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Strategic Planning and Management Insights

4 Ways To Do Your Own Market Research

[fa icon="calendar"] September 23 / by Anthony Taylor

Market research isn’t something you just do on a one time basis when developing your business plan. It is an ongoing activity that needs to be part of your business development as the market may change over time. Don’t be that business owner who believes they can develop or market a product that everyone will want. You’ll end up wasting money by not targeting the right customer for your product or service.

Market research involves analyzing your market and targeting a specific consumer profile that will spend money on your product or service. It requires gathering primary and/or secondary information that will help you make business decisions. If hiring a marketing research company is outside of your budget at the moment, it’s still possible to gather valuable information with your own resources.
Here are 4 ways to do your own market research that will help you grow your business into a success:

1. Survey
A survey is a great tool for gaining primary data about your current and/or potential customers. You can gather research about your target market by asking questions regarding their purchasing behaviors. You can measure customer awareness and gather product feedback that will help you make appropriate business decisions. A service you can use for creating a survey for market research is Survey Monkey. They provide many free templates that will help you develop a perfect survey!

2. Get A Booth
Another way to gather primary data is to go outside and find your target market. Don’t worry – it’s not as complicated as it sounds! If there is a community event or conference that will gain a lot of traffic and allows for booking a vendor booth, consider this as an opportunity to meet your target market. You can learn more about your target market through one-on-one conversations. Keep in mind, its important do some prior research on the event to avoid wasting money. Make sure the audience attending the events meets your target profile before booking any vendor space.

3. Focus Group
This is another great tool for gathering primary information on your target market. Focus groups allow you to gain valuable insight about your company or product from your target market in a face to face manner. You can conduct your own focus group easily by selecting an appropriate location and gathering participants online.

4. Analyze Data Online
As we all know, the internet allows for amazing things – so take advantage of it! It’s definitely possible to find valuable secondary data on your target market just by searching online. You can read customer blogs to see what they think about your product or a competitor’s product. If you have a website, you can use Google Analytics to find out where your visitors are coming from and how long they are staying on your site. You can also do a keyword search that allows you to see what people would use to search for your type of product or service. This will help you see how much interest there is in your product and determine how many competitors you have.

About Route One Research:
Route One Research & Marketing Services is a small business that puts their customers first. With their passion for marketing and their customers, they are committed to deliver results that will help every client succeed.

Topics: Business management, Business strategy, business planning, Research

Anthony Taylor

Written by Anthony Taylor

Anthony Taylor is thought leader on strategy and leadership. He's a published author on the subject of entrepreneurship and strategy, Anthony can be found doing keynotes in both French and English. You can connect with him on Twitter @anthonyctaylor and have him work with your team on your strategy and organizational development.

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