12 Ways for Affordable Marketing Research for Your Business
Market research is essential, and it doesn’t have to be expensive! Here are some easy and affordable ways for you to get the feedback you need on your next big idea:
1. Small Business Administration – this is your government tax paying money and they have endless resources of research materials. This SBA should be the number one resource on your list.
2. Local Chamber of Commerce – this organization has general information about business and does their own research for their members use them as well as a resource.
3. Local Convention and Visitor’s Bureau – this organization has plenty information from trade shows, conventions, research and list of upcoming conventions and contact check them out.
4. Trade Association – Every single industry have research for their members. If you belong, ask them for the information – and they have top lenders in the fill that can help you out and give you endless advise on a subject or area of business.
5. Trade Show – Trade shows are excellent ways to talk to lenders in the industry – they are their to give him and share information. Additionally, most have a lot of downtime and between sessions, this is a great time to take to them as well as after hours.
6. Website – Here are some addition place for you to get to get information.
- www.census.gov: The U.S. Census Bureau offers a lot of free demographic data that you can use.
- www.hoovers.com: Hoover’s offers business and industry data, as well as sales, marketing, business development and other information on public and private companies.
- www.marketresearch.com: This site offers over 300,000 market research articles from more than 700 publishers, categorized by industry.
- Your competitor’s website
7. Social Media – Social media an excellent way to conduct free market research. Many companies have excellent white papers, facebook, linkedin, google +, and twitter that can give access to people and place to find free information.
8. Interview and Experiential Research
- Potential customers. You need to find and meet people who would be willing to pay for the products or services that you want to provide. Find out what they like and dislike about their present provider and what would cause them to switch— lower prices, a better location, more personal service, etc.
- The competition. No one knows your potential business better than people who are already running similar businesses. Become their customer, shop at their store, or use their service. Analyze their strengths, weaknesses, and profit potential.
9. Downtown (Main) and University Libraries: All ways check your main library in your city as well as major universities can provide you information for free. The Internet-Plus Directory of Express Library Services: Research and Document Delivery for Hire, by editors Steve Coffman, Cindy Kehoe and Pat Wiedensohler, lists 500 libraries nationwide that provide low-cost research services that you can tap into.
10. Online Focus Group. Focus groups as old fashion but have excellent information for you pitch your idea and thoughts to gain opinion – commercials to run, products to pitch, or ideas to share./
11. SCORE- The SCORE Office has retired executives that can give you a lot of information and expertise in your research.
12. Small Business Development Office – Every county/city has this office use them for your resource.