Market research is a brilliant tool for figuring out what people need and how to give it to them. But here’s the thing—just because someone says something in a survey or interview doesn’t mean you should take it as gospel truth.
Real insights come from interpreting the data and understanding the context, the nuance and the humanity in the responses, not just collecting it. If a combined total of over 100 years in market research has taught us anything, it's avoiding these mistakes!
Mistake One: Relying Too Much on Opinions
Everyone has an opinion, right? And people love sharing theirs when you ask. But here’s the catch: what people say they want and what they actually do don’t always match up. You might hear glowing feedback about an idea that, in reality, would flop. It's so common it even has a whole host of names - the say-do gap, the intention vs action difference, stated preference gap. They don't mean to lie to you, humans can't help but spin a yarn, littered with their own bias, erceptions, mistruths and interpretations...we are only human.
Better approach: Treat opinions as a starting point, not the finish line. If someone tells you they love the idea of a new feature, flavour or service, dig deeper—what do their actions say? Look for patterns in real behaviour to back up those opinions before making any big moves, changes or spends.
Mistake Two: Asking People What They Want
Ever heard the famous Henry Ford quote? “If I had asked people what they wanted, they would have said faster horses.” That pretty much sums up why asking people what they want doesn’t always help. Customers are great at identifying their problems, but coming up with solutions? Not so much.
Better approach: Focus on what people are doing now and where they’re struggling. If you know what’s tripping them up, you can create something they didn’t even realise they needed.
Mistake Three: Talking to People at the Wrong Time
Timing is everything, especially in research. Talking to someone long after they’ve made a decision often means you’ll get fuzzy details or hindsight bias creeping into their answers. It has been proven that relying on recal past just a few weeks or months - dependingg on the subject - is less than satisfactory when making expensive strategic decisions. A major pitfall of many member or customer satisfaction surveys.
Better approach: Reach out when the experience is fresh. Whether it’s someone who just bought from you, bought from a competitor, or is actively shopping around, you’ll get sharper, more accurate insights by catching them in the moment.
Mistake Four: Talking to the Wrong People
Not everyone who fits your ideal customer profile (ICP) can give you the insights you need. Just because someone looks like your target audience on paper doesn’t mean they’re the right person to ask. The classic Prince Charles and Ozzy Osbourne comparisons - two old guys, living in stately homes with wife and kids...one thing is not like the other.
Better approach: Make sure you’re talking to actual buyers or potential buyers who are serious about solving the problem you address. They’re the ones who can give you the most useful feedback.
Mistake Five: Asking About Future Behavior
Humans are pretty terrible at predicting their future actions. Ask someone, “Would you use this?” or “How much would you pay?” and you’ll probably get an answer—but not one you should rely on.
Better approach: Stick to what people have already done. Ask about their past behaviour, especially recent actions. This gives you much more reliable data because it’s based on real experiences, not guesswork.
Wrapping It Up: The Secret Sauce of Great Market Research
Good market research isn’t just about asking questions—it’s about asking the right questions at the right time and knowing how to read between the lines. Don’t just listen to what people say; watch what they do, investigate what they have done and dig into why they say they will do what they said they would. When you interpret the data thoughtfully, you’ll find those golden insights that can truly drive your business forward. This is why great insights are as much an art as they are a science.
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