Small business market research is a difficult game. If you use Google “How to Conduct Market Research,” then you will encounter a long list of strategies that are difficult to use in a small business budget.
- Market research surveys
- Focus groups
- Competitive intelligence
- SWOT analysis
- Structured interviews.
The list goes on.
If you study market research techniques further, you can quickly find information about the differences between qualitative and quantitative research and even statistical sampling methods.
All these market research techniques have their place. However, when you want to know how to conduct market research for small businesses, you are not considering complex statistical models or huge budgets.
Market research companies sometimes conduct large-scale surveys and international focus groups. You may not have the means to attract 100,000 people through a survey, nor the resources to establish multiple focus groups.
Your market research process may not include a lot of technical or statistical data. However, there are still some small business market research tools available. Market research for new or small businesses may require some creativity.
With the right strategy, you can conduct economical and even free market research to gain the insights your business needs.