Market research is an essential step for any business attempting to start up, open a new location or launch a new product. Data and analysis can go a long way toward putting your best foot forward on a new business venture, so gathering as much information as you can is recommended. You can conduct market research for several purposes, such as seeing how your target demographic would respond to your product, adding it to your pitch for a small business loan or even finding your key demographic.

Market research can be a costly and time-consuming undertaking. Larger companies have their own marketing departments to launch studies, or they may hire an outside firm for such projects. For small businesses, hiring a marketing firm for research is often not in the financial cards, as campaigns can cost tens of thousands of dollars.

Fortunately, there’s a way to do this research on your own. If you’re willing to put in the time, there are plenty of free and inexpensive tools to help you do your own market research, which is always worth it.

Surveys

Online surveys are a great way to field a consumer’s thoughts and opinions. It’s common for businesses to ask their customers to fill out a survey to rate the level of customer service they received. Many stores and restaurants print instructions on how to access the survey on the customer’s receipt. Surveys can be used to accomplish research projects as well. There are two main ways to go.

Services like Google Surveys, Samplify and AYTM allow you to send your survey to a pool of panelists who are part of their network. These panelists are opt-in survey takers who will give you honest answers. You pick the demographics you’re targeting from a variety of factors. You can work with these Read More Here