Small business owners or those who are marketing small businesses may think that “market research” is an activity too expensive for us. We think of big firms putting together a panel and probing their wants, needs and preferences from behind a one-way mirror. It is true that traditional scientific surveys conducted by a third party may be expensive.
Does that mean we can’t conduct market research? No!
Our market research, by necessity, will be much closer to the source. We need to ask our customers what they need, what is important to them, what are their “pain points.”
If you realize that a good, focused conversation with your current client is 100% actionable market research you may improve your offerings (products or services) as well as customer satisfaction.