flawed, or that consumer's perceptions have shifted since research began!
Luckily, modern technologies have made it easier to get the insights you need, with limited drawbacks. For more information, check out what we have to say about social listeners as market research tools.