23 Mar 2020
In this modern era, mankind has been hearing only one thing—the world is driven by data. And this is true in every sense. But every coin has two sides. While factual and real data will help you flourish your business and market share, misleading data and misinformation might lead things to go south.
When you make a decision on misleading data and statistics, it is certain that you will have to pay the price for it sooner or later. Hence, before making a move, you need to conduct a thorough research on the statistics. Here are some impacts of misleading data on market share.
Effects Of Misleading Data On Business
Most of the times, misleading data has an impact on businesses. When a business generates a fake statement, then normally, that business does not see that this move will have a boomerang effect and end up being harmful. In fact, deceptive and misleading data can be fatal to those firms that employ deceptive means for marketing.
Your customer does not take “being lied to” lightly. Once the users find out that the business has been misleading them, they will hit back on you. For beginners, you should not expect them to be fooled for the same deception twice. They might also become irritated once they realize that you have fooled them; they will market false stories about your business, on social media or via word of mouth. When things hit south hard, the customer will possibly sue your business for damages, which might cause the firm to incur heavy penalties later on. As per the government rule, there are certain protocols that businesses must follow so that these firms do not mislead the users.
Effects Of Misleading Data On Customer
The effects of misleading data consumers are maybe the worst factor that can happen. The user ends up making unacquainted moves. If you do not tell your user base the truth, then they will make poor moves related to services and products.
Your users will end up wasting valuable time and money on something, which eventually, actually will not resolve their issues or meet their requirements. In the end, your users may use the service without knowing the off-putting effects that come with the product. Lastly, this will end up damaging your business and losing the customer. A hard hit like this for a business might end it forever.
How To Avoid Being Misled By Fake Data
There are certain things that you can do so that you can avoid being duped. For starters, you can perform a market research on your end and verify if the data is factual or misleading. In addition to this, always look for a source of the information. If the source is renowned and has a status in the market, you are free to move forward; else you know what to do.
Tying the loose ends here, there is only one thing that you must remember: Do not make any decision before you perform a thorough market research on your own.