Continuing the discussion from Marketing Meeting Transcript: July 28, 2020:
On the topic of Market Research…
As I’m sure everyone is aware, thorough market research often takes a substantial amount of funding. Since we don’t have that option, we’ll need to find a way to research on our own. Here are some ideas lifted from Startupnation.com to start the discussion:
Using free or low-cost data: Aside from census data, numerous sources of free or low-cost business data exist. Examples include local government offices, local economic development offices, regional Small Business Administration offices, public or university business libraries, and trade associations and journals.
Interviewing customers yourself: Talk to current customers to get a sense of what they like or do not like about your offering. These interviews can be conducted in person, by phone or through physical or virtual feedback cards. Even better, interview individuals who are not currently customers of your company. You can find these individuals through referrals from your current customers, man-on-the-street interviews or social media.
Leveraging social media: Social media is an easy way to access your customers either directly or indirectly. You can directly ask your followers on Twitter or Facebook, for instance, for feedback about your company’s offering. You can also observe how they interact with your brand’s social media accounts.
Administering free online surveys: Tools like SurveyMonkey allow users to create and send surveys for free or relatively little cost. Consider consulting the market research department at a local university or college where current students may be able to help you craft the survey questions and analyze the data for free.
Interviewing noncompetitive businesses in your industry: Identify noncompetitive businesses in the same industry as your company. For example, a noncompetitive businesses to a restaurant is a food wholesaler/distributor. Talking to the owner or a member of management can give you perspective into local industry trends.
This is by no means an exhaustive list and some of these bullet points likely aren’t appropriate for us, but it’s a way to begin the conversation. I’m happy to hear your feedback.