10 challenges that market research companies face

10 Challenges That Market Research Companies Face

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Market research companies tussle with numerous challenges. These can be related to methods, clients, results, technologies, differentiation, quality, internal skills, old and new methods and communication.

Market Research

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Challenges Eminenture.com

1. Methods

• Messy and clumsy data.• Low response rate of research resources.• Juggling with the utility of tools.• Privacy and security create hurdle.

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2. Clients

• Client’s expectation of quick research.• Low budget for thorough research.• Seduction of high-tech solutions.• Quick changes in their desire.• Wrong analysis by client himself.

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3. Results

• Lacking executable insights.• Missing deadlines of delivering the report.• Hollow promises and low-quality work frame.

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4. IT Technologies

• Ignorant of IT tricks for data handling.• Clunky result via mobile technologies.• No real-time information. • Puzzling social media.

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5. How To Differ

• Tougher to demonstrate unique value.• Tougher to serve lesser known data.• Tough to meet relevancy.• Avoiding commoditization.

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6. Take Care Of Quality

• Representation of samples is tough.• Respondents are incorrect and dubious.• Quantum of errors is unmentioned.• Shoddy data gotten at cheaper price.

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7. Employed Internal Talent

• Lacking experience and expertise.• No critical thinking.• Emphasizing quantity rather than quality.• Client devalues market research.

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8. Tussle Between Old And New

• Juggling between tradition and innovation.• Traditional methods fulfill no need.• Innovative methods are puzzling.

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9. Big Companies Versus Small Ones

• Biggies can afford fat funds.• Quality is beaten when lacking funds. • Speedy research is what both wants.• Speedy research can mar quality.

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10. Communication Problem

• How to conclude customers’ behavior.• How to utilize it. • How to keep it unbiased and authentic.• Lacking customers’ engagement.

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