Market Research Step by Step Check List for Small Business (Tellwut)
HOW TO RESEARCH YOUR SMALL BUSINESS MARKET STEP BY STEP
Decide what your target market is; in other words clarify to yourself who would be the customer who
would be buying your products and services.
Know your target market demographics: geographical location (local, national, and international), age
group, gender, interests, spending habits and behavior. One of the quickest ways to do that is an online
Determine the pricing point at which customers think it is worth for them to purchase your product or
service. You can use statistical information from secondary market research resources like this library for
example: http://www.lib.sfu.ca/help/subject-guides/business/secondary-market and/or primary research
(especially if no secondary research is available to you).
What does your target market need from your business? Don’t only ask yourself but ask your potential
paying customers in person or online in an online survey what they would like from your product or service
so that you would be able to focus on the factors that are important to complete a purchase.
Make sure that you research in detail what competition offers to the market and how your products
or services differentiate from theirs and most importantly - have a competitive advantage. It is so much
easier nowadays when competition is easily researchable online. They will watch you so make sure you
watch them throughout all processes- see what products they offer, how they market them, do they target
exactly the same market as yours, what their sales are, etc.
Make sure you are hands on and on top of it when it comes to identifying potential threats that may
create hardship for you or are able to destroy your young business.
Look out for opportunities that would help you find your way out there. Benchmark yourself against
competitors and compare your expenses and inventory, revenue and profits, salaries and/or wages to set
up your business without wasting money or putting yourself wrong expectations.
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