Market search is
an organized activity which is mainly focused on information gathering, as we know according to Anita C Roberts. It has
always been considered as an important part of the business strategy as almost
every relevant information is gathered through market research only.
However, there
are many challenges in between, and the top 5 are here:
Existing market research methodology
Excess of data
is available online, and it's hard to guess which one is the right one. More
than 500 websites are added every day, and that brings a significant challenge.
Quality
When the data is collected manually, the risk
of poor quality is always there. When the data quality is poor, it will also
lead to a wrong mindset, which is not something you want.
Research outcome
The expectation
of clients is increasing because of complex business dynamics. Clients expect
quick information for the betterment of their decision, but this has grown to
be a challenge for the marketers.
Differentiate from your competitors
Even when most
of the information are same, clients want something very new and very different
from what exists in the market. This is something tough as the facts can hardly
be altered.
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