Why Do Entrepreneurs Struggle With Market Research?

Market research may seem to be a daunting activity for the untrained entrepreneur. Although entrepreneurs acknowledge the importance of market research, they may struggle with conducting market research for several reasons:

Lack of knowledge or experience

Many entrepreneurs are experts in their field or have a specific skill set related to their product or service, but they may not have the necessary knowledge or experience in market research techniques. They might not know how to gather and analyze relevant data or conduct customer surveys effectively.

Limited resources

Conducting thorough market research often requires time, money, and manpower. Small businesses and startups, in particular, may have limited resources and may struggle to allocate sufficient funds or personnel to conduct comprehensive market research.

How we help: One of our core objectives is to make quality market insights available to all entrepreneurs. Our ASPIRE package caters to aspiring entrepreneurs with a limited budget while our BUILD package caters to early-stage to high-growth enterprises. Each project is tailored to our client’s research budget and payment plans are available. Visit our website to find out more 

Unclear objectives

Without clearly defined research objectives, entrepreneurs may find it challenging to know what specific information they need to gather or which target audience to focus on. Lack of clarity on goals can lead to collecting irrelevant or insufficient data.

How we help: Before we start a research project, we meet with our clients to discuss their research objectives. During these meetings, we ask probing questions to ensure we know exactly what is required of us.

Bias or assumptions

Entrepreneurs may have preconceived notions or biases about their product or target market. This can lead to a selective interpretation of data or overlooking critical insights that challenge their assumptions. Such bias can hinder their ability to conduct objective market research.

Difficulty reaching the target audience

Identifying and reaching the right target audience for market research can be challenging. Entrepreneurs may struggle to access potential customers or gather representative data due to limited networks, inadequate marketing channels, or low response rates to surveys or interviews.

How we help: We have our own in-house consumer panel and research assistants to ensure the right audience answers all your questions. 

Time constraints

Entrepreneurs are often juggling multiple responsibilities and tasks, such as product development, fundraising, and day-to-day operations. Allocating sufficient time for market research can be difficult, leading to rushed or incomplete research efforts.

How we help: By using our research services, you can focus on your core business while we do all the research tasks for the duration of the project. Furthermore, our public market research reports covering the fintech, restaurant, fashion, tourism, edtech, and retailtech industries are readily available to purchase.

Lack of actionable insights

Even when entrepreneurs manage to conduct market research, they may struggle to derive actionable insights from the data they collect. Translating research findings into meaningful strategies and decision-making can be a complex process, requiring analytical skills and business acumen.

How we help: We ensure our data translates to actionable insights using our Actionable Insights Framework to ensure you know exactly how to use the insights to formulate clear strategies for your business. Depending on the service, we achieve these through consultations and brainstorming workshops with your leadership team and key stakeholders.

Do you need tailored market research solutions? Feel free to book a no-cost discovery call to find out how our solutions can add value to your entrepreneurial journey here