Many small businesses are running marketing campaigns without the benefit of insights from market research. Maybe you think it is too expensive or that it is too complicated to do on your own.
While many of the more complex forms of market research might be costly, there are simpler options for small business owners. You might even be able to access some market research by working with a Facebook marketing company.
Even without a big budget or expertise, a little market research can go a long way. It can help you understand your customers better, find valuable marketing opportunities and create content that will sell more effectively.
The following market research tips can help small businesses looking to gain an edge on the competition.
Customer surveys can be one of the most valuable sources of market research. As a small business, you might not be able to reach thousands of customers with a survey, but small sample sizes can still offer useful insights.
If you are using an email marketing service or doing social media marketing, you might have access to survey tools already. As an example, you could send satisfaction surveys after a customer makes a purchase. If customers leave an item in their cart, you could automate a survey to go out to see why they didn’t purchase. You could also send surveys to your social media followers.
Communities on Reddit can be another source of market research info. This site has communities that span all sorts of topics. People share their opinions, tips and information about products and companies they shop from. All you need to do is find the most relevant subreddits to see what people are saying about the trends in your industry and products like yours.
As an alternative, you could also consider the Q&A site Quora. This is a site where people go to have their questions answered, and it can provide valuable insights into what consumers are thinking. You can look for the question boards that matter most to your brand and you can set your account to get notifications when questions are asked on specific topics.
You might not want to copy your competitors, but it is a good idea to keep an eye on what they are doing. With a little bit of competitive analysis, you can get a feel for what is working for your competitors and find gaps in the market.
One of the first things to do is check out their websites. How are they marketing their products? What types of content are they using? You should also check them out on social media to see the ways they engage with customers. You could also read their customer reviews to see what people are saying about their brand and products.
If you want the honest opinions of your customers, read their reviews. This is where customers are going to say what they like about a product and what they didn’t like. Read the reviews and take notes.
If you notice an issue that keeps popping up, it might be something that needs to be addressed. If customers keep talking about a feature they like, it might be something to highlight in marketing material.
You might not have the biggest budget, but there are still things you can do to collect market research data. Even if it takes a little time, it will pay off with marketing that is more effective.
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