Market research is an important means for enterprises to understand market demand, competitive situation, consumer behavior, product advantages and so on, and is an important basis for enterprises to formulate strategies and decisions. However, many companies will fall into some common misunderstandings when conducting market research, which will greatly reduce the effect of market research, and even cause wrong judgments and decisions. As a professional market research and consulting organization, Shangpu Consulting Group has many years of market research experience and rich industry cases. From a professional point of view, it analyzes the three major misunderstandings of enterprise market research, namely:

Myth 1: Over-reliance on data, ignoring insights

Data is the basis of market research, but data is not the truth. Many companies rely too much on data when conducting market research, thinking that data is objective facts that can reflect the true situation of the market. However, the data is often one-sided, limited, and even wrong. Without in-depth analysis and interpretation, effective insight and enlightenment cannot be obtained. For example, when an automobile company conducts market research, it finds that the sales volume of its products in a certain market segment is far lower than that of benchmark enterprises, so it thinks that its products are not competitive in this market segment and need to be improved or abandoned. However, if we deeply analyze the consumer characteristics, purchase motivation and usage scenarios of this market segment, we will find that the consumers in this market segment are not their target customers, and their needs and values do not match their products. Therefore, low sales volume does not mean that the products are not good, but the market positioning is not accurate. Therefore, when conducting market research, enterprises should not only look at the data, but also look at the story behind the data, and dig out valuable insights from the data in order to guide the correct strategy and decision-making.

Myth 2: Lack of objectivity, influenced by bias

Objectivity is the principle of market research, but many companies will be affected by their own or others' biases when conducting market research, which will cause the results of market research to be distorted or invalid. These biases may come from the company's own cognition, emotion, experience, interests, etc., or from the objects, methods, processes, and environment of market research. For example, when a clothing company conducts market research, it finds that its products are very popular among consumers of a certain age group, so it believes that consumers of this age group are their core customers and need to focus on development and maintenance. However, if we objectively analyze the purchasing power, loyalty, word-of-mouth and other aspects of consumers in this age group, we will find that consumers in this age group are not their core customers, their purchasing power is low, their loyalty is low, and their word-of-mouth is poor, but their own marginal customers, which need proper attention and satisfaction. Therefore, enterprises should not be influenced by their own or others' prejudices when conducting market research. They should maintain objective attitudes and methods in order to obtain real and effective market research results.

Myth 3: Ignore market changes and lack of dynamic tracking

Markets are changing and market research is dynamic. When conducting market research, many companies will ignore market changes and think that market research is a one-time activity. As long as they do a market survey, they can grasp the laws and trends of the market. However, the market is constantly changing, affected by a variety of internal and external factors, market demand, competition, environment and other aspects will change, if not timely tracking and updating the results of market research, it will lead to the failure of market research or outdated. For example, when a catering company conducts market research, it finds that its products are very popular among consumers in a certain season, so it thinks that this season is its peak season and needs to increase investment and promotion. However, if the results of the market survey are not tracked and updated in time, it will be found that the preferences and behaviors of consumers in this season have changed. Their demand and evaluation of their products have been reduced, but they are more interested in other products. Therefore, this season is not their peak season, but their off-season. Therefore, enterprises in the market research, can not ignore the changes in the market, to carry out dynamic tracking and updating, in order to maintain the effectiveness and timeliness of market research.

Conclusion

Market research is an important basis for enterprises to formulate strategies and decisions, but when conducting market research, enterprises should avoid falling into common misunderstandings and improve the quality and effectiveness of market research. From the professional point of view of Shangpu Consulting Group, this paper analyzes the three major misunderstandings of enterprise market research, namely: over-reliance on data, ignoring insight, lack of objectivity, affected by bias, ignoring market changes, lack of dynamic tracking. This paper also puts forward corresponding solutions and suggestions to help enterprises avoid these misunderstandings and improve the quality and effect of market research. Specifically, when conducting market research, companies should:

Don't just look at the data, but also look at the story behind the data, mining valuable insights from the data to guide the right strategy and decision-making.

Don't be influenced by your own or others' prejudices, maintain an objective attitude and methods, and get real and effective market research results.

Do not ignore the changes in the market, to carry out dynamic tracking and updating, to maintain the effectiveness and timeliness of market research.