For most market research companies, the task of knowing its market and making the market understand their business or company is the biggest challenge. With constantly changing consumer preferences with the ever changing business and market scenario, increased competition and rapid technological changes along with the demands of the business make it compulsory for market research companies to stay on guard all the time.
Remaining vigilant about the constantly changing market conditions along with taking necessary changes needed to take critical decisions and oversea business affairs is a must for international market research companies.
Difficulties in use social media for the purpose of data collection:
Having thorough information about the market conditions helps in drafting the best strategies to enter the market, amidst the existing challenges. Most international market research companies find it difficult to make a mark in the industry along with reaching out to consumers. They also face difficulties in adapting to the latest technologies and make their mark in the virtual world. The traditional methods of marketing such as newspaper, television and radio are replaced by latest and cost efficient marketing tools encouraging a two-way medium of communication. Smartphones and other social media platforms have made it possible for market research companies to contact many people at once. An untrained staff given the responsibility to carry out the interpretation of data, collection of data and systematically jotting down data has become a big hurdle for international market research companies.
Lower rate of response:
Technology has helped in carrying out a larger number of surveys, however market research companies are worried due to the lower rate of active participation, leading to lower rates of responses. The consumers might have many things to say and criticize about a product or service, unfortunately they do not have the time or interest to take part in so many surveys and hence they shy away from participating in the same. The results in carrying out the sample surveys are of only a select few who were eager enough to participate in the surveys, without the real opinion of a large number of participants. Technology when used for all these benefits are good, but can harm the company due to the excess cost.
Problems faced in handling security and privacy:
Most market research companies find it difficult to secure data due to stricter governmental policies and regulations on account of privacy. Consumers and participants have become increasingly aware and sceptical of where their opinions will be publishes of put to use, hence they have become secretive and do not trust market research companies, irrespective of its reputation in the market. The consumers refuse to answer questions, interviews and hide their real feelings and opinions.
Engaging with multiple data sources:
In today’s scenario, gaining the information is lesser a problem than knowing what to do with the information. Market researchers need to be adept with the skills and confidence to approach this new data-rich environment and utilize the traditional methodologies, while learning how to deploy the new ones.