Market Research Step by Step Check List for Small Businesses
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 survey.
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
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
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