“Traditional marketing research” experimental design, survey sampling, statistical analysis “you know, the way we used to test market whatever happened to that?” a prospect asked.
Plenty of companies still use that approach, I answered. Companies with large projects and big budgets.
The rest of us are using instant surveys, email marketing and web analytics as a low cost way to test market products, gain insight into prospects’ thinking and gather customer feedback.
The principles of traditional market research – selecting a representative sample and accurate statistical analysis, to name a few “still hold. But today’s small business (SMB) owner has lots of ways to perform “market research” on a shoestring and get meaningful results.
Market research tips:
Set goals: What do you want to know?
Are you researching which message resonates with your target market? Which offer drives customers to your business without breaking the bank?
Identify tools: Surveys, online advertising, email marketing, analytics
Many free / low cost tools can be used to gather and compile data.
Analyze the results: Using data to drive business decisions removes the guesswork and lets you measure the results.
What is your favorite way to do marketing research? How do you use it drive everyday business decisions?
