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How To Do Market Research For Small Business

How To Do Market Research For Small Business

Are you planning to launch your small business? Even if you have brilliant business ideas you need to do some research or focus on understanding customers and competitors. Hiring marketing firm for such research can be expensive especially when your business is just a start up. Market research for small business is very important as you get to learn whether the product is making profit in the market or not. You can change its packaging or add services as per customer’s need. You need to target the demographic according to the nature of your business. For an effective business launch, relying on public data is not fruitful. This article will guide you to so some extensive market research for your small business.

  • Using Social media: Social Media sites can be of great help. Face book Youtube Twitter and henceforth can be a great platform for your business. You can discuss and share your products and look for customer opinions. The interaction with customers will give you an instant feedback (negative/positive) about your product or services. Do mention them to leave testimonials. Youtube is getting popular day by day among users for their informative videos. You can use this platform for your business. Make interesting videos with strong keywords and description for audience to view. You can also request your audience to subscribe your channel (brand) for future updates and leave comments about the products or brand. Youtube can be a great way to conduct research.
  • Research on your own: Look for companies offering similar product – or look for your competitors. Analyze and target your audience .Study their whereabouts and see what works out for you. Look for events to participate and donate your product for advertisement. Make sure you have your target audience present in the event.
  • Google Keyword Search Tool: Google Keyword Tool can help you in your market research. It is free to use and offers an excellent source of Information. When you type in the keyword that are close to your business, Google keyword tool will provide you with information on how many people have searched for the particular keyword in each month.
  • Conduct Online/traditional surveys: Surveys are excellent for research. Look for your target audience and with discount coupons as offer place ads on your websites and conduct surveys. You can target college students who might be willing to take traditional surveys at small price. You can set up online free survey at Survey monkey and email your target audience. Social Media platform like Facebook and LinkedIn offers polling options. The only disadvantage of online surveys are it can be time consuming.
  • Look for records: This is useful in offline market research. You can buy data on sales record from various stores and get information like what customers prefer to buy more, at what time of year the sale increase and henceforth. This marketing strategy will curb your sales volume and also plan out your advertisements.

Many a times entrepreneur who fails in their business setup, starts off with their blame game. Lack of funds and poor team selection gets on their blaming list. But the leading reason for failure is inadequate market research. With hasty decision many business owner do not check for the research accuracy. They rely on instinct and start their business. Only after they have spent time and money they learn about their insufficient planning which by the time gets too late. Lastly marketing is about making your customer aware of the newly launch and building their trust for your business to flourish in course of time.

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