Conducting Market Research…
Contributed by Sabina Stoiciu – PR Specialist
First of all, I’d say conducting market research is something mandatory for any small business that wants to thrive, and even survive in a competitive environment. Second, the research has to be conducted constantly and on a strategic, planned basis. Moreover, the budget allotted to market research can be a sensitive matter, as small businesses often have limited budgets. Thus, professionals can decide upon tools and strategies they use for market research, based on the available budget.
Furthermore, these are my practical tips and tools for conducting market research:
- One way of finding valuable information about your customers, their perception of your product/company image, and your competitors is by manually looking for this data on social networks, communities, blogs and any other relevant site.
- Statistical data coming from official sources like the United States Census or FedStats can represent a good source for market data
- Google search is one of the most simple tools to use for market research. Additionally, Google tools like Analytics, Keyword Planner can be good sources for research.
- Online surveys like the ones you can build with 123ContactForm can help you gather a lot of feedback and data. Important thing to keep in mind, though, is to limit the survey to a decent number of questions, in order to increase its response rate. Plus, the survey should be shared using different channels, to reach a high number of people.
- Dialogue (offline or online) with customers, potential clients and other stakeholders can provide helpful information. Communication is one of the best ways to gather feedback and data for your business.