What do you do if market research companies you're considering seem to have conflicting information?
When you're diving into market research, it's like assembling a complex puzzle where each piece should fit perfectly. However, what do you do if the pieces—information from different market research companies—don't seem to match? Conflicting data can be puzzling and can lead to uncertainty in decision-making. This article will guide you through the steps to handle such discrepancies effectively, ensuring you can still make informed strategic decisions for your business.
When faced with conflicting information, your first move should be to verify the credibility of the sources. Research the reputation of each market research company and consider their methodology. How did they collect their data? Was it through surveys, focus groups, or secondary research? Understanding the context in which the data was gathered can shed light on why discrepancies might exist. Sometimes, different target demographics or geographic areas can result in varying outcomes. Ensuring that the companies are reputable and that their data collection methods are sound is a critical step in resolving conflicts in information.
-
If the market research companies you're considering seem to have conflicting information, it is better to perform a comparison check of the data/numbers. If the contrast is in the range of 5%-10% acceptable error margin then the information is reliable to get a gist of the market and if not then you may need to check for the data sources, data triangulation methodologies, market sizing scheme adopted, and CAGR rates considered during market estimation. (This works fine for quantitative data) For qualitative it is better to perform a reliability check via secondary research using the information available on the data source and other secondary sources of data.
-
Las empresas deben comprometerse a representar y conectar con la diversidad de su audiencia. Ante información contradictoria de empresas de investigación de mercado, la coherencia y la diligencia son cruciales. Buscar patrones comunes, validar datos con múltiples fuentes y priorizar la ética en la investigación son prácticas esenciales. La transparencia en la interpretación de datos es clave. Además, la flexibilidad para adaptarse a la complejidad del panorama es fundamental. Al abrazar la diversidad y la inclusión en cada aspecto del marketing, las empresas pueden construir conexiones más profundas y auténticas con su audiencia, garantizando así el éxito a largo plazo.
After confirming the sources' credibility, delve deeper into their research methodologies. Look for differences in how the data was collected and analyzed. One company might use qualitative methods like interviews, while another relies on quantitative data from online polls. These methodological differences can lead to varying results. It's also essential to consider the sample size and selection, as a small or non-representative sample can skew results. Understanding these nuances will help you determine the reliability of the conflicting data and how it might apply to your specific business context.
-
One thing I have found helpful is to always look at the research methods first. That always helps to understand and variations in the numbers. for example the sample size will give you a better picture of who exa tly was targeted. The margin of error and confidence intervals also vary across different studies, this variation can also tell you alot about which numbers to consider or not. Understanding the research methods will tell you alot about the validity and reliability of the numbers before you make that critical business decision.
To navigate through conflicting information, cross-checking the data against additional sources is a prudent strategy. Look for industry reports, academic research, or government statistics that may align with or contradict the findings you have. This triangulation of data helps to validate the information or identify potential biases or gaps in the research. By comparing multiple sources, you can get a more comprehensive view of the market and make a more informed judgment on which data to trust.
Context is everything when it comes to interpreting market research. Consider the timing of each study and the current market conditions. A change in consumer behavior, economic shifts, or new industry regulations can all influence research outcomes. It's also worth considering whether any of the conflicting information could be complementary rather than contradictory. Different angles on the same market can provide a richer, more nuanced understanding that can be beneficial for your business strategy.
-
Sometimes the information provided is just a part of a big scope of research. For instance, if the company is analysing the cybersecurity industry, there are many solutions in it -although some of them overlapping. If there is still inconsistency, it is important to consult the sources that were used for such analysis.
If you're still struggling to reconcile conflicting information, it might be time to seek expert advice. Professionals with experience in marketing research can offer valuable insights and help you interpret the data correctly. They can identify potential flaws in the research, suggest additional data sources, or provide an independent assessment of the findings. An expert's perspective can be especially helpful when the stakes are high, and you need to make critical business decisions based on the research.
Ultimately, the goal is to make informed decisions based on the best available data. Weigh the conflicting information considering all the factors previously discussed. Which data aligns most closely with your business's experience and knowledge of your customers? Consider creating scenarios based on different data sets to see how they would impact your business strategy. Remember, no single study is definitive, and market research is just one tool among many to guide your business decisions.
Rate this article
More relevant reading
-
Market ResearchWhat do you do if your market research decisions lack strategic thinking?
-
Market ResearchWhat are the common pitfalls and challenges of market research in your industry or niche?
-
Market ResearchHere's how you can create clear and concise market research reports.
-
Market ResearchHow do you gauge the value of your market research report?