The Dangers of DIY Market Research: Why You Need Market Research Consultants

Is DIY research risk free? What are the benefits of hiring market research consultants?

Are you thinking of conducting your own market research? While the idea may seem cost-effective and efficient, it's important to understand the potential risks involved. DIY market research can lead to biased data, inaccurate insights, and ultimately poor business decisions. That's why hiring a market research consultant is crucial for ensuring reliable results and informed decision-making.

In this blog post, we'll explore the dangers of DIY market research and explain how a survey consultant can help you avoid them.

Introduction: What is DIY Market Research?

There are many free or low cost online survey tools and survey platforms available which allow users to create online surveys, and potentially to survey consumer audiences. Tools like Survey Monkey are popular tools because they are relatively low cost and offer the prospect of creating online surveys without using market research consultants. Survey tools, when used correctly are useful and can help reduce the cost of market research; the difficulty is knowing how to design and implement survey design is not as easy as it sounds.

If you're thinking about conducting your own market research, you should know that there are many potential disadvantages associated with do-it-yourself (DIY) market research. One of the most significant dangers is that you may not get accurate results. This is because conducting market research requires a great deal of experience and knowledge about question and survey design. The tools available are only as good as the person creating the survey questions. Without a background knowledge in market research survey design, it's easy to make mistakes that can lead to inaccurate results.

Another danger of DIY market research is that it can be very time-consuming. Conducting market research takes a lot of planning and preparation. If you're not experienced in doing this type of work, it can take much longer than expected to get the results you need.

Finally, another danger of DIY market research is that it can be expensive. If you don't have the right tools or resources, you may end up spending more money than necessary. This is why it's important to partner with a survey consultant who can provide you with the expert help you need to avoid these dangers and get accurate results.

The Dangers of DIY Market Research

When you're running a business, it's important to understand your target market. Who are your potential customers? What do they want? How much are they willing to spend?

Unfortunately, many businesses make the mistake of trying to answer these questions themselves. They conduct their own market research, often using free or low cost online survey tools. While there's nothing wrong with using survey tools to gather data when used correctly, there are some dangers you should be aware of.

First, it can be difficult to create an effective survey. You need to ask the right questions in order to get useful information. If you don't know what you're doing, you could end up with a biased or incomplete dataset.

Second, even if your survey is well-designed, there's no guarantee that people will actually respond to it. Getting a good response rate is tricky, and if you don't have enough responses, your data will be worthless.

Finally, analyzing survey data can be complicated. You need to know how to properly interpret the results in order to make accurate decisions about your business. If you're not an expert in data analysis, you could easily make mistakes that could cost you dearly.

For all these reasons, it's best to leave market research to the professionals. A market research consultancy company can help you design an effective survey, boost your response rate, target respondents via an online survey panel, and ensure that your data is properly analyzed. In the long run, it's worth spending the money on a research consultant rather than risk making costly mistakes yourself.

Poorly Constructed Surveys

One of the dangers of DIY market research is poorly constructed surveys. Many people who try to do their own market research don't have the training or experience necessary to construct a good survey. This can lead to a number of problems, including:

  • Biased or inaccurate results
  • Invalidated conclusions
  • Wasted time and resources

A well-constructed survey is essential for accurate market research. If you're not sure how to construct a valid and reliable survey, it's best to consult with a professional survey consultant.

Inaccurate or Unreliable Data

When it comes to market research, accuracy and reliability are key. Unfortunately, DIY market research can often lead to inaccurate or unreliable data. This is because people conducting DIY market research may not have the necessary skills or knowledge to accurately collect and interpret data. Additionally, they may not be aware of potential sources of bias that can distort results.

As a result, businesses that rely on DIY market research may make decisions based on inaccurate or unreliable information. This can lead to poor marketing decisions, wasted money, and lost opportunities.

To avoid these problems, businesses should consider working with a survey consultant. Survey consultants are experienced professionals who can help ensure that data is collected and interpreted accurately. They can also help identify potential sources of bias and design surveys that minimize these biases. By working with a survey consultant, businesses can be confident that they are making decisions based on accurate and reliable information.

Inflexible or Limited Online Survey Platforms

If you're not careful, DIY market research can lead to inflexible or limited survey platforms. This is because many online survey tools are designed for general use, not specific market research applications. As a result, they may lack the features and functionality that you need to get the most out of your surveys. For example, limitations with types of question type avaialble.

This can limit your ability to collect accurate and actionable data, which can ultimately impact your bottom line. To avoid these pitfalls, it's important to work with a survey consultant who can help you select the right platform for your needs. SurveyGoo have built an in-house survey tool for designing questions, reaching panel audiences and reporting of data.

Benefits of Working with a Market Research Consultancy

There are many benefits of working with a market research consultancy when conducting market research. Perhaps the most obvious benefit is that you will have access to expert knowledge and guidance throughout the process. A market research consultant can help you design your study, choose the most appropriate methods and tools, collect survey responses (sometimes in difficult to reach audience demographics) and analyze your data in a clear format. They can also drill down into the data set to explore issues and investigate the data set.

Another key benefit of working with a survey consultant is that it can save you time and money. Conducting market research can be a time-consuming and expensive endeavor, but a survey consultant can help streamline the process and find cost-effective solutions. In addition, a survey consultant can provide valuable insights and recommendations that you may not be able to obtain on your own.

Finally, working with a survey consultant can give you peace of mind knowing that your market research is in good hands. When done correctly, market research can be an invaluable asset to your business; but if done improperly, it can waste time and resources. A market research survey consultant has the experience of working in specific sectors and technical research expertise necessary to ensure that your market research is conducted effectively and efficiently.

How to Choose the Right Market Research Consultancy Service

There are a few key things to consider when choosing a market research consultancy:

  1. Do they have experience in your industry? This is important because they will be familiar with the jargon and specific issues that are relevant to your industry.
  2. What is their approach to market research? Make sure that their methods align with your goals. For example, if you want to conduct a customer satisfaction survey, you'll want to make sure the consultant uses reliable questionnaires and has a good track record of conducting similar surveys.
  3. Do they have a good understanding of statistics? This is important because they will be able to analyze the data and draw conclusions from it.
  4. Are they easy to communicate with? This is important because you will be working closely with the consultant and need to be able to communicate effectively.
  5. Do they have a good reputation? Ask around and see if other companies have had positive experiences working with the consultant.

By considering these factors, you can narrow down your options and choose the right survey consultant for your needs.

Conclusion: DIY Research vs Professional Market Research and Survey Consultancy

DIY market research has the promise of lower cost, convenient market research when used correctly. But it is also important to acknowledge, doing your own surveys is not for everyone. In fact, it can have risks and ultimately be costly. Rather than risk wasting time and money, it is often better to seek out an experienced market research consultant who can provide tailored, bespoke services to gather accurate data and reliable insights. SurveyGoo have developed a number of in-house survey tools and use third party applications to conduct polls and report data; we also have more than 10 years of experience using these tools to save our clients time and money.

 Neil Cary

Lead contact for survey design, project management and data reporting.