Why Market Research for Small Businesses is Important
For startups and small businesses, market research provides essential information for short-term and long-term growth. Despite it being a vital method for development, some small businesses underplay the importance of market research. Wolf Creek Business Growth Institute wants business owners to understand why market research for small businesses is so crucial, how to conduct research, and apply it to their organization.
Why You Should Conduct Market Research for Your Small Business
Today’s business environment is constantly evolving. Your small business needs market research to keep up with the changes and stay on the cutting edge, no matter your industry. Market research lets you know what is happening in your industry, understand your customers more, identify trends, or know how your products or services perform.
You can make decisions about the direction of your small business with market research that will benefit your organization over time. When gathering data, ask yourself questions about the information you are collecting to ensure it is valuable data for your business. Some questions you could ask yourself include:
- Is there anything in the local, national, and even global news that could be relevant to my company?
- Is this an accurate representation of my industry?
- How can this information help me address some of my customers’ concerns?
The goal of small business market research should always prioritize the concepts that will make it easier for your staff to do its job and more convenient for your customers to do business with you. As long as you have those two goals in mind, your small business market research will bolster company growth.
[Related: Finding the Right Business Growth Strategy]
How to Conduct Market Research for Your Small Business
Your small business can conduct market research through various means. Some of the most common methods to gather insight into how consumers view your products, services, and organization include surveys, focus groups, interviews, and observations with your customers.
You could gather additional data from other sources, such as:
- The U.S. Census Bureau
- State and local commerce websites
- Trade journal articles
- Networking with peers
Wolf Creek recommends resources that allow you to connect with other businesses in your industry and talk about your experiences, gather insight, and more, such as Alignable or LinkedIn.
Finding specific organizations that provide news and data for your industry will significantly help you with your small business market research. For example, BIC Magazine is a great resource for refinery, petrochemical, and oil and gas news.
It is also important to note that small business market research only works if you are committed to your continuing education. Ongoing research is necessary to stay on top of current trends and the business world as a whole. Just keep doing your homework, and your business will be ready for any pop quizzes down the road.
Use Market Research to Create a Game Plan for Growth
Now that you have conducted market research for your small business, it is time to decide what will work for your company. Analyze your findings and determine what information will actively improve areas of your business, such as customer service, targeting a different demographic, opening a new store where your customers are, and more.
It is also important to remind yourself that you do not have to apply every concept you find in your small business market research to your organization. Take the time to sit down and decipher the information you’ve gathered to determine what will yield the best possible results for your organization.
What will help contribute to your bottom line? What will help improve your products and services? Maybe you find that a practice that your business has retired is working for other companies in your industry. Small business market research can expand your thinking and improve your business as long as you properly do the research and apply your findings appropriately.
[Related: What Are the Next Steps in Growing My Business?]
Contact Wolf Creek BGI to Start Your Business Development Strategy
Wolf Creek BGI values small business market research as it can vastly improve and accelerate business development. But we understand that applying your findings can prove to be a difficult task. When you need business coaches to help you craft a solid strategy for long-term growth, call us at 225-219-8866. We’ll get you on the path to victory in no t