Market research is vital to the survival of a business. Fortunately, it doesn’t have to break the bank and likely you are already conducting it without knowing you are. Here are some easy market research methods that won’t break the bank though for many of them I do recommend bringing in a marketer or coach to run them for you. If you do it yourself beware of Confirmation Bias (you really need to look this up) as it can be very costly and make your hard work useless or even damaging to your business. Here are 6 ways to conduct some easy market research.
See what your customers are already saying. This is an easy way to see what is being said in the open market about your product or service. Use reputable sites to get a feel for the mood around your brand but go with an open mind, reviews can be harsh.
ASK CUSTOMERS FOR FEEDBACK
Just ask. Find some loyal customers and some new customers and ask them directly what you are doing well and what you can work on. Use that feedback to ask better questions next time as well.
FORM YOUR OWN FOCUS GROUP
Focus groups can give you great insight especially into new possible product launches or new services you want to offer. Be careful they don’t turn into echo chambers as that can be costly and of no use to you.
SURVEY YOUR CONTACTS
Talk to people you know but not necessarily do business with. They can be a great outside eye for your business. Networking groups and alumni groups are perfect for getting a second opinion.
There are sites where you can get random strangers to weigh in on your product or service. If you don’t want to spend the money on guaranteed responses you can always go it alone using social media or just stand on a busy corner working the crowd with surveys.
Many platforms allow polls and you can boost many posts to reach outside your typical audience. You can also just do keyword searches to see what people are complaining about related to the industry you work in. It’s a treasure trove of data to be found.