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How to conduct market research for small business

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You may be wondering How to conduct market research for your small business. Undertaking some research on the web will provide you different types of techniques & strategies to follow.  You can carry out market research within a small budget. A few techniques include structured interviews, SWOT analysis, competitive intelligence, focus groups, questionnaires & market research surveys, etc. But you need to find something that will provide your business with quality results. The market research process may not include plenty of statistics or technology. But you can come across valuable market research tools meant for small businesses. Using the right strategies & techniques, you can carry out free or affordable market research. This way, you can derive better insights to promote your business in the right direction.

Related Post: 5 Reasons Why Market Research Matters

5 types of market research

  • Reddit: This social media portal considers itself to the web’s front page. It is ranked as the ‘World 8th most trafficked site’ by Alexa & 5th in the U.S. It contains a wide range of communities, memes, original & linked contents. There are also present discussions that can benefit market research for small businesses. Communities on Reddit tend to focus on niche topics. You can get to know your potential client’s candid thoughts through this portal.

How to conduct market research for small business

  • Quora: This popular social media platform invites people from all over the world to ask questions & give out answers. Questions can be submitted on any topic and users can answer any of them based on their expertise. It is easy to set up a Quora profile & list the niche categories your business is dealing with. Quora market research allows you to gather crucial information on potential client’s pain points. You can benefit from free public questions & improvise your business. You can also repurpose your blog posts & make it part of the marketing strategy of Quora. This will help increase your business visibility & overall reach.

Also Read: 7 Best New Technologies for Your Small Business

  • Facebook Groups: Businesses, both small & big have already taken to Facebook to promote their brand. You can get related groups for your business in the Facebook search. Some business owners may run a few Facebook groups, while others may be ordinary users interested in similar topics. Going through the asked questions & conversations in such groups can prove to be a valuable market research source. Simply type in the phrase “How to conduct market research” on Facebook & you can get plenty of supporting information.

facebook groups

  • Amazon Book reviews: This is a bit unusual market research technique to adopt. However, it does offer powerful results, since very few people consider it. If you are on a shoe-string budget, then being creative can help. You can derive a plethora of valuable information from book reviews. At times, the information gained can be specific & detailed. You can get authentic public reviews here about popular or important books related to your niche domain. You can also get to know what others are interested in.

Also Read: Ways to Make a Living Online

  • Analytics & Behavior: This is a better technique to know the specific demands & requirements of potential & existing customers. By conducting business surveys, you get to know what people desire & seek. With behavior & data tracking, you can know what people want. Tracking engagement with your business messages & emails or behavior on your site can help you to determine your marketing efforts. Accordingly, you can fine-tune your marketing efforts to achieve success with your strategies. One powerful tool used is Google Analytics using which shows how people tend to engage with your site. You can also know which content topics are favored the most. Thus, you can come up with similar content. Also, you get to know the pages with the most conversion rates and direct fresh traffic to such pages. Another information source to reach your targeted audience is content marketing. You can take your business to a high level with marketing automation & website tracking.

Implementing the above-mentioned types of market research, you can ensure the success of your small business.

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