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Why small business market research is so important

If you are a small business owner, you may have the idea that if you have a great product or service, then all you have to do is sit back and wait for the customers to come to you. Unfortunately, this type of thinking of has been shown again and again, to only bring about closed doors and shutdown websites. If you are a small business owner it is crucial that you take the time to do the right amount and type of market research. If you fail to find out the pertinent information that will allow you to market correctly, it won't really matter how great your product or service is, because no one will be buying it. Effective market research is invaluable to a small business.Here is why small business market research is so important-

  • Market research allows you to find out who your customers are-You should never assume that your small business can be everything to everyone. Businesses of any size that assume this, find that they are constantly trying to "catch up" in the marketplace. The reality is that there is a type of customer that is more likely to buy your product or service, then anyone else. Correctly using market research techniques you can find out who your customers. Knowing the income level, shopping preferences, and even lifestyle choices of your intended target market, will allow you to correctly position your product or services in the marketplace, and best of all help you to position them right, the first time.
  • Market research allows you to find out where your customers are-Once you know who your potential customers are; you need to find where they are. Will your customers be shopping online or will they need a bricks and mortar location to shop from? Can you reach with them direct mail or will you need to be on certain social media networking sites? In an attempt to short circuit this part of the market research, many small businesses try a shotgun approach to their marketing. This entails putting their marketing message, everywhere they can think of. This is rarely effective and usually ends up just wasting time and money. By gaining market research a small business can pinpoint their marketing message to be located where their target market is most likely to be looking for it.
  • Market research allows you to find out the strengths and weaknesses of your small business-Savvy small business owners often use market research to test their product or service, before releasing it. This allows them to see the public's reaction to their product or service, and make any necessary changes or fine tuning that should be done, before the product or service is fully released. This can not only help small business owners to fine tune their product, but it can provide them with an opportunity to give their intended customers a sneak peek at what they can offer.
  • Market research allows you to save money-There is no denying the fact that marketing is expensive. Even with creativity and planning, marketing can eat up a significant amount of a small business' resources. Having the right market research can help to focus the marketing strategy so that if provides the best return on investment, for every marketing dollar that is spent. Many small business owners feel that market research is simply to expensive, when the reality is that you cannot afford to overlook market research if you want your small business to grow and thrive. Effective market research can be the tool that helps your small business to grow into something much larger, and even more successful.
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