The Barriers to Market Research and how to overcome it
July 04, 2018
Market research always comes with two different research categories which are quantitative research and qualitative research. You know aware of both kinds of research? The quantitative research is made with the large sample of data. The name itself describes the research for quantity. It requires accurate truth and data analysis of the particular data using some statistical tools which provide some better results. But it is more difficult to collect lots of data.
The qualitative research also difficult and presents its challenges. It should require an individual who is connected with the business and should take care to give relevant information about their industry. The information given by them may or may not cause competitive companies to grow with any business advantages. Everyone knows that each business is unique and vary from other companies even if they belong to same industry. Some model may work well and gain profit for one business and the model makes sense for the other businesses. This difference arises for the companies in the same sector and they may have the same customer as well.
The reason behind this was the both companies operate differently and they both may have their own problems. It is not easy to connect with an appropriate individual who can provide relevant information. Because you cannot say that the individual always clings to the top level in their company. You need to connect to CEO and sometimes others.
The other barrier is insufficient of time.
Since every business models get to run on the extremely close deadline and if there is a chance of loss of time then it makes you to lose the market opportunity. Also if a company is run by a group of partners and it is not good to get information from a single person. It is important to get information from that group of partners.
To overcome the above things market research services are provided by many companies. They have equipped individual who has knowledge of the particular industry and know the tactics to find and connect to the correct person. They ask for a right form of questions. The market research professionals may have experience in getting relation with your preexisting contacts of a company. People on other side are more open to those MR experts and can provide the information. So you should allow and trust them to have connected to your targeted companies.