Small Business Market Research

For many small businesses hiring a market research firm to get a better understanding of their customers wants and needs may not be financially feasible. As a small business owner you can conduct your own market research that will only cost some of your time. 

Here are a few ideas to get you started: 

• Customer surveys - simple customer surveys are a great way to learn more about your customers and how they view your business. There are several online survey programs, many are free with some limitations, where you can develop brief surveys to share with your customers. In developing the survey, be specific about what you want to learn. For example; how did they learn about your business; do they have suggestions for additional products or services for your business; etc. 
• Ask them! - Another way is to simply ask your customers a few questions as you would in a survey. 
• Web page tools - There are several web page tools, many that are free, that can help you gain a better insight in to who is visiting your web page. These tools, such as Google Webmaster Tools, will help you gather some important information such as; What devices do they commonly use to visit your site, i.e. tablet, smartphone, computer; Which web pages do they visit the most; and where are they located. 
• Demographic data - For store front businesses, understanding the demographics of your area is also helpful. There are several tools available on the Internet that will allow you to generate a basic report that will provide you with the estimated population. average income, and more information that can be important to know. 

All of these ideas can be accomplished with little to no expense. The information you gain from them can be worth a lot of sales. With the information you collect, you can predict and plan for growing your business more effectively.