How Do You Undertake Business Market Research? How To Do It on a Tight Budget?

Doing business market research before you start a new company is absolutely crucial to your long-term success, whether you are launching a relatively large company, a small business or a home-based, sole proprietorship.

You may have been:

  • laid off from your current job and are intensely looking around for a business to start;
  • your great idea to start a business may have been slowly percolating over the years;
  • perhaps you are working for a company in a business in which you see a better way of doing everything and making more money
  • you could be a highly qualified professional and you feel it is time for you to hang out your own shingle
  • perhaps a new idea has hit you in a flash and you are are chomping at the bit to get started.

Whatever your situation, stop! Look before you leap by undertaking marketing research and then listen to what it tells you. This should apply across the board to whatever business endeavor you are undertaking.

What is market research, also called market research and marketing research? The goal of market research is to find a hole and fill it in the most cost effective and timely way possible. The business market research process applies scientific methods as much as possible to markets.

Generally,market research is composed of identifying a specific market and then probing it to measure its characteristics such as its size and what its customers look like. It is looking at a market to discover the market's customer's buying habits and why he or she makes the decisions that they do on pricing, where they buy, what they like or dislike about the competition and more.

Market research data is collected through primary research and secondary research. Primary research could involve focus groups, telephone or in-person interviews or surveys, direct observation of the customer, mail surveys and the like.

Secondary market research might involve going on the internet to many of the information-rich sites suggested later in this article to use research that already exists on your subject. It could be free market research or inexpensive market research. Depending on your budget, a researcher might be able to save you money by using secondary business market research. Of course, if you will start a business that is locally focused, you need to look at your local market and secondary research my not be all that helpful in many cases.

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