|
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 is the first
step to conducting low-cost market research effectively. If you are
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.
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. Additionally, 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 you and the answers may not be totally applicable to you, the
information can give you a general idea.
For more specific information, consider an
informal research method. Put together a questionnaire and have your
employees ask customers, prospects, vendors and suppliers. When talking to
customers, do not assume all is well. Be sure to ask whether customers are
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.
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.
|
