External data may not be in a format that is easy to use. It may have been collected for other purposes or selected from a range that does not match your target market. Take care to avoid the pitfalls of inaccurate and misinterpreted data when using secondary market research.
Inaccurate information
Beware of outdated market information. It can be misleading because the market may have changed significantly since the data was published . It is especially difficult to determine how cell phone number list recent any information published online is. Some information online may be unreliable or biased. Always check the sources of information and their authority. Focus on official data and research papers in peer-reviewed economics journals.
Misinterpreted information
Remember that sometimes statistics can be misleading and mask the true picture. For example, the “average” income of the population in your area may hide a high proportion of low-income people. This means that far fewer people than it seems will actually be able to afford your product. We wrote about how statistics are used to change meanings in a separate large article “ How to strengthen advertising text with statistics? ” We recommend reading it.
The same principle of checking for correct interpretation of data applies to your own sales records. One or two large customers may have distorted the picture.
Biased research
It’s important not to pre-prepare reports. This sounds obvious, you might say, but when it comes to the research itself, it’s easy to find market information that simply confirms what you already believe. The human brain is wired to look for confirmation and coincidence, which is why it’s so hard for us to be unbiased even when it’s critical to our performance. Remember, only a realistic picture of your customers’ attitudes and the state of the market will be useful to your business.
