Monday, 2 August 2010

People Lie, Numbers Don't

You go to all the effort and cost of organising, collecting and collating market research, so why not listen to what your marketing data has to say? A number of companies that undertake market research, which is very important in determining opportunities in the market as well as your current footing and many other purposes, then completely disregard undesirable results.

If you’re going to the cost of running the research, it’s important to take heed of what the data has to say. If the results of the research say you’re new product improvements aren’t needed or wanted, your market is telling you not to produce them, and it certainly wont increase sales if you do. If 90% of answerers say they haven’t heard of your company, you’re being told to increase your brand awareness activities. If 70% of answerers say they’d purchase from your company if you increased your green credentials, guess greens the way to go.

The worst thing a company can do is make excuses for the results. “It wasn’t a big enough sample group,” “it wasn’t the right audience” and “the questions weren’t clear enough” are just some common excuses for unfavourable results. If you’d had the results you wanted, would you be making the same excuses?

It’s extremely important you interact with your market, and assuming you’ve done your homework and asked the right questions to the right people, the results you’ve received represent what the markets currently feelings and desires. By ignoring these results you’re ignoring your audience, who will grow disillusioned with your organisation and make their purchases elsewhere.

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