An Introduction To Market Research and Budget

Introduction

Market research is an analysis that is done by a company on its potential customers to whom they want to sell their products or services. Doing a market research provides a company crucial data that can be used to establish their business in a target market. Time spent on doing market research can be valuable as it not only reduces the company’s risk but also shows them the path to success. The only issue that can come in the way of getting a successful market research done is the cost factor. However, research can be done effectively on a low budget as well.

There are different types of resources that you can use in order to perform a market research that works. Let’s take a look at three of these resources that can help you begin.

First Resource - Secondary Research

The internet is the best medium for you to find out secondary research. You should visit websites of other rival firms related to your industry. If you belong to the consumer industry, it can be a good idea to visit websites of government bodies or agencies as they can provide you different forms of consumer information. An important thing to consider in this context is that all secondary research that you find on the internet may not always be applicable to you. Your focus should be on the research that can be of relevance to you.

Second Resource - Customers

Customers and ‘potential customers’ can prove to be the best resource for you for doing a market research. The best way to gather this information is to devise a questionnaire and send out representatives to get it completed from customers, suppliers and vendors. The questions could be based on whether they like your company’s current products or not, what the company is doing right and what needs to be improved upon. Answers to these questions can be integral to your market research. Some other ways of doing market research through customer input are conducting surveys, having open-ended interviews with customers and calling for focus groups. All these methods will help provide you valuable information that can be applied in improving the quality of products and services provided by your firm.

Third Resource - Comparable Markets

Another method of doing research on a tight budget is to find out other comparable or similar markets and getting together to share the cost of the research. Comparable markets refer to markets that are related to your industry but not in the exact same field. When you find an interested party, you can discuss and decide on what data would be applicable to both and then hire a third party to do the research.

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