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Conducting Low-Cost Market Research Print E-mail

Market research may seem like a tool only available to those with large budgets, but anyone can conduct market research at little to no expense-it all depends on how you approach it.

Keeping your ears and eyes open does not cost a thing and the best companies observe, listen and ask questions of their customers on a routine basis.

Knowing When You Need Market Research

Knowing when you need market research is the first step to conducting low-cost market research effectively. For instance, if you’re considering launching a new product, expanding the market share for an existing product or looking for a new market for a product that has declined in market share.

Take Advantage of Existing Market Information

Remember that a lot of market information already exists. It’s just a matter of finding it.

Go online and look for any research you haven’t done already. Look into association web sites that are aligned with your industry. Check government websites, especially if you’re in the consumer industry. The government hosts a great deal of information about consumers and their spending habits and trends. While this research was not done for your business specifically and the answers may not be totally applicable to you, the information can give you a general idea.

Conduct a Questionnaire

For more specific information, consider an informal research method: put together a questionnaire and have your team ask customers, prospects, vendors and suppliers for their input.

When talking to customers, don’t just assume all is well. Ask them whether they’re pleased with your product or service, what they feel you do right and where they feel you can improve. Ask the same of your vendors and suppliers.

Pay Attention to What Your Competition is Doing

If you attend tradeshows, listen to people’s conversations and ask questions. It allows you to see what the competitors are doing. Use industry meetings and exhibitions to get a sense of what’s going on.

At these meetings, look for businesses in a comparable industry or market that would be willing to partner with you and share the expense of a more specific study. For example, if you provide landscape architecture services, you may want to partner with a nursery or a garden supplier who is not in direct competition with you. Then sit down and decide what kind of information you both want and hire somebody to do a study.

About Our Consulting Services

We are not your 'average' consulting firm. Far from it.

We are members of the Principa Alliance, an international network of business consultants and our goal is to help you build a stronger, more profitable business and enjoy a higher quality of life as a result.

When you work with us to improve your business you're gaining access to a global knowledgebase and a wealth of consulting experience that is so much more powerful than any one firm could offer.

By combining our knowledge of your business, the personal relationship we share with our clients and the consulting tools, support and networking power of the Principa Alliance, we can help you achieve more with your business than you imagined possible.

In short, we can, and will, do so much more for you than just 'keep the score.'

Contact us today to discuss how we can help you implement any of the topics described in this newsletter, and help you build a business that delivers on its promise.

DISCLAIMER

Information provided in this publication is intended as general information only and should be considered carefully for your own business situation before use. This firm and any associated companies accept no responsibility or any form of liability from reliance upon or use of its contents.
 
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Conducting Low-Cost Market Research
15 September 2010 21:04
article thumbnaiMarket research may seem like a tool only available to those with large budgets, but anyone can conduct market research at little to no expense-it all depends on how you approach it. Keeping your...
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