Jobs

How to Conduct Market Research for Small Business

How to conduct market research for small business , The market is flourished with a lot of product information. It is difficult to

Extract the relevant information. To solve such issues market research comes into play. In market research, the brand and researchers collect the information from a particular or targeted market or audience to conclude. market research for small business ,Social media is the best platform to manage market research and make the task easier.

There are two types to conduct market research for small business

market research for small business here are the points

Primary Market Research:

The Primary Market Research is done by self. You can have your focus groups or conducting surveys.

Secondary Research

In the secondary market research is done by other people.  The researchers or financial data processed by the companies.

Market research methods

This includes both the areas of the market. The uses of the market depend on your requirement whether it be Primary market or secondary research.  It depends on the need what fits the best.

Focus groups

Few people are in a room and are recorded. Even you can ask them whatever is needed or required. You can collect the information of a new product or any other political discussion.

From the discussion, one can get some insights and take a wider view of the product or items. The participants are categorized based on demographics, occupation, interest, and many more.

The motive of focus groups is to have a conversation and discussion among the participants.

market research for small business ,The surveys or questions that are set can go tangents by focus groups which can raise unexpected discussion or topics. They can’t be stuck to any specific set of questions or queries. They help in encouraging participants to put their words in front of others if they didn’t get the scope to do the same.  

Being a focus group is more important and productive as it gives voice to billion of people regarding their insight or information.

Surveys

Survey questions are given to the people via phone, email, or online. The questions of the survey are diverse. It can be both open and close-ended. Some of the close-ended questions may include:

  • Dichotomous (two choices, such as ‘yes’ or ‘no’)
  • Multiple choice
  • Checkbox
  • Rating scale
  • Likert scale ( five options between ‘strongly agree’ and ‘strongly disagree’)
  • Matrix (options presented on a grid)
  • Demographic (asking after info such as gender, age, or occupation)

market research for small business ,Surveys questions are diverse because of the format and its range. It depends on the survey and the pattern of the question it has asked. The only thing matter is the way you present your question. The good question needs the greater analysis and the worst one are skipped.

Surveys can be done in various ways from making your surveyor use different tools to make your work easy.

Social media listening

These days’ social media is more involved in our life and have impacted a lot. Without social media, our life is calculated as waste as per people’s mindset.

In social media, people are free to express their thoughts, opinions and point out any topic of discussion. Even consumers can use certain tools of social listening to pick the topic of their choice or interest. Even customer posts and views can be tracked to improve the brand quality or enhance the growth of the product.

Few things that we can use in social media platforms are:

  • Hashtags are more trending to make your product or ideas more catchy and keywords will be very helpful to find the retable ideas.
  • Instagram search tool can be used as one use google trends.·  
  • The only thing that can influence your post need to be researched in detail.

Interviews

In general, interviews directly deal with their respondent. In this, you can have open-ended questions and communication to widen your product views.

The interviewers undergo a deeper analysis and respond to the query of the customer and give a better conclusion. The Only limitation that it carries is that it is time taking and costly.

Through interviews, one can easily conclude as it is direct and face to face. Even watching the expression one can understand whether the product is good or not. Whether it is worthy or just a waste of time investing in it will be easy to understand.

Experiments and field trials

You can follow the experimental or filed trial to conduct the product research and get valuable information and feedback if any. It creates an atmosphere for the respondent to get proper information on the dependent and independent variables. Researchers focus more on the dependent variable and their impact is more than an independent one.

There are both strength and limitation to successfully implement this method and get productive information:

Strength

When you are undergoing an experiment or in a field trial your behavior is very important. Infield experiment real life is presented more clearly as you in direct contact with the people.

The interesting thing is that the participants do not get to know that they are being studied so that they reflect their true nature and help in getting the right information.

Limitation

As there is a lot of research work going on this may bias the participants to get control over the information to lead the product.

When people are not aware of the experiments either they may not involve deeply in the situation or if they are involved they reveal the reality.

Observation

The idea of observing certain things in the market and collecting their information is a little tough. As everyone is not good at observing and collecting information out of it.

Those who are good at qualitative observation can do research work and give the best out of it. When participants are aware that they are under observation they behave differently.  That’s why market research is done secretly via an observational method to get the real views and feedback of the products. 

Competitive analysis

 market research for small business ,Competitive analysis is a great way of market research. It focuses more on the strategic and particular form of market research to analyze the company‘s competitors and get the proper information out of it. All you have to do is to define the product, services, brand, and audience. You can compare the topics with your competitors and analyze them briefly.

Public domain data

Public data exists when you want to do research work with additional data. The more the number of data produced every year it becomes easy to answer the questions. This is the only reason why researchers and librarians are open to data. Some of the open data that can be used for market research are government databases, polling data, research centers, and many more to help to collect the information. One can get the data for free which acts as a real bonus.

Buy research

One can easily get a subscription to any authorized industry to buy their research work to be more informative. You can also get a license for the same.  Some of the sites like Euromonitor, BCC research provide subscription for the audience to purchase it. This saves time and helps in getting a better idea.

Analyze sales data

Sales data helps the researchers to get the right idea or information of the entire scenario and give a complete picture of the same.

This helps you understand your customers, their mindset, habits. Customers habits and need change time to time that’s why it is necessary to understand the fluctuating of audience or clients mind and provide the services of their choice. You need to keep eye on customer data for easy-to-go work.

Choosing a market research method

There are lots of methods for making market research. Not every method needs to suit your product. You need to do more research work to get more options and choose the right one. While going through the research work one needs to afford the costs of conducting the research or analyzing it. You have to also consider the pros and cons of each process or method.  

1. The Google Keyword Planner

helps in the briefing that how many people have searched for your product, ideas, or business during any particular time frame. Along with this, you can get related keywords to get information regarding the same in your blog posts, description, website, or any other platform.

It will be very catchy if one searches the product close to your product or ideas. It’s very necessary to attract many eyes to make the sell. That’s the right approach to conduct product research. 

Some of the uses and benefits of the tool are as follows:

·         Keywords help in searchi9ng for the highest volume of things along with the lowest competition.

·         You can add new related keywords to get a new group of words to approach the audience.

Some of the keywords you can sort into groups are:

  • Site copy
    • Product page copy
  • Meta titles
  • Meta description
  • Social media copy

2. Google Trends

This is one of the Google tools for conducting market research.  It completes the search for a product or idea and then visualizes the keyword for that demand of past years.

market research for small business The searches can be compared based on geography and population. This tool is helpful to get information on the newer niche.  There are a few e-commerce and retail industry like:

3.   Build an online store

Having an online store is easier and more trending for the growth of the business. Once you have your store you are in direct contact with the customers. You can get their feedback and reviews easily with a single click.

And even what else the customer wants or desires can be added and fulfill their desire. The website you created needs to drive traffic out of it for easy use or access.

Ads on Google and Facebook can be done to spread the news or awareness regarding the ideas. You can attract your audience or targeted customer via mails or a contact list to share the product details.

4. Leverage your digital networks and get a temperature check.

Digital marketing or network is more in demand than any other marketing. One can leverage the digital networks via Twitter, Facebook, Instagram, and many others. This will help customer fulfill their interest and ant test to get valuable and productive feedback at any step when required. market research for small business ,The feedback should be genuine, practical, and honest. There should be no sugar coating of words to get the best out of it. How one can get the best forums for feedback is the need of the time? To get the feedback one can use:

4.   Scope the competition

Your competitor will allow you to be good in the market they will always try to give a good discount or offer to the customers to attract them for your products. Some questions must be sticking to your mind such as:

  • What about the owner of the space?
  • Is there any saturation level for the product or along with the competitors?
  • What are the advantages and did advantages of the competition?
  • Is there any weakness or limitations of the competition?

Initially, the market may be fully flourished or occupied with the products or the ideas of the competitor. Gradually, it will help you to understand the market and your product that will best suit the market. The more you analyze the market the better you understand the audience mindset and what they expect from the organization. You need to take a deeper view of the happening in the market to get the chance or scope to improve the quality or features of the product or ideas vividly. 

Sakshi Gupta

Sakshi Gupta has completed my masters in political sc from Indra Gandhi National Open University She is a graduate in chemistry honours from Maharishi college of Natural law, Bhubaneswar and has Completed 10th from St. Xavier's high school, Bhadrak She has written more than 200+ motivational quotes Good command in vocabulary

Published by
Sakshi Gupta