Market research and your business
Updated: Feb 7, 2018
I was participating in a lively online debate the other day about the role of market research, particularly primary research, in small businesses.
The consensus was that everyone knew they should be doing it, but more often than not, they weren’t. (Not unless you count asking Dave in the pub his opinion on your latest brainwave…)
I found that a bit odd.
Why would you not want to understand your customers better? Why would you not want to save money? Why would you not want to save time?
There are so many other reasons why primary research is useful to small businesses. More often than not, you might research the market when starting out, but it’s just as important when you are moving into new customer markets or launching new products or services. And equally, I’d suggest regular primary research is essential to keep you in the loop of what your customers think of you, what value they place on your product or service and what they think you might be able to do better or differently.
Sadly, I think I was in the minority when it came to the online discussion on this subject. Most people were happy to just ask Dave.
But how is Dave representative of your customer or potential customer base? If you have a Facebook or LinkedIn page and a minute spare, how much more effective would it be to ask your online community for feedback? If you have a survey account and 15 minutes spare, how easy would it be to write a short, sharp, focused survey, possibly with a discount for your business or other incentive, and get some insightful, reliable responses to help shape the direction of your business?
Need a bit of help with keeping up to date of what your customers think of your business? You know what to do….