If you’re a savvy entrepreneur, you probably know the significance of saving every dollar. But should you do it at the cost of cutting corners? Well, you may consider moving ahead without researching the market. But it can land your brand in deep trouble.
Did you know that 42% of startups fail because there isn’t a viable market need for their product or service? That’s a scary statistic, but don’t let it make you give up on your dream. Conducting market research is the best way to avoid this fate.
But it can be expensive, right? What if you don’t need to break the bank to gather valuable insights? Lucky for you, we’ve got some budget-friendly strategies to get you started. Let’s dive in!
Tap into your network
Your network is an excellent resource for gathering market research data. And you can tap into it without breaking the bank. Reach out to your family, friends, colleagues, and acquaintances instead of going too broad.
Ask for their honest feedback about your product or service to get a fair understanding. They may offer valuable insights you wouldn’t have thought of on your own.
You can also tap into online communities, such as Reddit or Facebook groups, to get feedback from people likely interested in your product or service. But adhere to the community’s rules and guidelines and disclose that you’re conducting research.
Well, you cannot rely on a small data set to get a clear view of your market, right? Moreover, people who know you may give a biased opinion. Think quantitative with measures like surveys, questionnaires, and polls.
But it sounds like a lot of work and expense for a business owner running on a tight budget. Why not hire experts specializing in Quantitative Research for Businesses to analyze the data instead of handling market research as an in-house process?
Outsourcing is always a better approach for businesses as it offers high-quality expertise at a fraction of the price. And you can save time and focus more on things that matter!
Analyze your competitors
Analyzing your competitors can be an ideal method to gather market research data without a massive expense. You can follow them, see what they’re doing well, and use that information to inform your research strategy. That makes sense, right?
Start by identifying your top competitors and conduct a SWOT analysis to see how you stack up against them. You can also check their marketing materials, customer reviews, and social media profiles to get a sense of what they’re doing right and what’s working for them.
Following a tried and tested strategy gives you a head start and minimizes the chances of errors. You needn’t worry about a hit-and-trial approach.
Conducting market research doesn’t have to break the bank, so it’s absolutely feasible for small businesses running tight on money. There are a ton of budget-friendly strategies you can use to gather valuable insights about your target market. Don’t let a lack of funds hold you back from conducting research – get creative and gather data today!