Carrying out market research is simpler than it sounds. If a business owner doesnâ€™t have the budget to commission a market research firm, they can invest their time instead. The first step is to decide exactly what they want to find out.
For example, is demand in their target market big enough, or is it on the decline? How many competitors do they have and where are they located? Or where should they be located themselves?
The internet, of course, is a great place to start. Not only can business owners do their research online, but there are lots of free tools (such as the video below) that can help them with their market research.
Itâ€™s important for business owners to remember that market research shouldnâ€™t stop once theyâ€™re up and running – itâ€™s vital to sustaining success. They donâ€™t want to be left behind or miss opportunities. Research leads to more informed insights that in turn result in better decision making. Thatâ€™s why itâ€™s important to have a budget for market research. It should be set according to how important market research is to the continued viability and growth of a business and what resources theyâ€™ll need to get the right information.