Marketing Research for Small Business
Marketing research should be an integral part of your marketing planning, whatever you are selling – ice cream, shoes, fishing tackle or burgers, it will pay you to know as much as possible about your target market.
Many small business owners think they cannot afford to carry out marketing research, they have heard that large companies spend thousands of dollars carrying out marketing research and assume they have to do the same. Many large companies do indeed spend thousands of their marketing dollars on research, they set up research teams, carry out large surveys, have focus group meetings, arrange for testing panels to be set up and conduct extensive qualitative research into their new product or service.
However for the smaller business there are ways to carry out marketing research and not spend a fortune doing it
1) you can survey your existing customers.
2) You can set up small focus groups
3) Research on line – search for reports, international trends and magazine articles about similar products or services
4) Check out what people are searching for on Google
5) Don’t rely on the opinions of your close friends and family often – their opinion will be swayed by your enthusiasm for your project.
Lastly but probably most effective, – use a Marketing Company – Here at Assist Marketing we have our own market research databases and research panels that we can draw on to help with market research for your product or service, find out how we can utilise this information in a managed marketing plan here
Whilst your results will give you an indication as to whether your product or service is likely to get market acceptance there are a couple of things you should remember about market research
a small sample of your potential customers might not be representative of the whole market.
people don’t always say what they truly believe in surveys.
your research might not take the latest trends into account.
the way your business acts in the market can change the outcome of your launch.
You cannot be certain a competing product or service will hit the market at the same time.