Market research refers to the collection, collation, analysis and interpretation of market-related information through scientific methods to help companies understand the current situation and trends of the market, discover market needs and opportunities, and formulate and evaluate market strategies and plans. Market research is an important basis for strategic decision-making and marketing planning, and it is also an important means for enterprises to improve their competitiveness and innovation ability.

However, the nature and value of market research is often misunderstood and ignored. Many companies have some misunderstandings in the understanding and application of market research, which has greatly reduced the effect of market research and even caused the reaction of market research. According to the practical experience of Shangpu Consulting, the four major misunderstandings of market research companies are as follows:

Misunderstanding1: Think of market research as a one-time project rather than an ongoing process

The market is a dynamic, complex and changeable system, and the information of the market is constantly updated, timely and limited. Therefore, market research should not be a one-time project, but an ongoing process that requires regular, systematic and comprehensive collection and analysis of market information to maintain sensitivity and insight into the market.

Shangpu Consulting has provided long-term market research services for a well-known home appliance company, including market segmentation and user behavior research, channel model research, competitor research, market entry research, etc. Through continuous market research, Shangpu Consulting helped the company keep abreast of market changes and needs, adjusted and optimized its products and marketing strategies, and increased its market share and brand influence.

Myth 2: Think of market research as confirming your ideas, not discovering the truth about the market.

The purpose of market research is to discover the truth about the market, not to confirm your own ideas. Market research should be objective, neutral and impartial, and should not be affected by subjective, one-sided and biased influence. Market research should be based on facts, data and evidence, not on feelings, guesses and assumptions.

Shangpu Consulting once provided market research services for an emerging Internet company that wanted to launch a social software based on artificial intelligence, which it believed was a potential market. However, through market research, Shangpu Consulting found that the demand in this market is not strong, the acceptance and loyalty of users are not high, and the competitive pressure and legal risks are great. Champs advises the company to reconsider its market entry strategy or to look for other market opportunities.

Myth 3: Think of market research as gathering data, not providing insight

Market research is not only to collect data, but also to provide insight. Data is only the raw material of market research, not the result of market research. The value of market research lies in the collation, analysis and interpretation of data, from which we can discover market rules, problems and opportunities, and put forward market suggestions and plans.

Shangpu Consulting once provided market research services for an international fast-food company that wanted to understand consumer preferences and buying behavior in the Chinese market. Champ Consulting has collected a large amount of data through a variety of methods, including consumer demographic characteristics, lifestyle, consumption motivation, purchase channels, brand awareness, product use, etc. Champu Consulting conducted an in-depth analysis of the data and found different segments of consumers, different levels of demand, different purchase decision-making processes, etc., and provided product positioning and marketing strategies for different market segments.

Myth 4: Think of market research as a beautiful ornament, not an effective investment.

Market research is an effective investment, not a pretty ornament. The cost of market research is limited, while the benefits of market research are unlimited. Market research can help companies save time and money, avoid mistakes and risks, improve efficiency and effectiveness, and increase revenue and profits.

Shangpu Consulting once provided market research services for a domestic medical device company. If the company wants to develop a new medical device, it needs to conduct a market feasibility study. Through market research, Shangpu Consulting assessed the market demand, market size, market growth, market competition, market access, market pricing and other aspects of the equipment, and provided the company with a detailed market feasibility report. The report helps the company to clarify its market goals and strategies, and provides strong support for the development and promotion of its products.

Conclusion

Market research is an important basis for strategic decision-making and marketing planning, and it is also an important means for enterprises to improve their competitiveness and innovation ability. However, the nature and value of market research is often misunderstood and ignored. Based on the practical experience of Shangpu Consulting, this article reveals four major misunderstandings of market research companies, namely: market research is a one-time project, not a continuous process; think that market research is to prove one's own ideas, not to discover the truth of the market; think that market research is to collect data, not to provide insight; think that market research is a beautiful decoration, not an effective investment. By analyzing the causes and hazards of these misunderstandings, this paper puts forward some suggestions on how to correctly view and use market research, and shows the real value and function of market research in the light of the specific cases provided by Champ Consulting for customers.

Market research is not only a science, but also an art, which requires professional knowledge, skills and experience, as well as creative thinking, methods and attitudes. As a professional market research company, Shangpu Consulting has rich market research experience and cases, and provides high-quality market research services for customers in all walks of life. The market research team of Shangpu Consulting can not only collect and analyze market information, but also provide and implement market solutions to help customers achieve market success. The market research service of Shangpu Consulting is not only an effective investment, but also a valuable cooperation.