How to beat Analysis Paralysis

Feb 28, 2009 Market research

When trying to formulate a marketing plan, market research is a crucial step in identifying your target market and how and when you should speak to them. Unfortunately, when completing this research, there seems to be an infinite amount of information that you need to know, and it can seem daunting, and while you may want to take the time to gather as much information as possible before launching your campaign, you really should watch out.

This is because, if you take too much time obsessing over your market research for your niche, it can markedly delay your marketing efforts. This habit of over-thinking and obsessing over market research is referred to as “analysis paralysis.” The reason many fall victim to analysis paralysis, is because of their fear of failure.

When you start devoting a lot of time confirming market segmentation, product positioning, objectives, and then both primary and secondary targets, if you don’t act within a reasonable time, it can bring your marketing efforts to a standstill. While conducting market research is a critical part of the internet marketing process, one must be careful not to over-analyze and lose track of his original objectives.

In order to best avoid analysis paralysis, when starting a new niche, start with something small, and then adjust or tweak it if the chosen niche doesn’t’ work out perfectly. To cure analysis paralysis, the answer is simple: do something. Take some of the data gathered from the research already completed, and implement it. However, while it is important not to over-analyze and obsess over your market research, I’m also not advocating that you stop collecting it.

The important lesson to be learned is to make your market research help you achieve your goals, not to let the research determine what those goals will be. Also keep in mind that not all the research you do will be useful to your business.

An excellent strategy to conduct research includes acting, then revising your research, then acting upon it again, etc. This way you can minimize the panic and inertia that comes along with analysis paralysis.

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Tags: Internet marketing, Market research, Target market