How To Do Market Research For Your Small Business?
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Do you really need to conduct market research for your business?
After all, you already have so much to do between handling your admin and bookkeeping, managing your staff and suppliers, dealing with customer service issues, and promoting your services!
We’re going to answer this question with another question: how would you like it if you could read your customers’ minds and know exactly what they need?
That’s precisely what market research can help you achieve and should form part of your marketing plan.
Now, as a small business owner, you probably don’t have a huge budget to allocate to your market research.
That's why we’ve listed three free or inexpensive ways to conduct market research that can still yield fantastic results and give you precious insights into your target market’s needs, which is essential for any business owner to include in their business plan.
Market Research For Small Business Owners - Complete Guide
Analyse Your Competition
Analysing your competition is one of the most important steps in the market research process. The more insights you can get about what your competition is doing, the better equipped you’ll be to outperform your competitors.
Along with monitoring your competitors' social media accounts, blog sections, and anything else they might publish online, you should also read their online reviews. While it can be time-consuming, it's a fantastic way to gain insights into your target market’s needs and what level of service they expect from businesses in your niche.
Ask Feedback from Your Loyal Customers
If you want to know what’s working, what’s not working, and what else you could be doing, why not go straight to the source and ask your loyal customers? With social media and online survey tools such as SurveyMonkey, it’s now easier than ever to connect with your customers and ask for their feedback.
Not only will this allow you to gather valuable information to fine-tune your strategy, but your customers will also appreciate your asking for their opinion! You can also take this as an opportunity to grow your business reviews and help authenticate and instil trust in your business.
Scour Popular Forums
High-traffic forums such as Quora or Reddit can be a treasure trove for your small business.
Setting up a profile on Quora is a fantastic way for you to gather insights about your target audience. Not only can you see what people are searching for and read all the comments regarding a specific topic, but you can also get notified when a question around a topic of interest gets asked. This way, you can easily monitor what people are saying about products or services like yours.
Reddit is a social news and discussion website featuring thousands of communities discussing almost any topic. And as the eighth most visited website in the world, it’s a no-brainer when it comes to monitoring insightful conversations and collecting precious information about your target market’s needs.
Protecting Your Small Business
Along with market research, there’s another step busy business owners often skip; researching the best business insurance to protect their company and financial assets.
We get it; you’re extremely busy and don’t necessarily have the time to look for the perfect insurance policy.
That’s why we’ve created our free instant quote generator, where you can get an estimate on market-leading insurance in seconds.
Simply enter your occupation and expected revenue to get started.