Sunday, 22 July 2018

Information and commentary for the small business banking industry

Tips for making market research easy

13 Sep

Carrying out market research is simpler than it sounds. If a business owner doesn’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.

It’s important for business owners to remember that market research shouldn’t stop once they’re up and running – it’s vital to sustaining success. They don’t want to be left behind or miss opportunities. Research leads to more informed insights that in turn result in better decision making. That’s why it’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 they’ll need to get the right information.

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