Seven common mistakes in market research

Market research are corporate actions to process data to discover and satisfy the needs of consumers. The sector moved 43,864 million dollars last year. It means a global rise of 2% gross, which has been even stronger in Spain, up to 5.5%.

Awareness of brands is rising, however, the failure rate of new products remains higher than 70%. Why? “A lot of incorrect and useless information that is taken as true is generated every day. The failure is usually in the methodology of the study itself, which does not take into account the appropriate metrics. Subliminal emotionally associations are our great conductor”, says CEO and founder of Emotion Research LAB, Maria Pocoví.

These are the common mistakes we have detected designing solutions to current market research:

Considering our decision as rational, not emotional

The neurosciences have shown that decision-making processes -from what to buy to vote- is not cold and rational, but emotional. Emotions guide our conduct and our memory. If the method does not include the measurement of emotions in real time we will be unable to know our consumers.

Using only a declaratory source

It has much to do with the previous point. We need data, but quality data. Collection through surveys, offline and online (now represent 50% in Spain), has been based on focus groups stated by cold and rational manner, considering it true insights. But this dimension is only useful as a complement to the scientific study of emotions and the degree of attention of these groups.

Obviating the degree of consumer attention

The only way to connect a brand with the consumer is capturing his attention. It is essential to know when, how and where consumer pay attention and in which particular emotion.

Erroneously defining goals and wrong questions

Is common not defining the problem on which we research data. Also, the key questions of our survey are often too general, poorly focused on the problems we have marked as priority or incomprehensible to the consumer.

Choosing a wrong focus group

It is important to define the target and choose a representative population sample. Online panels can help on this, in addition to lower costs, wider reach and even inaccessible populations (patients, employees …).

Not considering market research a permanent need

The next step to perform a market study without errors is to incorporate the dynamics of permanent research activity of our company constantly searching for new opportunities.

Forgetting that consumers are people

Sometimes we start with an approach of superiority that prevents to know our customers . Consumers buy , people live. If they dont get excited they forget us. The branding should not be based on mere market shares.

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