How to do market research - Tips for low cost research

Market research doesn’t have to be expensive, so there really is no excuse to not take the time to carry out a thorough look at your market and customers to determine the demand for your product or service.  

Before you get started with it, take some time to think about what questions you want or need the answers to. This will help you to focus and choose the most appropriate research method.

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Measure footfall 

If you intend to have business premises that customers will be required to visit to buy your product or service, then you will need to measure footfall. This means observing and counting the passers-by in a location to gauge whether the location will be right for your business. It’s a good idea to carry out this out several times on different days and at different times of the day to build a picture of the numbers of passers-by and who they are.   

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Online surveys 

There are many free online survey tools which are easy to format and use. Start by working out the information you need to find out and then draft your questions. Depending on your product or service typical questions might include the following: 

• What factors do you consider when purchasing this product or service? 
• What do you like or dislike about current products or services currently on the market? 
• What areas would you suggest for improvement? 
• What is the appropriate price for a product or service?  

The survey can then be posted on platforms like Facebook or LinkedIn. If you are planning to trade locally check and see if your town has an online forum that your survey could be posted on.   

Don’t be tempted to rely on the responses and feedback of family and friend as quite often they may only be telling you what you want to hear!  

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Visiting Business Libraries 

Make use of the free market research tools and information available in business reference libraries. The skilled Librarians and research staff will be able to guide you on the type of information they have and how it might be useful for your business.