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Conducting Low-Cost Market Research

 - by Todd Jensen

(c) Todd Jensen - All Rights Reserved
 http://www.theprofitengineer.com
 http://www.maxqtc.com

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Market research may seem like a tool only available to
those with large budgets, but anyone can conduct market
research at little to no expense-it all depends on how
you approach it.

Keeping your ears and eyes open does not cost a thing
and the best companies observe, listen and ask
questions of their customers on a routine basis.

Knowing When You Need Market Research

Knowing when you need market research is the first step
to conducting low-cost market research effectively. For
instance, if you’re considering launching a new
product, expanding the market share for an existing
product or looking for a new market for a product that
has declined in market share.

Take Advantage of Existing Market Information

Remember that a lot of market information already
exists. It’s just a matter of finding it.

Go online and look for any research you haven’t done
already. Look into association web sites that are
aligned with your industry. Check government websites,
especially if you’re in the consumer industry. The
government hosts a great deal of information about
consumers and their spending habits and trends. While
this research was not done for your business
specifically and the answers may not be totally
applicable to you, the information can give you a
general idea.

Conduct a Questionnaire

For more specific information, consider an informal
research method: put together a questionnaire and have
your team ask customers, prospects, vendors and
suppliers for their input.

When talking to customers, don’t just assume all is
well. Ask them whether they’re pleased with your
product or service, what they feel you do right and
where they feel you can improve. Ask the same of your
vendors and suppliers.

Pay Attention to What Your Competition is Doing

If you attend tradeshows, listen to people’s
conversations and ask questions. It allows you to see
what the competitors are doing. Use industry meetings
and exhibitions to get a sense of what’s going on.

At these meetings, look for businesses in a comparable
industry or market that would be willing to partner
with you and share the expense of a more specific
study. For example, if you provide landscape
architecture services, you may want to partner with a
nursery or a garden supplier who is not in direct
competition with you. Then sit down and decide what
kind of information you both want and hire somebody to
do a study.

This article brought to you by Todd Jensen, a member
of the Principa Alliance.

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Todd Jensen, “The Profit Engineer”, has helped hundreds of
business owners make their business more successful and
profitable.  For tips and strategies on how to boost your
business success as well as increase your profits, visit
http://www.theprofitengineer.com or http://www.maxqtc.com
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