Image Source: Flickr

Image Source: Flickr

Running a successful small business turns on effective market research, and these days with the proliferation of the Internet and Web 2.0, the process of collecting and generating quality market data has never been simpler . Believe it or not, most small businesses never conduct market research and instead rely solely on gut instinct or trial and error when launching new products or services. Many small business owners assume that target market research is expensive, time consuming, and generally something that is from the league of exceptional businesses.
While it is true that market research firms can be quite expensive, I will tell you how to do market research using tools and techniques that are within the budget of small businesses .

In the past if you were to ask how to do market research, the only options would have been to hire an expensive research company or to spend hours qualifying a consumer board, gathering them, and then initiating your survey to market your small business. Today, there are free and inexpensive online survey tools that make it easy to create surveys online and present them to your target audience to answer.

The first step in determining which type of online survey tool you will need is to establish who will provide you with the information you need to achieve your goal. Base Surveying your existing customer base is useful for a variety of reasons like getting opinions on how existing customers feel about a new service or feature , How customers felt about an experience with customer service , How your customers use your product or service , What features existing customers would like to see added in your small business. To poll your existing customer base online, you will need to have a list of emails or a website that has enough traffic to drive people to your survey questionnaire. There are several online survey creation tools that allow you to write questions that people can answer online. Moreover, it is important to keep in mind that with these types of online survey tools, you must drive traffic to your survey.

Let us understand what market research really is. Market research is a continuous process that focuses on understanding the relationship between consumers and a particular product or small business. Internet marketing research just means that the whole process is carried out online. It involves the systematic gathering and interpretation of consumer and economic data from economic reports and industry trends analysis available on the web as well as consumer attitudes and behaviors via online surveys and focus groups. To run a successful small business these days, conducting effective market research is a necessity. Market research is a forceful process focused on understanding the relationship between consumers and a particular product or small business. It involves the systematic collection and analysis of consumer and economic data including economic reports and industry trends as well as consumer attitudes and behaviors.

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